As the Crosschain Clearing and Settlement protocol for digital assets, Everclear enables the efficient movement of liquidity across chains. Similar to Visa and SWIFT in traditional finance, Everclear eliminates fragmentation, unlocking a truly connected digital asset economy.
With a proven Product-Market Fit, Everclear’s monthly clearing volume grew by 115% from June to July, reaching a new high of $523M! Now, with the recent strategic investment by the NEAR Foundation, this exponential growth will be magnified.
The Issue of Liquidity Fragmentation
Traditional finance and institutions are embracing blockchain technology at an unprecedented rate, with recent additions to the sphere such as Robinhood. While this is a great sign for the industry, liquidity fragmentation is going to increase 100x with the addition of even more chains and digital assets.
The shortcomings of existing interop solutions:
[1]: Burn and Mint solutions do not work for all assets, such as native BTC or ETH. In addition,
different token standards also increase fragmentation (e.g. CCTP vs ITS-rlUSD vs OFT-USDe vs NTT-USDN).
[2]: Intents and Chain Abstraction (introduced by Connext in 2023) are bottlenecked by liquidity and rebalancing:
- Fast bridges typically only support small transactions (<$100k).
- Solvers operate on very thin margins (1-3bps), manually using CEXs and canonical bridges to try and rebalance cheaply.
These issues result in a variety of assets and chains (that are unsupported by CEXs/canonicals) having poor liquidity with high interop costs (10bps+).
How Everclear Solves Liquidity Fragmentation
As the backbone of bridging, leading intent-based DeFi protocols like Across and LiFi plug into Everclear to rebalance funds behind the scenes—creating a seamless UX for their users.
Our team (prev. Connext) has spent the last 5 years searching for this answer—whether that was launching the first ever L2, or building the first intent-based bridge with the introduction of Chain Abstraction—we've always been working on the endgame for interop.
Last year, after scaling to $1BN TVL with Renzo restaking, we noticed that there was a huge amount of bi-directional flow between chains, with ±80% that could be netted in any given day.
We realized that we could apply the concept of clearing and netting from TradFi (e.g. Visa, SWIFT and NYSE) to DeFi, addressing the issue of liquidity fragmentation. As a result, Everclear emerged last year—the crosschain clearing and settlement protocol, focused on empowering solvers, intent protocols, and CEXs.
Everclear is an Arbitrum rollup, operating as a L2 hub that matches crosschain deposits. On average, the hub waits approximately 15-30 minutes for any bi-directional flows to net deposits off against one another. However, if this doesn’t happen, the intent gets auctioned to a solver.
The Benefits of Everclear
- We support large sized transactions (eg. 800 ETH or $2.5M).
- Provide the best possible rebalancing fees (eg. often zero-fees).
- The only solution that improves with scale: more volume -> more netting -> faster and cheaper liquidity for all.
Everclear’s Momentum
Everclear launched its Mainnet Beta in Sep 2024 with 5 chains, and since then has grown to $523M in monthly volume and processed over $1.2B. Now connected to 23 chains including Solana and Tron, Everclear will expand to 40+ chains by the end of the year.
Everclear has integrated with major DeFi intent protocols such as: Across, Li.Fi, Relay, Particle, rhino.fi, Hyperlane, Tokka Labs, YO, Puffer, Garden, Sprinter and large independent solvers in the space.
Also, since Mainnet Beta launch, Everclear has improved its average settlement time from ±600 min to ±25 min in July. This was thanks to major protocol improvements and a greatly increased amount of liquidity (10x since January).
Next on the Horizon
Everclear’s biggest opportunity is in clearing CEX cross flows, as currently all DeFi protocols piggyback off of them to rebalance cheaply—but the problem still exists for CEXs. Everclear is working on its first CEX integration that will go live soon.
After hitting our recent milestone of $1B cleared across 23+ chains, the next stop is scaling intents to $1TN! This path is not straightforward and will take time and effort but we are here for the ride.
