PANews reported on May 22nd that, according to The Block, Everclear, a Pantera-backed cross-chain infrastructure startup, is gradually shutting down its core UI, protocol, foundation, and research lab. As of this writing, the CLEAR token has fallen over 48% to $0.0002332. Everclear stated that the protocol has ceased operation, no funds are frozen, and the remaining total locked value has been withdrawn by users and partners. The remaining funds will be used to repay debts and may be used for token buybacks ranging from $50,000 to $200,000.

Everclear (formerly Connext) provides a cross-chain clearing and settlement protocol designed to address liquidity fragmentation across different blockchains. The team states that despite achieving $500 million in monthly transaction volume, attracting partnerships with "major industry players," and generating millions of dollars in monthly revenue, the cross-chain solver space has not developed the necessary commercial depth. Users are highly price-sensitive, and the team is unable to convert transaction volume into meaningful revenue. While some key partners have signed on, the team underestimated the time required for their launch. The project received research funding from the Ethereum Foundation in 2017 and plans to launch its mainnet in April 2025. It has raised funds from institutions such as Pantera Capital, Polychain, 1kx, Hashed, and Consensys.