The Everclear mainnet beta is now live, leveraging the Hyperlane network for interchain message passing and permissionless expansion to new chains.
Right now, the crypto landscape spans hundreds of chains and rollups, with liquidity siloed in each one. Everclear aims to unlock more of this liquidity with its clearing layer and intents settlement network.
Wait, Hyperlane powers intents now? Kind of, let’s dive in:
What is Everclear?
Everclear is the first Clearing Layer, a rollup designed to coordinate the global settlement of liquidity between chains to dramatically reduce rebalancing costs for intents solvers in the space.
You can think of Everclear as an onchain coordinator for liquidity providers across different chains to route through to reduce costs and complexity.
Quick explanation of intents:
Intents are expressions of what a user wants. Solvers fill the intents for the user.
Example: user wants to swap 100 USDC on Ethereum for 100 USDT on Base. This complex order can be expressed as an “intent,” which a “solver” executes.
You can think of intents as a limit order for any combination of actions onchain, and a solver as a market maker that fills those orders.
For a more nuanced read on intents, read this: https://li.fi/knowledge-hub/with-intents-its-solvers-all-the-way-down/
How Everclear Leverages Hyperlane
Everclear uses Hyperlane as its interoperability solution (transport layer in their terminology) to settle and rebalance intents across different chains.
More specifically, here’s an excerpt from Everclear’s docs:
There are three types of messages related to intents within Everclear:
Intent. Created when a user generates an intent and dispatched periodically from the source chain to the clearing chain using the transport layer. Contains the source of truth information for the intent data.
Fill. Generated when a solver fills an intent and dispatched periodically from the source chain to the clearing chain using the transport layer. Contains information about which solver should be credited in settlement.
Settlement. Generated when both the intent and fill messages arrive on the clearing chain. Sent from the clearing chain to the settlement domain, which is where the solver will be repaid for intent execution.
TL;DR: Hyperlane message passing is used to move information about the intents and their corresponding fills to the Everclear hub chain, where everything is cleared and rebalanced.
Why Hyperlane
Besides message passing, Hyperlane also provides unique advantages for Everclear:
Permissionless Expansion
- Permissionless Hyperlane deployments enable Everclear to extend to whichever chains they want on their own time and terms. This is in addition to the 50+ that Hyperlane already connects.
- This is especially important for reaching long tail chains that traditional interoperability/bridging providers won’t support.
Cross VM Compatibility
- To reach the network effects of a Clearing Layer, Everclear needs to be in every ecosystem.
- Hyperlane’s multi-VM support and adaptability allow Everclear to reach new VMs beyond the EVM.
Warp Routes for Rebalancing
- In addition to settling intents with message passing, Hyperlane can offer interchain value transfer with Warp Routes for rebalancing value across the Everclear network.
- Deployers of Warp Routes (Everclear potentially) can benefit from being able to charge bridge fees and generate additional revenue for their protocol.
What’s Next?
Everclear mainnet beta is now live with a Hyperlane deployment, connecting it to the rest of the Hyperlane network.
Stay tuned for more updates on this innovative Hyperlane intents use case!
To dive in deeper, check out the Everclear docs, their announcement, and the Hyperlane docs.
More about Hyperlane
Hyperlane is the open interoperability framework. It empowers developers to connect anywhere onchain and build applications that can easily and securely communicate between multiple blockchains. Importantly, Hyperlane is fully open-source and always permissionless to build with.
