Funding of $5M Obtained by Connext from Pantera Capital for Construction of Intermediary Layer for Intention-Based Connectors
In a significant move for the blockchain industry, Connext, a Web3 startup, has rebranded to Everclear and announced its deployment as a rollup on Arbitrum Orbit. This rebranding marks the beginning of a new chapter for Everclear, which aims to revolutionise cross-chain transaction solutions.
Everclear's operation is secured by EigenLayer, operating as an Actively Validated Service. The mainnet for Everclear is planned to launch in the third quarter of 2024, with ambitious plans to integrate multiple blockchains, including zkSync, Polygon zkEVM, Scroll, X Layer, Avalanche, and Mantle.
The platform, Everclear Chain, functions as its own blockchain, serving as a backend liquidity that facilitates matching orders for intent-based bridges. This system is designed to support multiple blockchains, including Ethereum, Polygon, Gnosis, Arbitrum, Optimism, BSC, Linea, Metis, Mode, and Base.
Everclear's unique approach lies in its use of Hyperlane for permissionless communication across chains. The platform matches orders from users seeking to interact with applications from different blockchains. Solvers compete to fulfil these orders at a small fee, with the aim of lowering transaction latency between blockchains to under 10 seconds.
The strategic round for Everclear's funding, announced in June last year, saw participation from prominent investors such as Polychain Capital, NGC Ventures, Polygon Ventures, IOSG Ventures, Fenbushi Capital, KXVC, a_capital, No Limit Holdings, Factor, and Dokia Capital. The investment was executed via a $NEXT token sale in an over-the-counter (OTC) deal.
Everclear is poised to become the Foundation of a new tech stack that includes Everclear Chain, an optimistic rollup. With the successful testnet currently being used by Socket, Particle Network, Router, and Enzo for their projects, Everclear is well on its way to becoming a cornerstone of the cross-chain transaction ecosystem.
However, the supporters of the $7.5 million strategic funding round of Connext, announced in June of the previous year, are not explicitly listed in the available search results. This information remains to be confirmed.
As Everclear continues to grow and integrate with various blockchains, it promises to streamline cross-chain transactions and pave the way for a more interconnected blockchain ecosystem.
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