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ETH $1,982.35 -1.62%
BNB $697.79 -3.19%
XRP $1.30 -2.24%
SOL $81.01 -1.77%
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LINK $9.01 -1.81%
HYPE $72.95 +7.20%
AAVE $81.09 -1.54%
SUI $0.8775 -2.48%
XLM $0.2607 +6.59%
ZEC $547.35 -0.01%

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The cross-chain network Everclear has announced the closure of its project operations, and the protocol and frontend have ceased to operate

The cross-chain network Everclear officially announced on social media that it has decided to end the operations of the Everclear Foundation and Labs, and to stop product development. Currently, the protocol has been shut down, and the Everclear UI and chain have ceased operation. The team stated that the remaining TVL in the protocol has been fully withdrawn, and to their knowledge, no user funds are trapped.Regarding the reasons for the shutdown, Everclear stated that although the monthly trading volume had previously reached $500 million, the team failed to establish sufficient commercial depth and convert it into effective revenue due to users' high price sensitivity in the cross-chain solver field. Additionally, the team exhausted its funds (runway) during the transition to a B2B2C model over the past six months, and several acquisition proposals explored were also unsuccessful.For future arrangements, Everclear is conducting an orderly liquidation to address outstanding debts. The team stated that if there are remaining funds after the debts are settled, they will explore repurchasing existing tokens, with a potential total repurchase amount estimated between $50,000 and $200,000, but this has not yet been finalized. Furthermore, the foundation is considering open-sourcing the protocol's intellectual property (IP) to give the DAO the option to continue advancing work under new management; currently, the DAO itself is still operational.

The U.S. SEC releases a statement providing key guidance: some cryptocurrency trading front-ends do not need to register as brokers

The U.S. Securities and Exchange Commission (SEC) Division of Trading and Markets issued a staff statement providing guidance on whether certain user interfaces used to generate trading instructions for crypto asset securities (Covered User Interface) need to be registered as broker-dealers.The statement noted that under specific conditions, providers of such interfaces may not need to register as broker-dealers under Section 15 of the Securities Exchange Act. These conditions include: not actively soliciting specific trades, not providing investment advice, not controlling or executing trades, generating trading instructions solely based on objective parameters, and fully disclosing the fee structure, potential conflicts of interest, and associated risks to users.The SEC emphasized that such interfaces typically exist in the form of websites, browser plugins, or wallet applications, used to convert trading parameters set by users into on-chain executable instructions, while also providing market data such as prices, paths, and fees.Additionally, the statement clarified that such exemptions do not apply to activities involving trade matching, fund custody, order routing, or providing investment advice. The relevant guidance is a temporary opinion and will automatically expire in 2026 if no further action is taken. The SEC stated that this move aims to provide a clearer regulatory framework for activities related to crypto asset securities and continues to seek market feedback.
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