Key Takeaways
The native token of the cross-chain settlement protocol Everclear (CLEAR) fell more than 48% to $0.0002332 after the project announced a full shutdown of its operations, effective May 21.
"The protocol has been sunsetted," the Everclear team said in a statement posted on X. "To our knowledge, no funds are stuck any remaining TVL was withdrawn by users and partners."
The shutdown follows a period where the protocol, formerly known as Connext, processed over $500 million in monthly volume but failed to generate sustainable revenue. The team cited high price sensitivity among users of its solver-based rebalancing model as a core challenge. Despite backing from prominent investors including Pantera Capital and Polychain, a pivot to B2B partnerships failed to materialize before the project's financial runway was depleted.
Looking ahead, the Everclear DAO will continue to operate and explore options for open-sourcing the codebase. The team also announced that any remaining treasury funds, estimated between $50,000 and $200,000, would be used to settle liabilities, with a potential token buyback if funds permit. The collapse highlights the persistent challenge for crypto infrastructure projects, even those with significant volume and venture backing like Everclear, to convert user activity into a profitable business model, a problem that continues to plague many platforms in the DeFi ecosystems on Ethereum and other blockchains.
This article is for informational purposes only and does not constitute investment advice.
