Everclear, a Clearing Layer project focused on solving the problem of cross-chain liquidity fragmentation, announced today that its DAO organization has approved several key proposals, including the introduction of a new token economic system and the migration of tokens from NEXT to CLEAR. These decisions come at a time when the mainnet Beta has achieved strong performance.
With the rapid development of modular blockchains, more than 250 chains are now live on Everclear, and more are on the way. However, this rapid expansion has also brought about a high degree of fragmentation in liquidity and user experience. Since the release of the mainnet Beta version, Everclear has achieved cross-chain transaction fees as low as 0.02% (2 basis points), net settlement transactions accounted for 50%, and monthly trading volume has tripled. As the mainnet transaction volume continues to increase, the net settlement rate is expected to continue to increase and transaction costs will be further reduced. These achievements fully demonstrate that Everclear can not only significantly reduce the cost and complexity of cross-chain operations, but also use the funds of liquidity providers more efficiently than existing protocols.
The Challenge of Chain Abstraction
The challenge of chain abstraction is the need for liquidity providers to maintain liquidity in the expanding Rollup ecosystem. Currently, newly launched Rollups must establish independent relationships with their respective cross-chain bridges, which prevents the system from scaling efficiently. The vbCLEAR model significantly reduces the complexity of obtaining bridge support by creating a market that allows chains to directly incentivize solvers on any platform. By allowing chains to lock CLEAR tokens and distribute incentives to their ecosystem, the model provides solvers with an incentive to allocate funds in advance before the natural transaction volume of the new chain is formed, effectively solving the liquidity problem in the startup phase.
Arjun Bhuptani, Founder of Everclear Foundation, said: “The strong performance of the Mainnet Beta validates Everclear’s unique approach in building the first Clearing Layer to address liquidity fragmentation. The DAO’s approval of these proposals marks a critical step toward creating a sustainable decentralized system that efficiently coordinates global settlement and rewards ecosystem participants.”
CLEAR Token Migration
The DAO-approved CLEAR token migration introduces a new token economic system, the vote-bonding system, designed to incentivize ecosystem growth and reward active participants. Under this new model, CLEAR holders can stake tokens for up to two years to participate in protocol governance and share protocol revenue. The system allows participants to allocate incentives to specific blockchains, ensuring optimal liquidity distribution within the ecosystem, while creating a market for blockchains to incentivize support from liquidity providers and address the problem of insufficient liquidity in the initial stages of new chains.
The approved proposal also establishes a comprehensive reward program, with the first quarter starting at 9:00 pm Beijing time on December 6, 2024, and lasting for three months. The total reward pool of the program contains 70 ETH and 6.25 million CLEAR tokens, which is designed to drive early participation and promote ecosystem growth. Reward tokens will be distributed to liquidity providers based on settlement activity to ensure that active contributors are rewarded for expanding liquidity.
The protocol has attracted several well-known ecosystem participants, including Synapse Protocol, Router Protocol, Tokka Labs and Aori, who actively participate in the systems coordinated settlement market as fund allocators and liquidity providers. Everclears vision and expertise have also won the support of top investment institutions, including Polychain Capital, Pantera Capital, NGC Ventures, 1kx, Polygon Ventures, Coinbase Ventures and Ethereal Ventures.
Token migration will begin at 9:00 PM Beijing time on December 6. Users holding NEXT tokens on any Layer 2 (such as Arbitrum, Optimism, Polygon, BNB, Gnosis) will automatically upgrade to CLEAR without taking any action. NEXT holders on the Ethereum mainnet can manually migrate their NEXT tokens to CLEAR at a 1:1 ratio through a simple process provided in the official announcement of Everclear. After migrating to CLEAR, mainnet users can stake their tokens to obtain vote-bound CLEAR, thereby participating in governance decisions and sharing protocol fees and rewards in the first quarter.
About Everclear
Everclear is the first Clearing Layer of Web3, solving the fragmentation problem of modular blockchains by coordinating global settlement of inter-chain liquidity. Through its innovative net settlement and clearing methods, Everclear reduces the cost and complexity of cross-chain operations while enabling seamless liquidity flow and permissionless chain expansion. The protocol serves as the foundation of the chain abstraction stack, driving the realization of the next generation of blockchain interoperability.
