Everclear sunsets protocol and foundation; CLEAR token falls 48%

Everclear posted on X Thursday that ‘The protocol has been sunsetted.' The post noted that, to the company's knowledge, no funds remain locked and that any remaining total value locked was withdrawn by users and partners. The team advised anyone who believes they still have funds to contact [email protected].

Everclear operated a cross-chain clearing and settlement protocol designed to reduce liquidity fragmentation across blockchains. The project began as Connext with an Ethereum Foundation research grant in 2017 and relaunched under the Everclear name, launching a mainnet in April 2025. Investors in the project included Pantera Capital, Polychain, 1kx, Hashed and Consensys.

The team wrote Everclear shifted to B2B2C services and generated millions of dollars in monthly revenue during that pivot. The announcement added that the network handled high transaction volumes but could not convert that volume into sustainable revenue. ‘Despite reaching $500M in monthly volume, the cross-chain solvers segment never developed the commercial depth we needed – users proved highly price-sensitive, and we were unable to convert that volume into meaningful revenue,' the team wrote. The post noted several partners signed on but took longer than expected to go live, and the company ran out of runway before those integrations completed.

Remaining treasury funds will be used to settle outstanding liabilities. If money remains after liabilities are paid, the project may carry out a token buyback, though the team did not guarantee one and estimated any buyback could total between $50,000 and $200,000. The group is exploring open-sourcing the protocol and giving the project's decentralized autonomous organization the option to continue development. The Everclear Foundation retains the project's intellectual property.

The CLEAR token fell more than 48% on Thursday to trade near $0.0002332, according to CoinGecko.