Everclear

Connext is a network of cross-chain liquidity pools that enables users to swap value using fast, fully-noncustodial transfers between EVM-compatible Layer 2 networks. It leverages the Ethereum blockchain with its own routers, acting as the foundation of the network to earn fees by providing instant liquidity for user swaps. Users can earn additional yields by restaking tokens that have been locked to validate other Layer 2 networks, without bridging their assets onto the Ethereum mainnet. 

Additionally, the platform enables developers to create cross-chain dApps and tokens. The protocol allows dApps to seamlessly interact with funds and data across multiple blockchains simultaneously. The protocol operates as a DAO governed by its native token, NEXT. 

Key customers and partnerships

The company has reported rapid growth since the release of the second version of its platform in February 2023, adding more than 20,000 new users by April 2023. It also claimed that 35 companies were actively building on top of its protocol as of June 2023, including Metamask, Planet IX, and DODO. As of the same date, the network had facilitated over 1.2 million cross-chain transactions.

Funding and financials

In June 2023, Connext raised USD 7.5 million in new funding from Polychain Capital and Polygon Ventures, among others, at a valuation of USD 250 million. The company planned to use the funds to establish the Connext Foundation, which will oversee the protocol’s development and be responsible for issuing grants and funding to community initiatives.