Everclear’s Token Upgrade: A Game-Changer for Crypto’s First Clearing Layer
Everclear's (formerly Connext) recently announced their token upgrade from $NEXT to $CLEAR.
I've got to say, I'm pretty impressed.
Let me break down why I think this could be a big deal 👇
First off, Everclear is positioning itself as crypto's first clearing layer.
That's huge. With the explosion of L2s, Ethereum's been facing some serious liquidity fragmentation issues. Everclear's aiming to tackle this head-on by streamlining cross-chain transfers.
Smart move, in my opinion.
Now, let's talk about this token upgrade. They're introducing a new model that reminds me of Curve's ve+gauge system, but with some key improvements:
• Shorter lock-up period: Instead of Curve's 4-year lock, Everclear's going for a max of 2 years. This feels more reasonable and could attract more participants.
• Flexible unlocking: There's an option for early unlock with an "exit tax". I like this balance between commitment and flexibility.
• Targeted rewards: They're rewarding solvers (liquidity providers) based on actual settlement activity. This is clever - it aligns incentives much better than just rewarding pool liquidity.
What really catches my eye is how they're tying everything together. The more solvers and protocols that get involved, the deeper the liquidity. This could kick off a nice flywheel effect, especially since Everclear (as an Arbitrum Orbit rollup) benefits from increased usage through transaction fees.
There are still risks.
The big one that jumps out at me is the potential for wash trading. Everclear seems aware of this, though, and has some mitigation strategies in place.
It'll be interesting to see how effective these are in practice.
Comparing this to other ve models out there, like Curve and Pendle, I'm curious to see what percentage of CLEAR ends up locked. For reference, Curve has a whopping 41.89% of CRV locked, while Pendle's sitting at 20.4%.
Where will $CLEAR land?
Overall, I'm pretty bullish on this design. It feels like a thoughtful evolution of existing models, tailored specifically for a clearing layer.
https://x.com/VM_TokenDesign/status/1824038859451039840