Everclear announces the shutdown of project operations, with both the protocol and frontend now discontinued

According to ChainCatcher, the cross-chain network Everclear announced on its official social media platform that it has decided to cease operations of the Everclear Foundation and Labs, and will stop product development. The protocol has now been shut down, and both the Everclear UI and chain are no longer operational. The team stated that all remaining TVL in the protocol has been withdrawn, and to their knowledge, no user funds are trapped.

Regarding the reason for the shutdown, Everclear stated that although monthly trading volume had once reached 500 million US dollars, users in the cross-chain solver sector are highly price-sensitive, which resulted in the team failing to build sufficient business depth and convert it into effective revenue. Additionally, the team exhausted its runway in the past six months during its transition to a B2B2C model, and several explored acquisition plans were unsuccessful.

For the next steps, Everclear is carrying out an orderly liquidation process to handle outstanding debts. The team stated that if there are funds remaining after debts are settled, they will consider buying back existing tokens, with the potential total repurchase estimated to range between 50,000 and 200,000 US dollars, though this has not yet been finalized. In addition, the Foundation is considering open-sourcing the intellectual property (IP) of the protocol, giving the DAO the option to continue work under new management, and the DAO itself remains operational for now.