CLEAR token tanks 48% as Everclear winds down protocol, foundation and labs unit
The Block
Cross-chain infrastructure project Everclear is shutting down operations after failing to achieve sustainable revenue despite reaching significant monthly transaction volumes.Summary
Everclear, a Pantera-backed cross-chain clearing and settlement protocol formerly known as Connext, has announced it is winding down operations. The project is shuttering its core protocol, foundation, and research labs, citing an inability to convert transaction volumes into sustainable revenue due to market conditions and slow partner integration. While the team reports that no user funds are stuck, the CLEAR token plummeted over 48% following the news. The company is now focused on settling liabilities, potentially executing a limited token buyback, and considering open-sourcing the protocol under new stewardship.
(Source：The Block)