Everclear launches cross-chain asset settlement in the Mantle Ecosystem

Mantle and Everclear have partnered to allow instantaneous, frictionless swaps between wETH and mETH across the major Ethereum chains. This eliminates traditional bridging.

Mantle, an Ethereum Layer-2, announced today a new partnership with Everclear. The collaboration will introduce cross-chain assets settlement to the Mantle ecosphere, which allows users the ability to swap wETH to Ethereum. ArbitrumBase Polygon Mantle can be directly connected to mETH, without any traditional bridge friction.

This integration tackles one of the major challenges of multi-chain DeFi – liquidity fragmentation between multiple representations for the same asset.

As the ecosystems expand, assets such as ETH and USD exist in a wide variety of formats, from wETH to mETH and stETH. Everclear’s clearing and settlement system solves fragmentation through netting of cross-chain flow and automatic rebalancing, which reduces redundant liquidity as well as costs.

Everclear is handling settlement and rebalancing on the backend.

Mantle allows users to send wETH from supported chains and get mETH back on Mantle. The transaction is usually completed in less than one minute.

Mantle has been selected as the launch partner of Everclear’s new cross-asset settlement program. Future plans include supporting additional assets. ETHAssets based in stablecoins or new chains.

The collaboration is part of a larger industry trend toward “chain-abstracted” finance. This allows users to interact with applications and assets without having to deal with the complex issues associated bridges, liquidity pooling, or fragmented presentations.