Difference between revisions of "Everclear (NEXT)"

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== History ==
== History ==
FKA Connext, [https://x.com/EverclearOrg rebranded] in 2024.
==Audits & Exploits==
==Audits & Exploits==


Revision as of 09:45, 15 October 2024

Basics

"This version of Connext is centralized. We fully acknowledge that this is the case and have been transparent about it from first deployment.

V2.x of Connext will enable support for transactions routed over multiple nodes, and will make it much simpler for any organization or individual to run their own node. At that point, we expect the network to become more and more decentralized."

"Connext is an infrastructure layer that scales the Ethereum blockchain. Developers that integrate support for Connext can enable instant, low cost Ethereum transactions in their wallets, browsers, and applications!"

  • "A non-custodial layer 2 payment-channel technology that enables off-chain, instant payments with low (or zero) transaction costs, helping scale the Ethereum network and paving the way for use cases like micropayments"
  1. "A scalability solution for EVM-compatible blockchains.
  2. A software company that builds open source technology infrastructure for Ethereum applications.
  3. A non-custodial batching or “compression” layer on top of Ethereum which retains the security and self-sovereignty qualities of the base blockchain."

And what they are not:

  • "A custodial wallet or custody solution of any sort.
  • An exchange or other financial service provider.
  • A blockchain of its own."

History

FKA Connext, rebranded in 2024.

Audits & Exploits

Bugs/Exploits

Governance

  • From their blog (13-1-2021):

"Censorship Risk on Routers. It is possible for routers that facilitate transfers to censor users.

We can mitigate the risk of selective censorship by reducing the information gleanable by routers as part of their operation. For instance, blind signatures and other zero-knowledge proof schemes can be used to shield sender and receiver data. We can also mitigate the risk of general censorship by allowing for routers to route to each other to create more possible paths through the network (coming in a future release), and by routing communications over TOR. We’re actively developing and/or investigating these possibilities, and will be iteratively rolling out support for them out over the next 6 months.

Censorship Risk on Messaging. To bootstrap, the Connext team is hosting the messaging infrastructure for the network. We really do not want to do this. It places a large reliance on us to maintain high uptime on the infrastructure and introduces a risk of censorship by the team.

We’re doing this because no reliable decentralized messaging implementation exists yet for web contexts. We’re actively looking into existing attempts like LibP2P and Matrix, and plan to roll our own system if nothing else works."

Admin Keys

DAO

"In addition to its role as a utility, NEXT will be used to govern the ecosystem treasury of the Connext network through a DAO."

Treasury

Token

Launch

"No, Connext does not currently have its own native token. There are no plans for Connext to ever do an ICO/IEO."

Token Allocation

Utility

"NEXT is a utility and governance token that powers fair utilization of the network. Unlike other solutions in the interop space, where the security architecture relies on economic incentives, Connext is secured directly by the chains underlying it. The purpose of the NEXT token, then, is not to provide security but instead to maintain operational fairness for routers after our upgrade. Routers, the nodes of Connext, have to stake NEXT to participate in the network, and earn a proportional share of work in return. In addition to its role as a utility, NEXT will be used to govern the ecosystem treasury of the Connext network through a DAO."

Other Details

Tech

  • Whitepaper can be found [insert here].
  • Code can be viewed [insert here].

Implementations

"Connext is a cross-chain liquidity bridge, currently connecting nine EVM-based chains with each other."

  • Capacity (TPS):

 How it works

"Connext scales Ethereum using state channels. With Connext, users are able to batch many Ethereum transactions into one netted transfer by using signed off-blockchain commitments rather than direct on-blockchain transactions."

Fees

Upgrades

  • Connext cross-layer2 network going live this week (4-1-2021) in first stage of three-stage rollout over 6 months.
  • From their blog (13-1-2021):

"Vector, our flagship implementation of this network, uses state channels to enable swapping value between chains through a network of intermediary liquidity providers called routers. This means you can use Vector to:

  1. Instantly enter and exit, circumventing withdraw windows, into any Ethereum L2, shard, or turing-complete chain.
  2. Send value (and soon even call contracts) between L2 ecosystems. For instance, using Uniswap running on Optimism with assets on Arbitrum.
  3. Execute normal state channel usecases like conditional micropayments.

Staking

"Unlike other solutions in the interop space, where the security architecture relies on economic incentives, Connext is secured directly by the chains underlying it. The purpose of the NEXT token, then, is not to provide security but instead to maintain operational fairness for routers after our upgrade. Routers, the nodes of Connext, have to stake NEXT to participate in the network, and earn a proportional share of work in return."

Liquidity Mining

Scaling

Interoperability

"A cross-chain routing network created by the Connext team, Vector enables cross-L2 transfers that can considerably improve interoperability around Ethereum scaling solutions."

Other Details 

Their Projects

Virtual AMMs

"A cross-chain routing network created by the Connext team, Vector enables cross-L2 transfers that can considerably improve interoperability around Ethereum scaling solutions."

Seems to have been renamed into Virtual AMMs (17-5-2021).

Oracle Method

Privacy Method

Roadmap

  • Can be found [Insert link here].

Usage

"To date has completed over 700,000 transactions and $1.3B in volume."

  • From Our Network (13-11-2021):

"Since the launch of their liquidity bridge in early October, Connext has facilitated over $350 million in volume, spread across 305k transactions. In the last 30 days alone Connext facilitated $153 million in volume across 135k transactions, averaging a daily volume of $4.9 million."

Projects that use or built on it

Pros and Cons

Pros

Cons

Competition

Team, Funding, Partners

Team

Funding

  • "Connext is backed (21-4-2020) by VCs and grants from the Ethereum Foundation. Long term, the Connext team expects to monetize through selling ancillary services for reducing the operating costs of running nodes."

Ethereum Foundation, Hashed, Spankchain, Genesis Block, Kryptonite 1, Dan Matuszewski, Dino Mihalopoulos

"Connext Raises $2.2 Million. The round was led by Polychain Capital, with participation from 1kx and Huobi Capital. With fresh capital at hand, Connext looks to seed the early network liquidity and expand its team to launch the full network."

"Raises $12 Million. The round had participation from 82 distinct entities including funds & exchanges, staking providers, L2 founders and angels."

  • Matter Labs; according to Matter Labs, the founders and leadership of a bunch of DeFi projects, among which this project, joined in on the $50m raise for zkSync (8-11-2021).

Partners 

"EVMos has partnered with Nomad + Connext for bi‐directional bridge btwn Ethereum & Cosmos Cosmos Hub based Gravity Bridge will also enable ERC‐20 token bridging to Cosmos."

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