Everclear Launches Mainnet To Scale Chain Abstraction and Introduces New Token Mechanism
San Francisco, CA, Sept. 18, 2024 (GLOBE NEWSWIRE) -- Everclear, the first Clearing Layer for web3, has launched on mainnet to solve liquidity fragmentation for modular blockchains, becoming the foundation of the Chain Abstraction stack. The mainnet will operate in beta for the first weeks. Everclear DAO is additionally introducing a novel vote-bonding token mechanism for its token NEXT.
Chain Abstraction, the design pattern that simplifies the user experience of interacting with multiple blockchains, is getting traction, but it’s currently limited by a specific issue: bridges and their operators (solvers) struggle to efficiently rebalance their liquidity and maintain the balance necessary to operate. As Layer-2s have become faster, cheaper, and easier to launch, the number of new chains has grown exponentially, with 74 already live and just as many about to launch. This has led to widespread fragmentation of liquidity and UX. Cross-chain intent systems are growing in popularity, but they are bottle-necked because rebalancing their capital across chains remains a costly and complex operation. As a result, there are just a few solvers, they are barely profitable, highly centralized, and cannot support all assets and chains needed for chain abstraction to thrive.
Everclear provides the foundation for Chain Abstraction to scale by solving the challenge of coordinating liquidity settlement between chains. Everclear addresses the common problem of solvers, bridges, and protocols, by netting bidirectional flows and helping them rebalance capital. As a consequence, all those entities can enable chain abstracted experiences at a fraction of the cost, making any cross-chain intent seamless and invisible for the user.
Renzo, a liquid restaking provider, secured over $1 Billion in additional Total Value Locked (TVL) following their integration with Everclear to launch "Restake from Anywhere". Before the integration, users had to send ETH back to the Ethereum network to restake, which 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, and many more. The protocol is additionally collaborating closely with industry heavyweights such as Eigenlayer, Arbitrum, Hyperlane, Gelato, and The Graph to power its technology.
“In a world of 1000s of chains, the future of application development is Chain Abstraction. Developers should be able to build on any chain, or their own app chain, regardless of where their users are,” said Arjun Bhuptani, co-founder of Everclear. “To make this possible, blockchains need an underlying coordination system, the Clearing Layer, to net off and settle flows of user funds between chains efficiently. Everclear, and its novel vote bonding mechanism, promote a healthier, more unified ecosystem by addressing this problem for every new chain and asset out there.”
New Mechanism To Enable Efficient Clearing At Scale
Following a vote from the DAO, Everclear is upgrading its NEXT token to incentivize solvers, blockchains, and protocols to keep its system rebalanced. NEXT holders can stake it and receive vbNEXT which can be used to direct emissions. This approach encourages solvers and intent protocols to settle activity through Everclear, which increases liquidity and enhances the network’s efficiency. The reward system will be set up in advance to balance token supply growth and ensure strong incentives for rebalancing activities, preventing large liquidity providers from monopolizing the rewards.
About Everclear
Everclear is building the first Clearing Layer for web3. Everclear solves fragmentation for modular blockchains by coordinating the global liquidity settlement between chains. Everclear aims to build an open and accessible future where users can reap the benefits of blockchains without specialized knowledge or exposure to unnecessary risk. For more information, please visit https://everclear.org
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