đ Hello everyone, I am đđ, welcome back to the #ćșćéŸćŒććČ project investment research series. Today, we will focus on (Everclear).
Everclear is the first chain abstraction clearing layer that solves the fragmentation problem of modular blockchains by integrating global liquidity to ensure efficient and smooth transactions.
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1. Everclear Project Overview
1. What is Everclear
Everclear is the first clearing layer of Web3. It was officially renamed in June 2024. It was previously the Connext cross-chain bridge protocol. It started researching blockchain abstraction a few years ago and ranks among the top in terms of total locked value (TVL) of cross-chain bridges. Its core function is to integrate inter-chain liquidity and solve the fragmentation problem of modular blockchains, thereby reducing the cost and complexity of liquidity rebalancing. It supports access by any solver, market maker or intent protocol, and is committed to providing efficient and economical transaction settlement services.
2. Financing
Everclear changed its name from Connext on June 3, 2024. It is worth mentioning that many users still miss the original name. On the same day, the project completed $5 million in financing. Previously, it received $7.5 million in strategic financing in June 2023, with a valuation of $250 million. Everclear launched its mainnet on September 28, 2021, and completed a $12 million Series A financing in July 2021. As early as March, it received $2.2 million in seed round financing.
2. How Everclear works
1. Centralized coordination
Everclear will aggregate all usersâ cross-chain transaction needs and find transaction pairs that can offset each other, thus avoiding unnecessary fund transfers.
2. Liquidity Management
Everclear uses smart contracts and algorithms to automatically manage liquidity on different chains, ensuring that each chain has sufficient funds. If a chain is short of funds, the system will automatically adjust to maintain liquidity.
3. Net Settlement
The system calculates the net value of the transaction. For example, Alice wants to transfer 100 DAI from the Polygon chain to the Gnosis chain, and Bob also wants to transfer 100 DAI from the Gnosis chain back to the Polygon chain. Everclear can offset these two transactions and reduce the actual flow of funds.
3. Everclear Architecture Summary
1ăRollup frameworkïŒArbitrum Orbit
Rollup is a scaling technology that bundles a large number of transactions together to speed up transactions and reduce fees. Everclear chose Arbitrum Orbit as its Rollup framework to ensure efficient transaction processing.
2. Rollup as a Service (RaaS): Gelato
RaaS (Rollup as a Service) allows developers to use Rollup technology without starting from scratch. Everclear uses Gelato to manage and optimize these transactions to improve operational convenience.
3. Messaging: Hyperlane AVS
In cross-chain transactions, information needs to flow between different blockchains. Everclear uses Hyperlane AVS to achieve fast and secure information exchange. Before Hyperlane's AVS is fully launched, the system relies on its validator cluster to ensure the secure delivery of messages.
4. Data availability: EigenDA
Data availability ensures that users and applications can obtain the information they need to trade. Everclear initially relied on Gelatoâs Data Availability Committee (DAC), and will gradually transition to EigenDA in the future to enhance system stability.
4. Ecosystem and Partners
Everclear is committed to creating value for all participants by ensuring that transaction intent is effectively executed, increasing market competition, lowering prices and improving efficiency.
It works with stakeholders such as aori, StaFi Protocol, Tokka Labs, Renzo and Anera, and early ecosystem partners include Metamask, Puffer, Safe and Synapse. At the same time, Everclear works closely with industry giants such as Eigenlayer, Arbitrum, Hyperlane and Gelato.
Its supporters include Polychain, Consensys and Coinbase Ventures, its ecological partners include Alchemix and DappRadar, and its infrastructure partners include The Graph and P2P.
5. Tail
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