On September 18, 2024, Everclear, the first clearing layer of Web3, was launched on the mainnet, aiming to solve the liquidity fragmentation problem of modular blockchains and become the foundation of the Chain Abstraction technology stack. The mainnet will run as a test version in the early stage, and Everclear DAO also launched a new voting staking token mechanism for the token NEXT.
Chain abstraction is gaining traction as a design pattern that simplifies the user experience of interacting with multiple blockchains, but currently faces a critical problem: bridges and their operators (solvers) struggle to efficiently rebalance liquidity and maintain the necessary operational balance. As Layer2 technologies become faster, cheaper, and more accessible, the number of new chains has grown exponentially, with 74 currently live and others coming soon. This has led to significant fragmentation in liquidity and user experience. Despite the growing popularity of cross-chain intent systems, these systems often hit a bottleneck because rebalancing capital between chains remains a costly and complex operation. As a result, there are currently only a few solvers with limited profitability and high concentration that cannot support all the assets and chains required for chain abstraction.
Everclear not only lays the foundation for the expansion of chain abstraction by solving the coordination challenges of inter-chain liquidity settlement, but also solves common problems faced by solvers, bridges, and protocols by cleansing two-way flows and helping to rebalance capital. As a result, these entities are able to achieve a chain abstraction experience at a lower cost, making any cross-chain intentions seamless and invisible to users.
Renzo, a liquidity re-staking provider, has gained over $1 billion in TVL after integrating with Everclear to launch “Restake Anywhere”. Prior to this, users had to transfer ETH back to the Ethereum network for re-staking, a process that was cumbersome and expensive. Everclear’s early ecosystem partners include Metamask, Renzo, Puffer, Safe, Near, Router Protocol, Synapse, Aori, LiFi, Socket, Tokka Labs, Dialectic, Rhino.fi, Symbiosis, etc. In addition, the protocol also works closely with industry giants such as Eigenlayer, Arbitrum, Hyperlane, Gelato and The Graph to promote its technology development.
“In a world with thousands of chains, the future of application development is chain abstraction. Developers should be able to build on any chain or their own application chain, regardless of where their users are,” said Arjun Bhuptani, co-founder of Everclear. “To achieve this, blockchains need a foundational coordination system – a clearing layer – to efficiently cleanse and settle user funds moving between chains. Everclear and its novel voting staking mechanism promotes a healthier, more unified ecosystem by solving this problem for each new chain and asset.”
New mechanism supports efficient scale liquidation
After the DAO vote, Everclear will upgrade the NEXT token to incentivize solvers, blockchains, and protocols to keep the system rebalanced. NEXT holders can stake tokens and receive vbNEXT, which can be used to guide emissions. This approach is designed to encourage solvers and intent protocols to settle activities through Everclear, thereby increasing liquidity and improving network efficiency. The reward mechanism will be set in advance to balance token supply growth while ensuring strong incentives for rebalancing activities and preventing large liquidity providers from monopolizing rewards.
About Everclear
Everclear is building the first clearing layer of web3, solving the fragmentation problem of modular blockchains by coordinating liquidity settlements between chains around the world. Its goal is to create an open and accessible future that allows users to take full advantage of blockchain without requiring specialized knowledge or exposure to unnecessary risk. For more information, visit https://everclear.org.
