Connext Receives $5M From Pantera Capital, Rebrands to Everclear

The Web3 startup building a modular clearing layer for intent-based bridges has received a $5 million investment from Pantera Capital.

Web3 startup Connext has rebranded to Everclear and raised $5 million from Pantera Capital in a token sale.

Conceived as a modular clearing layer for intent-based bridges, Everclear is also building an optimistic rollup called Everclear Chain.

According to the announcement on Monday, the clearing layer will operate as its own blockchain, serving as a backend liquidity that facilitates matching orders for intent-based bridges.

The system matches orders from users as they seek to interact with applications from different blockchains. Solvers then compete to fulfill the orders at a small fee.

The platform already supports multiple blockchains including Ethereum, Polygon, Gnosis, Arbitrum, Optimism, BSC, Linea, Metis, Mode and Base. At the same time, zkSync, Polygon zkEVM, Scroll, X Layer, Avalanche and Mantle are set to be integrated soon.

Deployed as a rollup on Arbitrum Orbit, Everclear leverages Hyperlane to enable permissionless communication across chains, while EigenLayer secures its operation as an Actively Validated Service.

According to a report by The Block, Everclear aims to lower transaction latency between blockchains and involving any asset or application to under 10 seconds.

The announcement comes ahead of Everclear’s mainnet launch in the third quarter of 2024. Its testnet is currently being used by Socket, Particle Network, Router and Enzo to build their projects.

In June last year, Connext announced a $7.5 million strategic round with participation from Polychain Capital, NGC Ventures, Polygon Ventures, IOSG Ventures, Fenbushi Capital, KXVC, a_capital, No Limit Holdings, Factor, and Dokia Capital.