Everclear (formerly Connext)
Value moved across chains; the team said revenue did not follow
A protocol for moving money between blockchains, started in 2017 as Connext and renamed Everclear in 2024 when it refocused on clearing and settling liquidity between chains.
- Capital raised (announced)
- Estimated
Recorded announced backing; this is separate from cash received, customer deposits and money recovered.
- Monthly volume at its peak, by the team's count
- Estimated
Team-reported peak monthly value moved through the protocol, relayed May 2026; peak month unspecified. Not revenue.
Funding
| Round | Date | Announced | Investors |
|---|---|---|---|
| Series A | 2021 | ||
| Strategic round | 2023 | ||
| Token sale to Pantera Capital | 2024 |
Announced is what was said at the time. Cash actually received is rarely disclosed and is not assumed to match.
People
| Name | Role | Period | Now | Last checked |
|---|---|---|---|---|
| Arjun Bhuptani | — | Helping solve humanity's hardest problems, @yukonresearch | Oct 2026 |
Timeline
2017
It began with a research grant from the Ethereum Foundation.
February 2023
14 June 2023
The company announced plans to set up the Connext Foundation.
3 June 2024
It refocused on a clearing layer for moving liquidity between chains.
April 2025
20 January 2026
The release announced a single-transaction route from wrapped Ether on Ethereum, Arbitrum, Base or Polygon into mETH on Mantle. Everclear handled settlement behind the interface.
21 May 2026
The foundation and the development company were closed and the protocol sunsetted.
Today we’re sharing difficult news: we have made the decision to wind down Everclear (Foundation / Labs and building the product).
How it ended
Ran out of money
Everclear announced on 21 May 2026 that it was winding down its foundation and development company and had stopped building the product, and that the protocol had been sunsetted. The team said users had already withdrawn their funds. It said the cross-chain market never produced enough revenue from its volume, that partners took longer to go live than it expected, and that its runway ran out before they did. It said remaining money would pay outstanding liabilities, with a possible token buyback if anything was left, and that the DAO might continue the work if the code was open-sourced.
Still alive
Open spot
Everclear (formerly Connext) is gone. Is your bridge still running?
Spotlight your project here.
Sources
15 sources behind this page.
- 1Interoperability Project Connext Raises $12M From 1kx, ConsenSys · CoinDesk · Jul 2021
- 2Everclear Winds Down After $500 Million Monthly Volume Fails to Pay Off · FinanceFeeds · May 2026
- 3Connext Labs raises $7.5 million at $250 million valuation to build the 'HTTP of Web3' · Fortune · Jun 2023
- 4Connext Rebrands to Everclear and Launches the First Clearing Layer Protocol to Fix Liquidity Fragmentation · GlobeNewswire press release issued by Connext, carried by Yahoo Finance · Jun 2024
- 5Mantle and Everclear enable cross-chain mETH routes · Mantle via PR Newswire · Jan 2026
- 6Everclear Winds Down Its Operations Over Revenue Issues · Namecoin News
- 7Layer 2 Shakeout: Zero Network, Everclear, and Syndicate Labs Wind Down · NFT Plazas
- 8Connext Secures $5M from Pantera Capital to Build Clearing Layer for Intent-Based Bridges · NFTgators
- 9Connext Labs Secures $7.5M Strategic Round at a $250M Valuation · PR Newswire (press release issued by Connext) · Jun 2023
- 10Search of @EverclearOrg posts, 20 to 23 May 2026 · twitterapi.io
Show 5 moreShow fewer
- 11X account record for @EverclearOrg · twitterapi.io
- 12X account lookup: @aryabhuptani · twitterapi.io (X data provider)
- 13X search: @EverclearOrg and @ConnextNetwork posts mentioning the founder's handles · twitterapi.io (X data provider)
- 14X timeline lookup under the former handle @arjunbhuptani · twitterapi.io (X data provider)
- 15Interoperability Project Connext Raises $12M From 1kx, ConsenSys · Yahoo Finance (syndicated copy of the CoinDesk report) · Jul 2021
Every figure above is clickable and opens the sources behind it. Copies were stored when each source was read, so a citation still resolves after the page it came from is gone.