Connext (NEXT), which describes itself as a Blockchain interoperability platform, will change its name to Everclear, according to its official statement.
The project stated that it will develop a kind of “exchange layer” in this context. According to the statement, this exchange layer is designed to address challenges related to rebalancing and reconciliation of intentions. Functioning as its own blockchain, this layer will serve as a backend liquidity platform that facilitates order matching for intent-based bridges.
To support the development and implementation of the clearing layer, Everclear sold $5 million of Connext (NEXT) tokens to cryptocurrency company Pantera Capital through an over-the-counter deal.
The development seems to have been welcomed by the token's community. The altcoin, which is traded on Bybit, one of the major stock exchanges, has gained approximately 8% in value in the last 24 hours.
According to its own statement, Connext hosts decentralized applications that work on all chains and can use all tokens, and claims to hold a total locked value of $ 1 billion.
*This is not investment advice.