Everclear
Defunct2 known investors
Everclear was a cross-chain settlement and clearing protocol that shut down in May 2026 after failing to monetize its volume.
Also known as Connext · Everclear Foundation · Everclear Labs · Everclear Protocol
Investors · 2
Company profile
researched Aug 2026Everclear (everclear.org) was a cross-chain settlement and clearing protocol in decentralized finance. It described itself as a decentralized clearing layer addressing liquidity fragmentation across blockchain networks, using a system of solvers and intents to net and settle cross-chain obligations. As settlement infrastructure it sat beneath front-end applications and other integrations rather than serving end users directly as a simple token bridge.
The project's public code was maintained under the everclearorg GitHub organization, which hosted the Everclear Protocol monorepo in Solidity, a TypeScript market-making bot named Mark described as "profit insensitive," an open-agent repository, an audits repository and brand assets. Reporting on the shutdown states the project was originally launched under the name Connext in 2017.
On 21 May 2026 Everclear announced it was ceasing operations. The Foundation and Labs were wound down, product development stopped, and the protocol, UI and associated chain were taken offline. The team said all remaining TVL had been withdrawn and that, to its knowledge, no user funds were trapped, and it published contract details for claiming any remaining funds. The stated causes were an inability to convert volume into revenue in a price-sensitive cross-chain solver market and the exhaustion of runway during a pivot to a B2B2C model; several explored acquisition paths did not close.
Business model
Everclear operated as decentralized cross-chain infrastructure rather than a conventional software vendor, positioning itself as a clearing layer sitting beneath other applications and settling obligations between solvers and market participants. Activity was organized around a protocol, a Foundation, a Labs entity and a DAO, with an associated CLEAR token. In its final six months the team pivoted to a B2B2C model centered on partnerships with larger industry players, several of which signed on but had not gone live before the company's runway ended.
The protocol sought to earn fees on cross-chain settlement volume. The team stated that users in the cross-chain solver segment proved highly price-sensitive, preventing it from charging enough to convert more than $500 million in monthly volume into meaningful revenue.
Traction
At its peak the protocol processed more than $500 million in monthly transaction volume and had attracted major DeFi partners; several significant partners signed on during the B2B2C pivot but did not go live before the shutdown. The volume did not translate into meaningful revenue.
Latest developments
On 21-22 May 2026 Everclear announced and executed a full shutdown: the Foundation and Labs ceased operations, product development stopped, and the protocol, UI and chain went offline. The team reported that all remaining TVL had been withdrawn and no user funds were trapped, began an orderly liquidation to cover debts and liabilities, floated a possible CLEAR token buyback of roughly $50,000-$200,000 if funds remained, and said the Foundation was considering open-sourcing the protocol IP while the DAO continued to operate. Around the announcement the CLEAR token fell roughly 22% in 24 hours to about $0.0002608, implying a market capitalization near $224,750.
▸Full profile — market position, technology, go-to-market, history, risks & controversies
Market position
Described in coverage as a leading cross-chain settlement protocol that had attracted major DeFi partners and reached over $500 million in monthly volume at its peak, but which could not sustain revenue. Its closure was framed alongside other 2026 DeFi wind-downs such as Balancer Labs and Tally, and as evidence of pressure on smaller cross-chain infrastructure projects relative to larger, better-funded and more diversified protocols.
Everclear framed itself as settlement or clearing infrastructure distinct from simple token bridges, netting and clearing cross-chain obligations through solvers and intents so applications could move value without depending on a single bridge.
Technology
A cross-chain clearing layer built around solvers and intents that netted and settled obligations across multiple blockchains, with Solidity smart contracts in a public monorepo, a TypeScript market-making bot ("Mark"), an associated chain and user interface, an audits repository and a CLEAR token.
Go-to-market
Initially oriented toward cross-chain solvers and DeFi applications integrating its settlement routing; in the six months before shutdown the team pivoted to a B2B2C approach based on partnerships with major industry players, several of which were signed but had not launched before the wind-down.
Cross-chain solvers, DeFi applications and front ends needing settlement routing between blockchains, plus, after the pivot, larger industry partners distributing the service to their own end users.
History
According to reporting on the wind-down, the project was launched under the name Connext in 2017 and later operated as Everclear, a cross-chain settlement and clearing protocol. Public code repositories under the everclearorg GitHub organization include the Everclear Protocol monorepo (Solidity), a market-making bot called Mark, an open-agent repository, protocol audits and brand assets, with commit activity recorded into 2026. On 21 May 2026 the team announced it was ceasing operations of the Everclear Foundation and Labs and halting product development; the protocol, its user interface and its chain were taken offline. An orderly liquidation was started to settle outstanding debts, the DAO remained operational, and the Foundation said it was assessing open-sourcing the protocol IP so new teams could continue the work.
Risks & controversies
The principal disclosed risk materialized: revenue could not be generated from high transaction volume because of fee-sensitive users, and the runway was exhausted during the B2B2C pivot before partners went live, while attempted acquisitions failed. Following the shutdown the CLEAR token dropped about 22% in 24 hours. The team said no user funds were trapped, but outstanding debts and liabilities remained subject to liquidation, and any token buyback was unconfirmed. Some coverage noted that details of the shutdown, including timeline and fund-recovery instructions, were not independently verified at the time of publication.
Compiled by commissioned research from 7 cited public sources — announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed — not independently audited.
Timeline · 2
launches, deals, and filingsEverclear announced via its official channels that it would cease operations of the Everclear Foundation and Everclear Labs and stop product development. The protocol was shut down and both the user interface and associated chain were taken offline. The team said all remaining TVL had been withdrawn and, to its knowledge, no user funds were trapped. Cited reasons: inability to convert cross-chain solver volume into meaningful revenue because users were highly price-sensitive, and exhaustion of runway during a six-month pivot to a B2B2C partnership model whose partners had not gone live; several explored acquisition options did not succeed. The Everclear DAO remained operational, an orderly liquidation was begun to settle debts, and the Foundation was considering open-sourcing the protocol IP.
If funds remain after outstanding debts are settled during liquidation, the team said it would consider buying back existing CLEAR tokens, with a potential total repurchase estimated between $50,000 and $200,000; the plan was not finalized.
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
▸Research sources · 7
primary sources listed
- Everclear · GitHubgithub.com · web
7 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Everclear do?
- Everclear was a cross-chain settlement and clearing protocol that shut down in May 2026 after failing to monetize its volume.
- Who are Everclear's investors?
- Everclear's investors include Coinbase Ventures, 1kx.