What is Everclear?

Everclear is a novel public good mechanism for settling intents across chains. It acts as a clearing layer, facilitating efficient rebalancing for solvers in intent-based protocols.

Overview

Everclear revolutionizes cross-chain intent settlement by socializing rebalancing costs, providing a programmable layer for various settlement mechanisms, and enabling permissionless expansion to new chains and rollups.

Key Features

• Cost Socialization: Allows fillers to share rebalancing costs across the network.
• Programmable Layer: Supports various rebalancing and settlement mechanisms.
• Permissionless Expansion: Enables any application on any chain to onboard users from other chains.
• Netting Mechanism: Reduces rebalancing costs by up to 10x through efficient netting of intents.

Rebalancing Process

1. Rebalancers deposit funds into Spoke contracts on supported chains.
2. The Hub contract on the Clearing chain nets intents against others moving in opposite directions.
3. Un-netted intents are discounted over time to attract Arbitrageurs.

Discount Mechanism

• Intents are discounted by a configured BPS per epoch.
• Arbitrageurs can purchase discounted intents for profit.
• Competition among Arbitrageurs leads to optimal pricing for Rebalancers.

For Solvers

• Reduced rebalancing costs
• Simplified cross-chain operations
• Programmatic rebalancing opportunities

For Users

• Cheaper intent fulfillment
• Improved liquidity across chains

Everclear aims to unlock the potential of the multi-chain future by solving the rebalancing problem, supporting the growth of intent-based systems and the expansion of layer 2 and 3 chains.

Everclear provides a crucial infrastructure layer for the growing ecosystem of intent-based protocols, facilitating efficient cross-chain operations and liquidity management.

Learn more at Everclear Documentation