Everything you need to know about Everclear

In recent years, the large-scale adoption and enhanced interoperability have become the focus of most Blockchain projects. In order to solve complex transactions and communication issues such as Cross-Chain Interaction, different projects have emerged.

One of them is Everclearprotocol, which simplifies Cross-Chain Interaction transactions through an intent-based architecture. This article will introduce the uses, operation, and unique features of Everclear.

What is Everclear?

Source: Official Website

Everclear, formerly known asConnext is a protocol aimed at simplifying complex cross-chain transactions. It facilitates faster transfer of data and assets between different networks, regardless of which blockchain these networks are based on. An intent-based transaction system allows users to focus on the goals of the transaction without having to deal with the technical details of the transaction.

Unlike conventional transactions, intent-based transactions do not require users to go through complex processes, such as selecting which Cross-Chain Interaction bridge to use, which chain to use, and the gas fee required for the Cross-Chain Interaction exchange. Intent-based transactions allow users to delegate these complex issues to solvers or supplementers, enabling fast, low-cost, and universal Cross-Chain Interaction transactions.

The protocol also uses a clearing layer that allows users to express their transaction intent to service providers, solvers, or fillers, who will help execute the transaction at the most competitive prices. These solvers are responsible for executing transactions and handling their technical details, thus relieving users of the burden.

Between the solvers, the auction Bidding is used to determine who can execute the transaction at the lowest price. After the transaction is completed and meets the user's intent, the solver will receive a reward.

History of Everclear

Everclear is a transformation project of the Connext network, aiming to achieve the interoperability of protocols through secure Cross-Chain Interaction communication. Connextprotocol has quickly achieved success and gained popularity among Web3 enthusiasts worldwide. However, with the development of the Web3 ecosystem, some major issues troubling Connextprotocol have been exposed.

Some of the issues include the increase in the number of Blockchains, which has led to a slower, more complex, and more costly user experience for Connext. Ultimately, this prompted Connext to seek a solution that could improve project scalability.

The Connext team eventually transitioned and launched a more modular and scalable protocol called Everclear. Everclear Network was officially released as a testnet in June 2024, further promoting the development of the project by enhancing interoperability and addressing Liquidity fragmentation issues.

The Mainnet of this protocol officially launched on September 18, 2024 (https://finance.yahoo.com/news/connext-rebrands-everclear-launches-first-150000220.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAANn-Qw1pAryuBldXVP9AGsaDaX_bNfP_5mo45e6dCM8HrDQR4dEdZKT6CxZ-Cw2OOwcs5r2bOzcJTlsz0jFAncsElnddJKQ2FaC5q1LmciyMp17LtT1QMOZhYPQ9ibiNchHkhq2zYrDc_BWDTZE6DomcNBQg2-Vh6og03Lhg4Wge), and has partnered withSocket、Particle Network、Router and other networks have reached cooperation.

Everclear Mainnet

Source: Official Website

Everclear has launched the Mainnet test version, aiming to create a more scalable and seamless Cross-Chain Interaction for the networks in the ecosystem. It is built as an Arbitrum Orbit rollup and uses Hyperlane and Eigenlayer AVS to achieve global LiquiditySettlement between chains. In this way, the protocol can reduce the cost of resolvers, intent-based bridge services, and rebalancing costs for other users in the ecosystem.

An important component of EverclearMainnet is chain abstraction. The goal of Everclear is to create an ecosystem where users do not need to worry about the chain they are using, and they can focus on their core intentions without following complex details.

At the same time, the solver plays a key role by anticipating Liquidity demands in different networks and handling complex steps, such as interacting with multiple chains, protocols, and other instructions.

Features of Everclear Mainnet

EverclearMainnet has the following special features when released:

Clearing Layer

EverclearMainnet introduces a Decentralization clearing layer design to enhance Cross-Chain InteractionLiquiditySettlement and automate rebalancing. This eliminates the need for solvers, market makers, and exchanges to manage Liquidity flow. Instead of manually handling Liquidity flow, it is better to delegate it to Everclear's system, which will find the best path for transactions and perform Settlement, thereby reducing the cost and technical complexity of transactions. This advancement puts Everclear in a leading position in Liquidity management.

Dutch Auction Mechanism

Everclear has designed this mechanism to provide additional incentives for arbitrageurs to settle invoices. As the auction progresses, the price of the invoice drops until the arbitrageur can profit from the purchase, ensuring liquidity. In addition, the use of predictable pricing eliminates uncertainty, ensuring higher participation.

arbitrageur Market

In order to create a more powerful system, Everclear has partnered with well-known market makers to ensure that there is always an arbitrageur pool to achieve invoice Settlement and maintain healthy Liquidity flow of Cross-Chain Interaction. Like[Anera]Tokka、Dialectic、Aori and(https://www.aori.io/) and other projects are already operating in the system.

Transport and Security

In Everclear, users intend to transfer through the Hyperlane protocol, while Eigenlayer AVS is responsible for security control. By combining these two, secure and efficient Cross-Chain Interaction message Relay can be achieved between different networks.

vbNEXT

vbNEXT is a model proposed and approved by protocolDAO, introducing a voting and guarantee mechanism to manage Liquidity flowing to the optimal path. In doing so, the system is able to incentivize healthy Liquidity flow and correct most of the errors found in traditional locking mechanisms (such as veTokens).

In addition, vbNEXTToken allows users to stake NEXTToken to receive fees generated by the Token. This creates a continuous demand for the protocol. vbNEXT is also used for Liquidity allocation, guiding Liquidity away from chains or paths with lower usage, preventing Liquidity from being trapped on low-demand on-chain.

How does Everclear work?

Everclear's main goal is to simplify Cross-Chain Interaction transactions through chain abstraction and modularization. It achieves this by allowing users to determine transaction outcomes without dealing with the complex details required to execute exchanges. To achieve this goal, Everclear uses the following components:

Intent-based architecture

Intention-based architecture is the core of Everclear Protocol. It allows users to outsource complex transactions to service providers, who are responsible for path finding, bridging, switching chains, and paying gas fees for Cross-Chain Interaction transactions on behalf of users.

Through an intention-based architecture, users can complete transactions at the best price on the selected on-chain. To do this, three main steps are involved:

• Intent expression: This process involves users expressing their intentions to transact on different blocks on-chain and their ability to pay the fees required to execute the exchange. Service providers such as routers, resolvers, and fillers will monitor and track these intentions.
• Intent Execution: This stage involves service providers bidding to execute the user's intent at the best price. The service provider with the lowest bid wins and processes the transaction on the user's selected blockchain.
• Intent Settlement:

Once the transaction is completed, the protocol will compensate the winning service providers to repay them for the funds they used to fulfill the user's intention.

Chain Abstraction

The Chain Abstraction Layer combines standardized protocol, middleware services, intent-based transactions, and automated rebalancing. The protocol facilitates continuous communication between different blockchains using standardized protocol, while middleware services ensure the orderliness of the user interface.

Modularization

Everclear adopts a modular architecture, dividing the functionality of the protocol into multiple independent layers. This allows the protocol to focus on the clearing and netting process, while delegating other important aspects to dedicated infrastructure.

The modular architecture improves scalability, flexibility, and the convenience of integrating with new blockchain networks. The modular architecture is divided into the following levels:

• Intent Layer: This layer refers to the Smart Contract-based system built on each supported Blockon-chain. These Smart Contracts allow users to communicate their intent to a solver or filler, who competes to fulfill that intent at the best price. This competitive execution model helps ensure cost-effectiveness and efficiency in implementing user intent on the Block chain network.
• Clearing Layer: Everclear's clearing layer controls Settlement and Liquidity. On the clearing layer, Everclear does not settle each transaction related to Block on-chain Settlement, but accumulates and offsets outstanding credits to reduce the frequency of Settlement and rebalance service providers.
• Consensus Layer: This layer verifies the authenticity of messages. Everclear protocol utilizes suchEigenLayer Such a Consensus layer allows native stakers and liquid stakers of ETH to provide economic guarantees for third-party systems.
• Transport Layer: This layer is responsible for transferring messages from one blockchain to another. The protocol used by this layer isHyperlane as the main transmission protocol; however, its modular design allows integration with other transmission protocols, such as IBC (inter-blockchain communication).

How does Everclear solve the problem of Liquidity fragmentation?

Liquidity fragmentation is a problem in the Web3 space, mainly due to the increasing number of L1 and L2 blockchain networks. It is because the available Liquidity is dispersed across multiple platforms, resulting in less smooth execution when trading on different on-chain platforms.

This issue is mainly due to the lack of interoperability between most blockchains, making it difficult for them to communicate and transfer assets to each other. This lack of interoperability leads to insufficient liquidity, restricting capital flow, and ultimately dropping market efficiency.

Everclear's ultimate goal is to promote interoperability and develop the means necessary to solve this problem. It promotes the smooth transfer of data and assets between different blockchains through social re-balancing and net Settlement.

The Everclear platform distributes the cost of rebalancing Liquidity among all participants instead of burdening specific users with the entire cost. It also uses a net mechanism to batch aggregate transactions, dropTransaction Cost, and improve efficiency.

Characteristics of Everclear

Everclearprotocol consists of several features to ensure the smooth operation of the protocol service, including:

Intent-based trading

This feature allows users to express their intentions without worrying about the complex details of the transaction, such as path finding, bridge and paying gas fees.

Cross-Chain InteractionLiquidity provision

By allowing decentralized application (dApps) and users to benefit from aggregated liquidity, Everclear solves the problem of fragmented liquidity across multiple on-chain blocks. This eliminates the need for fragmented capital pools to exist on different on-chain, thereby increasing user access to liquidity at a lower price.

Security and Consensus

Everclear useEigenLayer The protocol provides consensus and security for transactions. By leveraging ETH's native staking and liquid staking, EigenLayer ensures the security of transactions and trustless verification.

Message Transmission

The transport layer in Everclear is responsible for moving messages and data between different chains. Currently, the protocol usesHyperlane as its main transmission protocol, but due to its flexible architecture, Everclear can also be integrated with other systems.

What makes Everclear unique?

Everclear's unique interoperability solution combines cutting-edge technology and systems, setting it apart from other protocols. These features include:

Decentralized Auction System

Everclear uses an auction mechanism, where service providers, called solvers or fillers, bid against each other to execute the user's intent. This creates a competitive environment, ensuring that users get the best transaction price.

Automated Rebalancing and Net Settlement

By automating the Settlement and netting, the system will automatically balance the Liquidity between different chains, reducing the need for users or service providers to manually adjust.

Programmability Intent

Everclear not only allows users to perform simple asset transfers, but also supports the Programmability intention, enabling users to add custom conditions to their transactions. This feature allows users to specify their transaction requirements.

Latest News about Everclear

Everclear's Mainnet officially launched on September 18, 2024. The protocol has entered the testing phase to optimize operations and enhance user experience. After the launch, the protocol has established a partnership with the liquidity stake provider Renzo, accumulating an additional locked total value (TVL) of over $1 billion. This is thanks to the introduction of Everclear's unique feature, allowing users to stake ETH derivatives on other on-chain platforms without needing to return assets to Ethereum.

Conclusion

Everclear allows users to execute transactions with less effort or technical intervention. The protocol simplifies Cross-Chain Interaction transactions by addressing Liquidity fragmentation issues, allowing users to focus on less time-consuming tasks. These innovative solutions put Everclear at the forefront of facilitating interoperability between different blockchains, making it stand out among similar products.