CLEAR token tanks 48% as Everclear winds down protocol, foundation and labs unit

Pantera-backed cross-chain infrastructure startup Everclear is winding down, shuttering not only its core UI and protocol but also the foundation and research lab organizations behind the project, according to an announcement on Thursday via X. 

"The protocol has been sunsetted," Everclear wrote. "To our knowledge, no funds are stuck — any remaining TVL was withdrawn by users and partners. If you believe you have funds remaining in the protocol, please reach out to [email protected]."

Everclear provided a cross-chain clearing and settlement protocol designed to solve liquidity fragmentation across different blockchains. The project was originally called Connext, and issued a CLEAR token. 

CLEAR is down over 48% on Thursday, to trade at $0.0002332, according to CoinGecko.

The team noted that the protocol had achieved millions of dollars worth of monthly revenue and had attracted "major industry players" as partners as part of a recent pivot to B2B2C services, but these earnings were unsustainable during current market conditions.

"Despite reaching $500M in monthly volume, the cross-chain solvers segment never developed the commercial depth we needed - users proved highly price-sensitive, and we were unable to convert that volume into meaningful revenue," the team said.

"Several significant names signed on, but we underestimated how long it would take those partners to go live - and our runway ran out before they did," the team added. 

Everclear said it will use remaining funds to pay off outstanding liabilities, and may be able to execute a token buyback with any remaining assets. "The buyback is not certain," the team said, estimating it may total between $50,000 to $200,000, if executed. 

Further, Everclear is exploring open-sourcing the protocol, "giving the DAO the option to continue the work under new stewardship." The Everclear Foundation currently owns the project’s intellectual property, the team noted. 

Everclear had raised funds from leading VCs, including Pantera Capital, Polychain, 1kx, Hashed and Consensys. The project, which was kickstarted with a research grant from the Ethereum Foundation in 2017, rolled out a mainnet in April 2025.