Connext Rebrands as Everclear, Aims for Innovation

Rebranding Everclear as part of a strategic turn is blockchain interoperability platform Connext.

Apart from the renaming, the initiative is creating a “clearing layer” for intent-based bridges, therefore addressing issues related to the rebalancing and settling of intentions.

Using an open network of intent solvers and the Everclear chain, an optimistic roll-up of Everclear will form the new basis of the modular stack. Acting as its own blockchain, the so-called clearing layer will act as a backend liquidity system, helping order matching for intent-based bridges.

Under this method, a user from one blockchain broadcasts their intent when wanting to engage with an application on another, allowing solvers to compete to accomplish it for a nominal charge and provide their own cash if necessary.

Under an over-the-counter agreement to help with the creation and application of the clearing layer, the project has also sold $5 million in Connext (NEXT) tokens to Pantera Capital.

The development of Everclear as an arbitrum-orbit-based roll-up chain is in progress. Operating as an actively validated service, it will be secured by Eigen Layer and use Hyperlane for permissionless communication across many chains.

Everclear wants to enable user interactions with any application across any blockchain and asset using this method, with minimum fees and latency under 10 seconds.

Currently under development by various partners, including socket, particle network, router, enzo, and others, Everclear has a testnet under operation. The third quarter of 2024 should see the mainnet’s launch.

Connext has $1 billion locked overall over ten supported chains. The project attracted $7.5 million in strategic finance in June 2023 at a valuation of $250 million.