Everclear to shut down operations, citing funding issues

Everclear (CLEAR), formerly known as Connext, announced via its official X account that it has decided to phase out the Everclear Foundation, its development company, and its products. The team explained that while developing a solver-based model for rebalancing cross-chain funds, it struggled with profitability despite once reaching a monthly trading volume of $500 million. A focus on B2B partnerships over the past six months failed to secure revenue in time, as the project's funds were depleted before partners could begin operations. The protocol has since been terminated, with all remaining deposits withdrawn by users and partners, and the Everclear UI and chain are no longer operational. The announcement added that if any funds remain after settling debts, the team is considering a token buyback of between $50,000 and $200,000, although nothing has been confirmed.