Connext, a Web3 infrastructure company previously known as Connext, has received $5 million from Pantera Capital.
Pantera Capital has put $5 million into the Web3 firm Connext, which is developing a clearance layer for intent-based bridges that is modular. They raised the funds through an over-the-counter (OTC) sale of Next tokens.
In addition to announcing its rebranding to Everclear, the business has revealed that it will be laying a new foundation to support its technology stack, which includes the optimistic rollout of Everclear Chain.
As stated in the announcement, the clearing layer functions as its own blockchain, providing liquidity in the background to allow intent-based bridges to match orders.
The method supposedly works by matching user orders as they try to engage with apps on various blockchains, as stated in the announcement. After that, solvers compete to complete the orders at a nominal price.
Ethereum, Polygon, Gnosis, Arbitrum, Optimism, BSC, Linea, Metis, Mode, and Base are among the many blockchains that are already compatible with the platform.
Additionally, the platform plans to integrate X Layer, Avalanche, Mantle, Scroll, Polygon zkEVM, and zkSync in the near future.
We deploy Everclear and EigenLayer as a rollup on Arbitrum Orbit, equipped with Hyperlane for permissionless chain communication and EigenLayer for Actively Validated Service Security.
Everclear stated in a recent media story that their goal is to reduce transaction latency between blockchains and integrate any asset or application in less than 10 seconds.
Everclear plans to launch its mainnet in the third quarter of 2024, following the success of its testnet, which Socket, Particle Network, Router, and Enzo are already using.
This news follows last June’s announcement of a $7.5 million strategic round for Connext, which included the following investors: Polychain Capital, NGC Ventures, Polygon Ventures, IOSG Ventures, Fenbushi Capital, KXVC, a_capital, No Limit Holdings, Factor, and Dokia Capital.