Everclear Protocol (formerly Connext)
Last changed 2026-10-27 · Score recalculated — Rescored under Scoring v2, the published formula (avoid.net/scoring): 28 → 50. Problems weighed by who is responsible: problems around the subject, caused by others −6.9; legitimacy credit long-running +10; no longer operating, so capped at 50; 2 section(s) set aside until a failed fact-check is resolved. Version history →
Why this score
| Every page starts at | 65 |
| Problems around it, caused by others | -6.9 |
| Long-running | +10 |
| Sum | 68 |
- No longer operating, so capped at 50.
- 2 sections set aside: the claims did not hold up in a fact-check, pending correction.
Score: 50/100 (kept between 0 and 100)
How scoring works →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
7 entities · 60 linked investigations- Ethereum→mentioned with→Coinbase(60%)
- Ethereum Foundation→mentioned with→Ethereum(80%)
- Everclear Protocol (formerly Connext)→mentioned with→Eigenlayer(60%)
- Eigenlayer→mentioned with→Ethereum(70%)
- Everclear Protocol (formerly Connext)→mentioned with→Ethereum Foundation(80%)
- Ethereum→mentioned with→Ethereum Foundation(80%)
- Polygon→mentioned with→Ethereum(70%)
- Polygon→mentioned with→Coinbase(60%)
- Everclear Protocol (formerly Connext)→mentioned with→Coinbase(70%)
- Everclear Protocol (formerly Connext)→mentioned with→Polygon(65%)
- + 4 more
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 / Messari13 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.
CoinDesk20 April 2022
Connext announces the NEXT governance and utility token.
ICO Drops / CryptoCurrency WikiJune 2023
Connext closes a $7.5 million strategic round with Polychain Capital, NGC Ventures, Polygon Ventures, IOSG Ventures, Fenbushi Capital, and others.
Tracxn3 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 Block31 January 2025
CLEAR token reaches its all-time high price of approximately $0.064 to $0.088 (sources vary).
CoinGecko / CoinLoreApril 2025
Everclear launches its mainnet, positioning the protocol as the first clearing layer for cross-chain settlement.
The Block21 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 / BeInCryptoDecision Log
- slot 461966638 · hash D6ku55V9uGHuwrxgGf2656rXf4wSPsmtb55RLUAADw45
- slot 457687509 · hash CfBsRcKxuBYBkRB732eLSVyQEtJYZjwVcFKNbrg3TY5Z
- slot 443520885 · hash J8aF4ypfBhWZcR2SfJCxgaZZtpjaq3k5adxqT337wVMT
- slot 443520881 · hash HTnq3fiQ2Tg21C7PPWtdjNwgbh5ryk6ergjsqWYBRDyY
- slot 443503784 · hash 7qNfT4HVXpwZzZdzNxwovxwXHdpV6GDPkX67xCdzDWNh
This investigation is cryptographically anchored to the Solana blockchain (5 decisions). 8 of 13 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 8/2/2026, 11:36:32 PM
last updated: 10/27/2026, 6:07:22 AM
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