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Cross-chain settlement protocol Everclear announces closure
BlockBeats News, May 22 — Cross-chain settlement protocol EverclearOrg announced the closure of its foundation, Labs, and product development, primarily because its solver-based cross-chain fund rebalancing model, while reaching a monthly transaction volume of $500 million, faced user price sensitivity that made it difficult to convert into actual revenue.
The announcement states that the shift to B2B2C partner cooperation over the past six months failed to be implemented in a timely manner, acquisition options were also unsuccessful, and after exhausting funds, an orderly shutdown was chosen; the protocol has been taken offline, no user funds are trapped, and the UI and chain are currently unavailable.
The DAO continues to operate and explore open-sourcing the protocol, and if there are remaining funds, it will consider a buyback of CLEAR tokens.