Arjun Bhuptani Cofounder of Everclear Discusses Web3 Branding Clearing Layers Chain Abstractions Impact and Rollups Episode 348

Arjun Bhuptani, Co-founder of Everclear, Discusses Web3 Branding, Chain Abstraction, and Roll-ups | Ep. 348


Sead Fadilpašić
Last updated:
July 2, 2024, 10:34 EDT
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4 min read
In an exclusive interview with Matt Zahab on Cryptonews Podcast, Arjun Bhuptani, co-founder of Everclear, the pioneering clearing layer for Web3, delved into how chain abstraction tackles what he calls “the dirty secret” and the impending surge in roll-ups.
Everclear’s Evolution from Connext
After eight years as Connext, a long-standing presence in the space, Bhuptani explained to Matt Zahab how the brand’s multifaceted approach had become confusing for users.
“People liked Connext, but weren’t always sure what we did,” Bhuptani noted.
Recognizing the need for clarity, extensive testing led them to rebrand as Everclear.
“We realized we’re pioneering something entirely new,” Bhuptani emphasized.
The rebrand was a success, although it did mean letting go of certain aspects like the ENS name. However, it garnered unexpected publicity on Twitter.
“The Dirty Secret” of Chain Abstraction
Bhuptani highlighted the fragmented nature of the space and the shared goal among projects: users shouldn’t have to worry about what blockchain they’re using.
Chain abstraction, Bhuptani explained, aims to make DEXs resemble centralized exchanges and lending markets akin to traditional banks, marking a significant leap forward.
However, achieving this remains a challenge, with projects often relying on bridges as solutions.
Yet, Everclear identified an opportunity to scale across chains and assets by leveraging existing tools more effectively.
To foster scalability, Bhuptani stressed the need to rethink economic incentives within the ecosystem.
“The core thesis is enabling more solvers by reducing the complexity and cost,” Bhuptani affirmed.
For instance, Connext observed liquidity shifting towards less popular chains, necessitating efficient rebalancing mechanisms.
“This is the dirty secret,” Bhuptani remarked, emphasizing the need for a diverse ecosystem supporting all chains and assets.
Truly Permissionless Liquidity Everywhere
Looking ahead, Everclear plans a significant second half with the mainnet launch in focus.
“We’re finalizing code and preparing for audits,” Bhuptani shared, envisioning a system where users can install liquidity on roll-ups seamlessly.
This infrastructure aims to facilitate bridge integration across ecosystems.
The Roll-up Explosion
Bhuptani predicted a surge in roll-ups, stressing their autonomy and efficiency advantages.
Major DeFi protocols, he asserted, are moving towards consolidating liquidity on single platforms rather than fragmenting it.
Moreover, he anticipated a blurred distinction between chains and roll-ups, envisioning platforms like Reddit seamlessly integrating roll-up functionalities.
“These are paradigm shifts people are underestimating,” Bhuptani concluded.
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In this interview, Bhuptani also explored:
– Connext’s pivot to Everclear and the rationale behind the new name.
– Challenges and strategies in Web3 rebranding.
– UX challenges and liquidity fragmentation in crypto.
– Web3 clearing layers and their role in enhancing cross-chain communication.
– The limitations of bridges in solving inter-chain transactions.
– The concept of netting in payment reconciliation behind the scenes.
For the full podcast episode, visit [Cryptonews Podcast](link).
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About Arjun Bhuptani
Arjun Bhuptani co-founded Everclear, the first clearing layer for Web3.
He is also a co-creator of Moloch DAO, a prominent decentralized autonomous organization framework.
Moloch DAO aims to facilitate fair and transparent coordination around shared resources.
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