Pantera-backed cross-chain protocol Everclear is gradually shutting down its protocol, foundation, and lab divisions.

CoinFeed reported on May 22nd that, according to The Block, Everclear, a Pantera-backed cross-chain infrastructure startup, is gradually shutting down its core UI, protocol, foundation, and research lab. As of this writing, the CLEAR token has fallen over 48% to $0.0002332. Everclear stated that the protocol has ceased operation, no funds are frozen, and the remaining total locked value has been withdrawn by users and partners. The remaining funds will be used to repay debts and may be used for token buybacks ranging from $50,000 to $200,000. Everclear (formerly known as Connext) provides cross-chain clearing and settlement protocols designed to solve the problem of liquidity fragmentation between different blockchains.