The cross-chain settlement protocol EverclearOrg has announced the closure of its foundation, Labs, and product development. Although the solver-based cross-chain funds rebalancing model achieved a monthly transaction volume of $500 million, insufficient revenue resulted from user price sensitivity. The announcement stated that six months of efforts to establish B2B2C partnerships were unsuccessful, and acquisition options were not realized. With funds depleted, the team has opted for an orderly shutdown. The protocol has been taken offline, with no user funds trapped; the UI and chain are currently unavailable. The DAO will continue operating and explore open-sourcing the protocol, and any remaining funds may be considered for CLEAR token buybacks.
EverclearOrg shuts down protocol and related operations due to funding exhaustion.
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Summary
EverclearOrg announces a protocol update and the shutdown of its foundation, Labs, and product development due to project funding developments. Despite reaching $500 million in monthly volume, the solver-based model failed to generate sufficient revenue. The protocol is offline, with no funds trapped. The UI and blockchain are unavailable. The DAO will continue and may open-source the project, with potential CLEAR token buybacks if funds remain.
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