Connext rebrands to Everclear, introduces a ‘clearing layer’ for intent-based bridges

Blockchain interoperability platform Connext is rebranding to Everclear as part of a strategic pivot.

Besides the rebrand, the project is developing a “clearing layer” for intent-based bridges, which tackles challenges associated with the rebalancing and settlement of intents.

Everclear will act as the new foundation of the modular stack, using an open network of intent solvers and the Everclear chain, an optimistic rollup.

The so-called clearing layer, functioning as its own blockchain, will serve as a backend liquidity platform that facilitates order matching for intent-based bridges.

In this system, when a user from one blockchain wants to interact with an application on another, they broadcast their intent, allowing solvers to compete to fulfill it for a small fee and provide their own capital if needed.

The project has also sold $5 million in Connext (NEXT) tokens to Pantera Capital through an over-the-counter deal to support the development and implementation of the clearing layer.

Everclear is being developed as an Arbitrum Orbit -based rollup chain. It will utilize Hyperlane for permissionless communication across different chains and will be secured by Eigen Layer, operating as an actively validated service.

Through this approach, Everclear aims to facilitate user interactions with any application across any blockchain and asset with minimal fees and latency under 10 seconds.

A testnet for Everclear is currently operational, with several partners already developing on it, including Socket, Particle Network, Router, Enzo, and others. The launch of the mainnet is expected in the third quarter of 2024.

Connext holds $1 billion in total value locked across 10 supported chains. In June 2023, the project raised $7.5 million in a strategic funding round at a valuation of $250 million.