Quick take: 

  • Connext will use part of the capital to complete its rebrand to Everclear, as it doubles down on building a clearing layer for intent-based bridges.

  • Everclear now becomes the new Foundation of the new tech stack that includes the clearing layer.

  • The clearing layer functions as its own blockchain, serving as a backend liquidity that facilitates matching orders for intent-based bridges.

Connext, the Web3 startup building a modular clearing layer for intent-based bridges has received a $5 million investment from Pantera Capital. The fundraising was executed via a $NEXT token sale in an over-the-counter (OTC) deal.

The company also announced its rebrand to Everclear, the organisation that will now become the new Foundation behind the company’s tech stack including Everclear Chain, an optimistic rollup.

According to the announcement, the clearing layer functions as its own blockchain, serving as a backend liquidity that facilitates matching orders for intent-based bridges.

According to the announcement, the system operates by matching orders from users as they seek to interact with applications from different blockchains. Solvers then compete to fulfil the orders at a small fee.

The platform already supports multiple blockchains including Ethereum, Polygon, Gnosis, Arbitrum, Optimism, BSC, Linea, Metis, Mode and Base. At the same time, zkSync, Polygon zkEVM, Scroll, X Layer, Avalanche and Mantle are set to be integrated soon.

Deployed as a rollup on Arbitrum Orbit, Everclear leverages Hyperlane to enable permissionless communication across chains, while EigenLayer secures its operation as an Actively Validated Service.

Everclear wants to lower transaction latency between blockchains and involving any asset or application to under 10 seconds, The Block reported.

Everclear plans to launch its mainnet in the third quarter of 2024, following its successful testnet that is already being used by Socket, Particle Network, Router and Enzo to build their projects.

This announcement follows Connext’s $7.5 million strategic round announced in June last year, which attracted participation from Polychain Capital, NGC Ventures, Polygon Ventures, IOSG Ventures, Fenbushi Capital, KXVC, a_capital, No Limit Holdings, Factor, and Dokia Capital.

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The post Connext Secures $5M from Pantera Capital to Build Clearing Layer for Intent-Based Bridges appeared first on NFTgators .