Connext becomes Everclear and offers a “clearing layer” for bridges with intent-based functionality

  • Connext is changing its name to Everclear as part of a calculated strategic change.
  • The goal of the project is to create an intent-based bridge “clearing layer.”

Connext, a blockchain interoperability platform, is changing its name to Everclear as part of a calculated strategic change.

In addition to rebranding, the project is creating a “clearing layer” for intent-based bridges to address issues related to intent settlement and rebalancing.

Everclear, with its optimistic rollup and open network of intent solvers, will serve as the new cornerstone of the modular stack.

Order matching for intent-based bridges will be facilitated by the so-called clearing layer, which will operate as a backend liquidity platform on top of its own blockchain.

In this system, users broadcast their intent to interact with an application on one blockchain to other users, who then compete to execute the request for a modest charge, and if necessary, provide their own cash.

In order to fund the creation and deployment of the clearing layer, the project has additionally sold $5 million worth of Connext (NEXT) tokens to Pantera Capital through an over-the-counter transaction.

Everclear is being developed as a rollup chain based on Arbitrum Orbit. It will function as an actively validated service, secured by Eigen Layer, and leverage Hyperlane for permissionless communication across many chains.

With this strategy, Everclear hopes to reduce costs and latency to less than 10 seconds while enabling user interactions with every application on any blockchain and asset.

Everclear has an active testnet, and a number of partners, such as Socket, Particle Network, Router, Enzo, and others, are already working on it. It is anticipated that the mainnet would open in 2024’s third quarter.

Connext has locked up $1 billion in assets across ten supported chains. At a $250 million valuation, the project raised $7.5 million in a strategic investment round in June 2023.

Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.

Author: Lalit Mohan

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