Connext Rebrands to Everclear, Introduces Clearing Layers on Arbitrum Orbit, Achieves $1B in TVL

Jun 3, 2024, 03:40 PM

Connext has rebranded to Everclear, marking a significant shift in the blockchain ecosystem. Everclear introduces a new concept called Clearing Layers, which coordinates the global settlement of liquidity between chains, addressing the issue of chain fragmentation. Built on the Arbitrum Orbit Layer 2, Everclear aims to power seamless liquidity and permissionless chain expansion for protocols. The platform utilizes Hyperlane and EigenLayer to connect to other chains, and is supported by various partners including Gelato Network and The Graph Network. Everclear's Clearing Layer is expected to reduce the cost and complexity of rebalancing by up to 10 times, with an alpha mainnet launch anticipated in early Q3. Connext previously achieved $1B in TVL.