Everclear Protocol (formerly Connext)
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 entities · 10 linked investigations- + 1 more
Timeline(11 events)
2017-01-01
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 / Messari2021-07-13
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.
CoinDesk2023-06-01
Connext closes a $7.5 million strategic round with Polychain Capital, NGC Ventures, Polygon Ventures, IOSG Ventures, Fenbushi Capital, and others.
Tracxn2024-06-03
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 Block2025-01-31
CLEAR token reaches its all-time high price of approximately $0.064 to $0.088 (sources vary).
CoinGecko / CoinLore2025-04-01
Everclear launches its mainnet, positioning the protocol as the first clearing layer for cross-chain settlement.
The Block2026-05-21
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
- #1publish⛓ pending8/2/2026, 11:36:44 PMhash: 7qNfT4HVXpwZzZdzNxwovxwXHdpV6GDPkX67xCdzDWNh
7 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: 8/3/2026, 6:13:25 PM
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