Pantera-backed cross-chain protocol Everclear gradually shuts down protocol, foundation, and laboratory departments

2026-05-22 by admin

PANews, May 22 — According to The Block, Pantera-backed cross-chain infrastructure startup Everclear is gradually shutting down its core UI, protocol, foundation, and research lab. As of press time, the CLEAR token has dropped over 48% to $0.0002332. Everclear stated that the protocol has ceased operations, no funds are frozen, and the remaining Total Value Locked (TVL) has been withdrawn by users and partners. Remaining funds will be used to repay debts and may involve token buybacks ranging from $50,000 to $200,000.

Everclear (formerly Connext) provides cross-chain clearing and settlement protocols aimed at addressing liquidity fragmentation across different blockchains. The team noted that despite a monthly trading volume of $500 million, attracting partnerships with “major industry players” and generating millions of dollars in monthly revenue, the cross-chain solver space has not developed the commercial depth required. Users are highly price-sensitive, and the team cannot convert trading volume into meaningful revenue. While some key partners have signed on, the team underestimated the time needed for them to go live. The project received research funding from the Ethereum Foundation in 2017, launched its mainnet in April 2025, and raised capital from institutions including Pantera Capital, Polychain, 1kx, Hashed, and Consensys.

PANews reported on June 17 that, according to The Block, a bipartisan group of lawmakers led by Senator Cynthia Lummis has written to the Treasury Department requesting the preservation of states' power to regulate stablecoins under the GENIUS Act. This act allows stablecoin issuers with a market capitalization not exceeding $10 billion to be regulated by states, provided that state-level rules are "substantially similar" to federal rules. In April, the Treasury Department released proposed rules outlining broad principles for determining whether state-level regulations are "substantially similar," but did not specify a timeline or standards for state-level regulation. In their letter, senators stated that the lack of clarity "creates uncertainty for states," and therefore requested the Treasury Department to issue guidance clarifying the application, review, and certification processes for state-level systems. The New York State Department of Financial Services introduced formal rules last week to align its stablecoin framework with the GENIUS Act.

PANews reported on June 17th that, according to The Block, activity on Pump.fun, the once dominant meme coin launch platform on Solana, continues to deteriorate, with token graduation rates, revenue, and network fees all declining sharply. The 7-day average Pump.fun token graduation rate dropped to 0.26% last week, a decrease of 80% in three months. Daily revenue in June was only about $800,000, far below the $4.8 million six months ago. The PUMP token has fallen 40% over the past six months. The decline of Pump.fun has impacted the Solana network, with daily fees dropping to 5,300 SOL in June, significantly lower than the 33,000 SOL in January. Analysts believe that a large amount of capital previously invested in the Solana meme has shifted to perpetual contract trading on Hyperliquid, consistent with the rapid growth of HIP-3.