Everclear, the Pantera Capital-backed interoperability protocol, launches mainnet

Cross-chain settlement protocol Everclear has launched its mainnet, according to a Tuesday announcement. The move comes after a period of rapid growth for the network, which has hit $125 million in monthly volume.

In addition to launching a "full mainnet," the team says it is rolling out multiple start-of-the-art features. This includes intent protocols, a system that enables users to automate transactions, and intents-based bridges, to make swapping assets between blockchains easier.

Everclear, previously known as Connext, is a blockchain interoperability protocol designed to address crypto fragmentation. It was rebranded last year amid a "strategic pivot" to launch its "clearing layer" for intent-based bridges using the Arbitrum Orbit-based rollup chain. The network acts as a backend liquidity hub to simplify cross-chain transaction settlements by matching opposing transaction "intents."

In other words, Everclear abstracts away the complexities of interacting with multiple blockchains and enables users to engage with different applications seamlessly, regardless of the underlying chain. It aims to facilitate interactions with any dapp across any blockchain and asset with minimal fees and latency under 10 seconds.

For instance, a partnership with Renzo protocol enabled seamless restaking of staked ETH derivatives across chain, leading to over $1 billion in total value locked.

Everclear, initially launched in 2017, is backed by leading investors, including Pantera Capital, Polychain, 1kx, Hashed and Consensys. The initial protocol was an Ethereum Foundation grant recipient for research related efforts approximately seven years ago. 

Editor's note: Updates headline to remove Ethereum Foundation, which was an early supporter of the project that became Everclear but not a contemporary backer.