Connext Rebrands to 'Everclear': Unveiling Liquidity Solution for Modular Chains
CryptoNewsTerminal Staff04 Jun, 2024
Connext Rebrands to 'Everclear': Unveiling Liquidity Solution for Modular Chains
Connext, the Layer 2 interoperability protocol, has rebranded to Everclear, introducing a native clearing layer to address liquidity fragmentation across modular blockchains. This rebrand signifies Connext's evolution into a decentralized autonomous organization (DAO) and follows a successful private funding round of $5 million led by Pantera Capital. According to Arjun Bhuptani, co-founder and chief scientist at the Connext Foundation, the rebranding to Everclear reflects the company's growth to over $1 billion in TVL. The Everclear testnet went live on March 3, with the mainnet launch expected in early Q3. With the introduction of its native clearing layer, Everclear aims to enhance liquidity across modular blockchains by enabling cross-chain swaps and transfers. This solution addresses the challenge of fragmented liquidity faced by developers and users in the blockchain ecosystem. The rebranding and launch of the clearing layer reaffirm Everclear's commitment to fostering interoperability and bridging the gap between different blockchain networks. As a DAO, Everclear will empower its community to actively participate in its governance and future development.
