Cross-chain pioneer Everclear (formerly Connext) announces shutdown: $500M monthly volume but struggles with monetization and failed B2B pivot.

Everclear, once hailed as the "first clearing layer for Web3" and formerly known as the veteran cross-chain protocol Connext, announced today with deep regret that it will gradually shut down its products and operations team. Despite achieving a monthly trading volume of $500 million and successfully securing tens of millions of dollars in funding, the challenge of commercial monetization—being "acclaimed but unprofitable"—and depleted capital reserves ultimately overwhelmed this pioneer team founded in 2017. The official team confirmed that the protocol has ceased operations but emphasized that all user funds have been safely withdrawn, and they may explore token buybacks and open-source initiatives in the future. (Previous coverage: Crypto hedge fund Split Capital announces shutdown; founder joins Plasma as Chief Strategy Officer: The industry has reached a dead end) (Background: Starknet ecosystem lending protocol zkLend announces shutdown: $9.5 million hacked in February led to loss of user confidence; $ZEND delisted due to liquidity exhaustion..) The cryptocurrency cross-chain infrastructure sector has bid a regrettable farewell. Everclear, an infrastructure protocol that spent years deeply rooted in the Ethereum ecosystem under the name Connext and successfully rebranded in 2024 to become Web3's "first clearing layer," released an announcement on X (formerly Twitter) regarding the termination of its operations. The official statement read with regret: "Today we’re sharing difficult news: we have made the decision to wind down Everclear (Foundation / Labs and building the product)." Today we’re sharing difficult news: we have made the decision to wind down Everclear (Foundation / Labs and building the product). — Everclear (@EverclearOrg) May 21, 2026 The fall of Everclear profoundly reveals the cruel reality that current Web3 infrastructure is often "acclaimed but unprofitable." Founded in 2017, the team originally attempted to solve the liquidity fragmentation caused by blockchain modularity through a Solver-based cross-chain rebalancing model. However, the team admitted to encountering an insurmountable gap on the path to commercialization: - Difficult-to-monetize traffic: Although Everclear successfully reached a monthly trading volume of up to $500 million, the team was never able to convert this massive traffic into substantial and meaningful protocol revenue because cross-chain users are "extremely price-sensitive." - B2B pivot was too little, too late: Over the past six months, the team urgently pivoted to a B2B2C business model and successfully signed several major industry players. However, they severely underestimated the time required for partners to go live, leading to "funds running out completely before partners could launch." - Failed acquisition attempts: As funds neared depletion, the team actively sought various acquisition possibilities, but all ultimately ended in failure. Regarding the security concerns most critical to the market, the Everclear team guaranteed the final bottom line. The announcement stated that the Everclear chain and user interface (UI) have completely ceased operations. The official team confirmed: "To our knowledge, no funds are stuck—the remaining TVL has been fully withdrawn by users and partners." If any users have concerns about their funds, the team has provided a dedicated email address ([email protected]) for inquiries. Although the operating entities (Foundation and Labs) are about to dissolve, Everclear has left behind a spark. The team is currently exploring the possibility of open-sourcing the protocol, giving the DAO (Decentralized Autonomous Organization) an opportunity to take over and continue development under a new governance structure. As for asset disposal, which is of concern to investors, the official team stated that they are methodically liquidating outstanding liabilities. If there are remaining funds after liquidation, the team is considering implementing a token buyback program ranging from $50,000 to $200,000. However, the team emphasized that this buyback mechanism has not been finalized, and full details will be announced at a later date. The conclusion of Everclear (Connext) not only symbolizes the exit of a veteran project but also sounds a wake-up call regarding the brutal commercial competition within the entire cross-chain infrastructure and Intent-centric sector.