Many protocols in the crypto industry are adopting an intent-centric design. Instead of directly submitting transactions containing the full methodology of “how” an operation should be executed, users can express “what” their desired result should be.
As crypto activity becomes multi-chain and multi-asset, solvers have to support an increasing number of chains and tokens to keep up, which requires them to deploy more capital to maintain competitiveness. The rising capital requirement raises the entry barrier and hinders the decentralization of the solver network.
The rebalancing cost can be amortized by maintaining large inventories on multiple chains to balance bidirectional flows and reduce the frequency of rebalancing. However, this is only feasible for the largest solvers with a lot of capital, resulting in an oligopoly in the solvers market, which goes against the ethos of decentralization. Everclear is an Ethereum layer 2 that allows solvers to net off settlements against other solvers and users.
Everclear is the clearing/execution layer for clearing cross-chain transfers, netting off unsettled balances, and executing arbitrary transaction logic. A wide range of dApps can permissionlessly adopt this universal clearing layer in a multi-chain intent-based ecosystem. Integrating with Everclear allows them to easily source liquidity and effortlessly expand their offerings to various blockchains with little overhead, thereby creating a network effort and reducing the total amount of settlements required.The total value locked in Everclear remained modest in the first two months of 2024, averaging $8.5 million.
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