Everclear is a protocol designed to simplify complex cross-chain transactions by addressing liquidity fragmentation across multiple blockchains. It acts as a clearing layer, netting transactions to reduce costs and improve efficiency.
Everclear is built on Ethereum Layer 2 (L2) technology using Arbitrum Orbit rollup technology, and it utilizes Hyperlane for message delivery between chains. It employs a netting mechanism to aggregate transactions in bulk, reducing transaction costs and improving efficiency. The Everclear protocol leverages EigenLayer for security and uses gateway contracts for users to deposit funds.
Everclear has various use cases across different sectors such as:
Everclear originated from the Connext network, initially developed for secure cross-chain communication. It launched its testnet in June 2024 and mainnet in September 2024. Significant milestones include the pivot from Connext to create a more modular and scalable protocol, and notable partnerships for enhancing cross-chain transactions.