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Everclear Protocol (formerly Connext)

avoid.net/everclear-protocol-formerly-connext→28/100·78% conf.
[VERIFIED]

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Summary

Everclear Protocol, a cross-chain settlement and liquidity clearing network rebranded from Connext in June 2024, shut down all operations on May 21, 2026 after failing to convert $500 million in monthly transaction volume into sustainable revenue. The CLEAR token collapsed approximately 48% on the day of the announcement, falling to $0.0002332 and leaving it roughly 99.7% below its January 2025 all-time high. No user funds were reported as locked at the time of shutdown, but token holders face near-total loss of value and the project's abrupt closure raises questions about runway management and investor disclosure for a venture backed by Pantera Capital, Polychain Capital, and ConsenSys.

Connected Entities

1 entity

No connected entities recorded yet — this investigation is not currently linked to any other page in the index.

Have evidence about Everclear Protocol (formerly Connext)?

Timeline(11 events)

2017

Connext founded by Arjun Bhuptani, Layne Haber, and Rahul Sethuram as an Ethereum Layer-2 scaling solution, with early support from an Ethereum Foundation research grant.

Crunchbase / Messari

19 March 2021

Connext closes a seed funding round raising approximately $3.62 million.

Tracxn

13 July 2021

Connext raises $12 million in a Series A round co-led by 1kx and ConsenSys Mesh, with participation from Coinbase Ventures, OKX Ventures, Hashed, eGirl Capital, and approximately 82 investors.

CoinDesk

20 April 2022

Connext announces the NEXT governance and utility token.

ICO Drops / CryptoCurrency Wiki

June 2023

Connext closes a $7.5 million strategic round with Polychain Capital, NGC Ventures, Polygon Ventures, IOSG Ventures, Fenbushi Capital, and others.

Tracxn

5 September 2023

NEXT token generation event concludes.

ICO Drops

3 June 2024

Connext rebrands to Everclear and raises $5 million from Pantera Capital via an OTC token transaction to develop a clearing layer for intent-based bridges.

The Block

December 2024

Everclear completes migration from the NEXT token to the CLEAR token.

CryptoRank

31 January 2025

CLEAR token reaches its all-time high price of approximately $0.064 to $0.088 (sources vary).

CoinGecko / CoinLore

April 2025

Everclear launches its mainnet, positioning the protocol as the first clearing layer for cross-chain settlement.

The Block

21 May 2026

Everclear announces simultaneous wind-down of the protocol, the Everclear Foundation, and Proxima Labs. CLEAR token falls approximately 48% to $0.0002332 within 24 hours. The team cites inability to convert $500 million in monthly volume into sustainable revenue and runway exhaustion ahead of partner integration timelines.

The Block / FinanceFeeds / crypto.news / BeInCrypto
Provenance & Audit Trail
Anchored on SolanaVerify on-chain8 Wayback Archives

Decision Log

This investigation is cryptographically anchored to the Solana blockchain (3 events). 8 of 13 cited source URLs have an Internet Archive snapshot.

full audit log →version history →

model: claude-sonnet-4-6

generated: 8/2/2026, 11:36:32 PM

last updated: 8/26/2026, 12:07:03 PM

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