Everclear Announces Token Lock-Up Extension to Align Community Post-Rebrand

Everclear, the first Clearing Layer for Web3, has adjusted the unlock schedule for its $NEXT token. The lock-up period for tokens held by Proxima Labs, the Foundation,  backers, and other contributors will be extended, with the earliest unlock date moved from September 6, 2024 to December 6, 2024. Further, the token unlock period has been extended from 12 to 18 months, unlocking at a linear rate of 1/19 per month, concluding on June 6, 2026.

The decision comes after careful consideration and discussions with Proxima Labs, the Foundation, the community, investors in the development company, and supporters who have supported the extension to ensure long-term alignment of all stakeholders for the newly launched protocol.

Everclear is backed by Polychain Capital, Polygon Ventures, Pantera Capital, Coinbase Ventures, Consensys, 1kx, Ethereal Ventures, and others. These investments have been integral to the rebrand and the launch of Everclear.

The protocol's rebranding and upcoming launch have been positively received, and Everclear aims to maintain the momentum and strengthen the alignment of interests within the community. The extension will help stabilize the ecosystem, build additional trust among participants, and ensure that Everclear's growth trajectory remains strong and sustainable.  

“We’re incredibly proud of how well the rebrand and new protocol have been received. It’s a real testament to the strength and support of the community and the potential of the new protocol," said Arjun Bhuptani, co-founder at Everclear. "The extension of the lock-up is a commitment to the long-term vision of building the foundation of the Chain Abstraction stack.”

Everclear is building the first Clearing Layer for Web3 to solve fragmentation for modular blockchains by coordinating the global liquidity settlement between chains. It is currently on the testnet, with the mainnet scheduled for the coming weeks. 

About Everclear

Everclear is building the first Clearing Layer for Web3. Everclear solves fragmentation for modular blockchains by coordinating the global liquidity settlement between chains. Everclear aims to build an open and accessible future where users can reap the benefits of blockchains without specialized knowledge or exposure to unnecessary risk. For more information, please visit https://everclear.org