Author: Jonathan Gieg, Lauren Stephanian, Pantera Capital; Translated by: Deng Tong, Golden Finance
Abstract New Era
As the blockchain ecosystem grows, the ability to easily interact across different networks is not just a convenience, but a necessity. We believe that the industry is moving toward an era of chain abstraction, where the underlying complexities of blockchain infrastructure are less obvious to both users and developers. In this new reality, developers’ primary concerns are distribution, accessibility, rapid deployment, and the security and reliability of the infrastructure they build. Users, on the other hand, are most concerned about deriving value from a seamless, efficient, and cost-effective experience.
That’s why we believe that there is a growing need for solutions that can bridge the gap between user expectations and the technical reality of blockchain technology.
Why we invested in Everclear
Everclear (formerly Connext) has been building unique solutions to connect assets across isolated blockchain networks since its founding in 2017. With each blockchain operating as its own silo of data and value, and more launching seemingly every day, Everclear recognized early on the critical need for a robust, trust-minimized path to enable the free flow of information and assets across blockchains.
After becoming the first true L2 in 2018 and launching the chain abstraction vision last year, the team is now proposing a brand new primitive for the field - the clearing layer. The clearing layer is a decentralized network for liquidity netting settlement between chains, solving the fragmentation problem of modular blockchains. It utilizes a complex system of intent solvers and a custom optimistic rollup secured by Eigenlayer, which together introduce:
Efficient capital flow: The unique net settlement system of the clearing layer treats inter-chain transfers as a balancing act, reducing the need for frequent settlements and optimizing the use of funds. About 80% of DeFi cross-chain transactions can complete net settlement within 24 hours, which directly means a 5x reduction in cost and complexity.
Customizable Settlements: By allowing developers to script settlement logic directly on the platform, Everclear provides users with unprecedented control over transaction terms, making the system extremely adaptable.
Expanded network growth: The permissionless nature of the clearing layer means that any blockchain can be connected without barriers, resulting in a truly inclusive network that is as limitless as the technologies it supports.
The system allows for net settlement of inter-chain capital flows, effectively reducing the complexity and cost of managing liquidity across different blockchain environments. It is worth noting that no one project can achieve the full Chain Abstraction vision alone, so Everclear becomes the foundation of the Chain Abstraction stack and works closely with Near, UniswapX, Socket, Particle, and many other protocols.
Everclear is led by an outstanding team of pioneers. Chief Researcher and Co-Founder Arjun Bhuptani is an early Ethereum developer focused on Layer 2 research. CEO and Co-Founder Layne Haber has worked in the crypto space for over seven years and co-founded Moloch DAO, one of the first decentralized autonomous organization frameworks, with Arjun.
We are proud to provide a $5 million investment in Everclear as they significantly enhance the way blockchain interacts, making it more accessible, more efficient, and more powerful.