Connext Change Name to Everclear, Upgrade NEXT Token to CLEAR!

Bittime - Everclear, previously named  Connext, will upgrade the native token from NEXT to CLEAR. Read this article to find out the full news!

Upgrade NEXT Token to CLEAR

Name change from Connext becoming Everclear reflects the evolution of the platform, which is now more focused on developing an intent-based cross-chain clearing layer. This layer is designed to solve the modular fragmentation problem that often occurs in blockchain. 

This fragmentation occurs when various blockchain protocols and applications are unable to communicate or share data effectively with each other, resulting in inefficiencies and potential security issues.

Everclear also feels the need to upgrade its native token from NEXT to CLEAR. This CLEAR token will play a central role in the Everclear ecosystem. Not only as a transaction tool, but also as an integral part of the system's voting and revenue sharing mechanisms.

Main Features of CLEAR Tokens  

One of the main features of the CLEAR token is the voting binding system. This system allows users to lock CLEAR tokens for up to 2 years and receive a non-transferable token called vbCLEAR. Token vbCLEAR This can be used for voting and system revenue sharing.

What's different vbCLEAR of traditional VE tokens is their ability to be unlocked early, but with an "exit tax". This tax is designed to prevent users from making sudden withdrawals and maintain system stability. 

This mechanism is also expected to encourage active participation from resolvers and intent protocols, which will ultimately increase the volume of transactions passing through Everclear's clearing layer.

Read Also: MakerDAO Launches NewGovToken Activation Feature, Upgrades MKR Tokens to NGT!

Everclear Prize Distribution

The new system also introduces a reward distribution mechanism that is based on settlement volume. This is different from typical DeFi projects, where large holders often monopolize the rewards. 

In the Everclear system, the distribution of rewards will be fairer and based on real contributions in the ecosystem, thereby reducing the risk of centralization.

Token Upgrade Under Discussion

Currently, upgrading the NEXT token to CLEAR is in the discussion stage with the community. Everclear has invited token holders and users to provide input and participate in discussions.

After getting sufficient input, the next step is to carry out simulation testing and further development before it is fully implemented.

Read Also: Zcash Upgrades Crosslink, ZEC Staking Feature will be Coming Soon!

How to Buy Crypto with Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. over is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

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