Everclear Introduces Intent-Based Crosschain Settlement With Mantle as First Partner

Everclear has announced a partnership with Mantle and the introduction of Crosschain Asset Settlement to boost the direct asset-to-asset settlement feature. The new module enables users to include and transition between the various representations of the same asset across blockchains, beginning with wETH to mETH exchanges to Mantle. This next-generation settlement infrastructure is the first ecosystem to implement it, making Mantle the first.

https://twitter.com/EverclearOrg/status/2013582483191718019?ref_src=twsrc%5Etfw” target=”_blank” rel=”noopener nofollow

With the industry of blockchain expanding fast within different networks, there now exist asset types such as ETH in various tokenizations. Although this multichain future has made innovation possible, it has also made it more fragmented as users now have to go over bridges, swaps and complex transaction flows just to get liquidity in a new chain.

Solving the Multichain Fragmentation Challenge

One of the most tenacious issues in decentralized finance has become asset fragmentation. Users of ETH derivatives on networks like Ethereum, Arbitrum, Base, or Polygon usually pay exorbitantly and wait a long time to access ecosystems like Mantle, where mETH is one of the base assets.

Conventional cross-chain mechanisms are normally characterized by several steps such as bridging, on-chain swaps, confirmation delays and slippage. Such inefficiencies not only deteriorate the user experience, but also reduce the rate of ecosystem growth by deterring the flow of capital.

The Crosschain Asset Settlement of Everclear aims to eliminate all these obstacles to create a one-step process when transiting between the representation of assets.

How Intent-Based Settlement Works

The intent-based settlement powers the new system and enables users to specify the result they want instead of handing out each step. Somebody who has wETH in a supported chain will only need to enter Mantle as the destination and mETH as the target asset.

When the intent has been constructed, the solver network of Everclear provides mETH at Mantle, typically less than a minute, and simultaneously obtains the source asset on the home chain. The process fixes the pricing out of front, removing slippage and complexity of the entire transaction process.

In the background, Everclear controls inventory and chains netting flows, including rebalancing liquidity through an optimized route to reduce costs.

Why the Integration Matters for Mantle

The ecosystem has soon evolved to be the liquid staking and restaking center with mETH and cmETH taking the center stage of Mantle. Onboarding new users, however, has been a challenge because of cross-chain friction.

Mantle allows users to get mETH on the major networks without ever going through a traditional bridge interface by implementing the Crosschain Asset Settlement. This experience is chain-abstracted and reduces the entry barrier and the probability of capital flowing into the native DeFi applications of Mantle.

To the user, the implication is simple: deposit ETH in any chain it is interoperable with and receive free access to mETH on Mantle.

A Foundation for Cross-Asset Settlement

Though the initial concern revolves around the wETH to mETH selection, Everclear perceives this implementation as the initial step to general multi-representation settlement. The protocol should support all forms of tokens on chains via the ETH derivatives, stablecoins, and other derivatives of tokens using a common clearing layer.

Everclear is navigating itself toward a base settlement network in a multichain future, where an asset representation would become transparent to the customer, has hundreds of millions of monthly volume, and serves over 20 blockchains.

With growth and acquisition of new assets and chains, the Everclear-Mantle partnership is an indication of a switch to faster, cheaper, and more intuitive cross-chain finance.