Web3 clearing layer Everclear has launched its mainnet, which aims to solve the liquidity fragmentation problem of modular blockchains and build the foundation of chain abstraction technology stack. Everclear mainnet will run in a test version in the first few weeks of launch. In addition, Everclear DAO is introducing a new voting binding token mechanism for its token NEXT.
Chain abstraction is a design pattern that has gained traction by simplifying the user experience of interacting with multiple blockchains, but it is currently subject to a specific limitation: cross-chain bridges and their operators (Solvers) have difficulty effectively balancing their liquidity and maintaining the necessary balance to continue operating. As L2 networks become faster, cheaper to run, and easier to launch, the number of new blockchain networks has grown exponentially – 74 L2 chains are now online, with more to come. This has led to a high degree of fragmentation in liquidity and user experience, and as a result, cross-chain intent systems have become increasingly popular, but are still expensive and complex to operate as cross-chain fund rebalancing still encounters bottlenecks. As a result, only a few Solvers currently undertake this task, and they are barely profitable and highly centralized, unable to support the multiple assets and blockchain networks required for chain abstraction to thrive.
Everclear provides the foundation for the expansion of chain abstraction by solving the challenges of inter-chain liquidity settlement coordination. It solves the common problems faced by solvers, cross-chain bridges, and protocols through two-way liquidity purification and fund rebalancing. As a result, all entities will achieve chain abstraction experience at a lower cost, making any cross-chain intention seamless and hidden to users.
After integrating with Everclear, Renzo, a liquidity re-staking provider, launched the Restake from Anywhere campaign , ultimately locking in an additional $1 billion in total locked value (TVL). Before the integration, users had to send ETH to the Ethereum mainnet for re-staking, which was cumbersome and expensive; after the integration, this process has changed dramatically. Currently, Everclears early ecosystem partners include Metamask, Renzo, Puffer, Safe, Near, Router Protocol, Synapse, Aori, LiFi, Socket, Tokka Labs, Dialectic, Rhino.fi, Symbiosis and other protocols and applications. In addition, Everclear also works closely with industry giants such as Eigenlayer, Arbitrum, Hyperlane, Gelato and The Graph to provide them with diverse technical support.
Arjun Bhuptani, Co-founder of Everclear, said: In the crypto world with thousands of blockchain networks, the future of application development is chain abstraction. Developers should be able to build their products on any chain, or build their own applications on any chain, regardless of where their users are. To achieve this, many blockchain networks need an underlying coordination system, the clearing layer, to efficiently offset and settle user funds flowing between different networks. Everclear and its new voting bonding mechanism will promote a healthier and more unified ecosystem by solving the problems associated with each new blockchain network and corresponding assets.
The new mechanism will promote the realization of large-scale and efficient liquidity settlement
Everclear is upgrading its NEXT tokens to incentivize Solvers, blockchains, and protocols to keep their systems balanced, following a community DAO vote. NEXT token holders can stake and earn vbNEXT, which can be used to guide token supply circulation. This approach encourages Solvers and intent protocols to conduct related settlement activities through Everclear, thereby increasing network liquidity and improving network operation efficiency. The reward system will be set up in advance to balance token supply growth and ensure strong incentives for rebalancing activities to prevent large liquidity providers from monopolizing related rewards.
About Everclear
Everclear is building the first clearing layer for Web3. By coordinating the settlement of global liquidity between blockchain networks, Everclear aims to solve the fragmentation problem of modular blockchains to build an open and accessible future network. Users can enjoy the corresponding benefits of blockchain networks without requiring expertise or taking unnecessary risks. For more information, please visit the official website: https://everclear.org .
This article is sourced from the internet: Everclear mainnet launch: Extended chain abstraction, latest token mechanism unveiled
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