Everclear is a blockchain interoperability protocol designed to coordinate the global settlement of liquidity between chains, addressing fragmentation issues in modular blockchains. It serves as the foundation of the chain abstraction stack, integrating with intent protocols, solver networks, modular blockchains, and decentralized applications (dApps) to facilitate efficient transaction settlements.

The protocol enables permissionless expansion by allowing chains to be added through connections to transport protocols like Hyperlane. By netting bidirectional flows, Everclear reduces costs for users, solvers, and bridges. Solvers can programmatically choose their repayment methods, simplifying interchain rebalancing. Developers can deploy strategies for optimal netting and settlement as Solidity contracts on Everclear, earning a portion of solver settlement fees.

The transition from Connext to Everclear was undertaken to better reflect the protocol's evolving role as a global clearing layer for blockchain liquidity. This rebrand aligned with a broader technological overhaul aimed at improving scalability and efficiency across networks.

In December 2024, the Everclear DAO approved a migration from the NEXT token to the CLEAR token, introducing enhancements to the protocol's governance and incentive mechanisms. The transition included:

• Automatic migration for NEXT holders on Ethereum Layer 2 networks.

• 1:1 manual conversion for NEXT holders on Ethereum mainnet.

• Vote-bonding incentives, rewarding solvers who contribute to transaction volume.

• Fee-sharing system, allowing all stakers to receive a share of protocol fees.

The native token, CLEAR, serves multiple functions within the Everclear ecosystem:

• Governance: CLEAR token holders participate in the decentralized governance structure, influencing protocol upgrades and decision-making processes.
• Incentives: The protocol's vote-bonding system incentivizes solvers who contribute to the protocol's overall volume and includes a fee-sharing mechanism to reward all stakers for their governance participation.