Everclear (NEXT)

What is Connext Network (NEXT)?

Connext Network is a non-custodial layer 2 payment-channel technology that enhances the Ethereum network by enabling off-chain, instant payments with low or zero transaction costs. It serves as a scalability solution for EVM-compatible blockchains and builds open-source technology infrastructure for Ethereum applications. Connext Network is not a custodial wallet or custody solution, an exchange or other financial service provider, nor a blockchain of its own. It leverages state channels for scaling Ethereum, enabling users to batch multiple Ethereum transactions into one netted transfer using off-blockchain commitments instead of direct on-blockchain transactions​​​.

What is Connext Network (NEXT) used for?

Connext Network is used primarily for facilitating seamless, cross-chain transactions. It employs a network of liquidity pools on various chains, backed by routers, to allow users to swap value between these pools, similar to AMM DEXes like Uniswap. For developers, Connext offers an SDK for integrating its infrastructure into their dApps, thereby enabling cross-chain swaps. The Connext network uses the NXTP protocol for cross-chain transfers, which involves a lock/unlock mechanism in smart contracts and has a three-phase transaction lifecycle: Route Auction, Prepare, and Fulfill. The system is designed with a focus on security, ensuring that user funds are protected through its security model equivalent to underlying protocols it bridges​.

Who created Connext Network (NEXT)?

Connext Network was co-founded by Arjun Bhuptani, Rahul Sethuram, and Layne Haber. The team, one of the first to work on L2 research, has been focused on improving the user experience of Ethereum and the broader Web3 ecosystem. They believe in the transformative potential of decentralized networks in finance and in giving value back to users.