Everclear Shuts Down Foundation and Labs Amid Revenue Challenges

Everclear, a cross-chain settlement protocol, has announced the closure of its foundation, Labs, and product development on X platform. According to Odaily, the decision stems from the inability to convert its solver-based cross-chain fund rebalancing model, which achieved a monthly transaction volume of $500 million, into substantial revenue due to user price sensitivity. The DAO will continue operations and explore open-sourcing the protocol. Any remaining funds may be considered for CLEAR token buyback. The official has not yet disclosed the specific timeline for closure, asset handling plans, or arrangements for user funds.