San Francisco, CA, Dec. 03, 2024 (GLOBE NEWSWIRE) -- The community for Everclear, the Clearing Layer solving crosschain liquidity fragmentation, today announced that the Everclear DAO approved pivotal proposals to introduce new tokenomics and a token migration from NEXT to CLEAR amidst strong Mainnet Beta performance.
With over 250 chains live today and more launching rapidly, the growth of modular blockchains has created significant fragmentation in liquidity and user experience. Since the launch of its Mainnet Beta, Everclear has achieved crosschain transaction fees as low as 2 basis points (0.02%), is already netting up to 50% of transactions, and has experienced 3x month-over-month growth. Higher netting rates and lower transaction costs are expected as volumes increase during Mainnet. These accomplishments demonstrate Everclear's potential to significantly reduce costs and complexity for crosschain operations while increasing solver capital utilization compared to existing protocols.
The challenge of Chain Abstraction lies in the need for intent solvers to maintain liquidity across an expanding ecosystem of rollups. Currently, new rollups must establish individual relationships with intent bridges, creating a system that doesn't scale efficiently. The vbCLEAR model transforms this dynamic by creating a marketplace where chains can directly incentivize any solver on any intent platform, dramatically reducing the complexity of securing bridge support. By allowing chains to lock CLEAR tokens and direct incentives to their ecosystems, the model provides solvers with upfront motivation to allocate capital to new chains before organic volume develops, effectively solving the bootstrapping challenge.
"The strong early results from the Mainnet Beta validate Everclear's approach to building the first clearing layer to solve liquidity fragmentation," said Arjun Bhuptani, Founder of the Everclear Foundation. "The DAO's approval of these proposals represents a crucial step toward creating a sustainable, decentralized system that efficiently coordinates global settlement while rewarding ecosystem participants."
The DAO-approved migration to CLEAR introduces new tokenomics in the form of a vote-bonding system designed to incentivize ecosystem growth and reward active participants. Under the new model, CLEAR holders can stake their tokens for up to two years, enabling participation in protocol governance and fee sharing. This system allows participants to direct emissions to specific chains, ensuring optimal liquidity distribution across the ecosystem while creating a marketplace for chains to incentivize solver support and address the challenge of bootstrapping liquidity on new chains.
The approved proposals also establish a comprehensive rewards program, with Season 1 launching on December 6, 2024, at 13:00 UTC, for a three-month duration. The program features a total rewards pool of 70 ETH and 6.25 million CLEAR tokens, structured to drive early participation and ecosystem growth. Tokens are allocated to solver incentives based on settlement activity, ensuring active contributors are rewarded for scaling liquidity flows.
The protocol has attracted prominent ecosystem participants, including Synapse Protocol, Router Protocol, Tokka Labs, and Aori, who are actively participating as rebalancers and solvers in the system's coordinated settlement marketplace. Everclear's vision and expertise have garnered support from leading investors, including Polychain Capital, Pantera Capital, NGC Ventures,1kx, Polygon Ventures, Coinbase Ventures, and Ethereal Ventures.
The token migration will begin on December 6th at 13:00 UTC. Holders of NEXT tokens on any Layer 2 (Arbitrum, Optimism, Polygon, BNB, Gnosis) will be automatically upgraded to CLEAR, requiring no action from users. Ethereum Mainnet NEXT holders can manually migrate their NEXT tokens to CLEAR on a 1:1 basis through a simple process outlined in Everclear's official announcement. By migrating to CLEAR, mainnet users can stake their tokens to receive vote-bonded CLEAR, enabling them to participate in governance decisions and earn a share of protocol fees and rewards during Season 1.
About Everclear
Everclear is the first Clearing Layer for Web3. By coordinating the global settlement of liquidity between chains, Everclear solves fragmentation for modular blockchains. Through its innovative approach to netting and settlement, Everclear reduces costs and complexity for cross-chain operations while enabling seamless liquidity flow and permissionless chain expansion. The protocol serves as the foundation of the Chain Abstraction stack, powering the next generation of blockchain interoperability.
For more information, please visit: https://everclear.org
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