- Swap wETH to Mantle’s mETH from major chains in under 60 seconds.
- No traditional bridges, slippage, or complex onboarding steps required.
- Netting + rebalancing cuts liquidity fragmentation and operational costs.
The blockchain industry’s liquidity fragmentation problem has a new solution.
Everclear, the interoperability protocol formerly known as Connext, has launched cross-chain asset settlement on Mantle Network.
The partnership will allow users to convert wrapped Ethereum (wETH) from major chains including Ethereum, Arbitrum, Base, and Polygon directly into Mantle’s mETH token in under 60 seconds.
The integration bypasses traditional bridging entirely, marking a significant infrastructure breakthrough for decentralized finance adoption.
The partnership tackles one of DeFi’s most stubborn challenges: liquidity fragmentation.
As blockchain ecosystems have proliferated, identical assets now exist in multiple representations across different networks.
This fragmentation creates inefficiency, higher costs, and friction that deters both retail and institutional participation.
Everclear’s clearing infrastructure solves this problem by netting cross-chain flows and automatically rebalancing inventory, dramatically reducing redundant liquidity and operational costs.
How the settlement layer works
The mechanics are elegant in their simplicity. Users holding wETH on any supported chain select Mantle as their destination.
Everclear’s solver network fills the intent immediately, delivering mETH to the user’s wallet while managing settlement and rebalancing operations behind the scenes at optimal pricing.
The result is zero slippage, fast execution, and capital efficiency that traditional bridges cannot match.
Nikita Bulgakov from the Everclear Foundation explained the vision:
Everclear was built to be the settlement layer for a fragmented, multi-asset future. By connecting different representations of the same asset, we enable partners like Mantle and mETH Protocol to offer a truly chain-abstracted experience to users.
Accelerating Mantle’s institutional adoption
Mantle has emerged as a serious contender in the liquidity infrastructure space, anchoring over $4 billion in community-owned assets and positioning itself as the premier gateway for institutions connecting with on-chain liquidity and real-world assets.
The mETH Protocol, Mantle’s flagship liquid staking solution, achieved a peak total value locked of $2.19 billion and is now integrated across 40+ major platforms including Bybit, Ethena, and leading custody providers like P2P and Copper.
“Real-world usability of on-chain assets depends on efficient settlement across chains,” said Emily Bao, Key Advisor of Mantle.
This integration reinforces Mantle’s RWA and ETH-native strategy by removing onboarding friction and enabling capital to flow into the ecosystem in a more scalable, institutional-grade way.
The Everclear partnership removes a critical barrier to growth.
Previously, users navigating multiple chains faced bridge risks, slippage costs, and complexity that discouraged participation. Now, onboarding becomes frictionless.
Expanding the settlement layer
Everclear already processes approximately $400 million in monthly volume across blue-chip assets and stablecoins, serving professional users including market makers, solvers, bridges, and exchanges.
The Mantle launch marks the beginning of expanded cross-asset settlement capabilities, with plans to support additional ETH-based assets, stablecoins, and emerging blockchain networks.
This development underscores the industry’s evolution toward chain-abstracted finance, where users and institutions interact with blockchain infrastructure without managing underlying complexity.
For the DeFi ecosystem, it represents a meaningful step toward mainstream adoption.
- The DEX captured 55.5% of stable-stable swap volume on Ethereum, Base, Arbitrum, and Polygon.
- Dune data shows Fluid handled more volume compared to all DEXs combined.
- FLUID tokens surged over 15% in the past day amidst investor interest.
Cryptocurrencies remain elevated today as Bitcoin reclaimed $115,000 after approaching $112,000 on Saturday.
Ethereum steadies above $3,600 as XRP regains the $3 mark.
Meanwhile, lesser-known FLUID grabbed attention with a 15% increase over the past day as Fluid DEX dominated the DeFi scene.
Fluid decentralized exchange accounted for 55.5% of stablecoin-for-stablecoin trading volume on Ethereum, Base, Arbitrum, and Polygon on August 3 (Dune Analytics data).
It outperformed established and long-time market leaders like Curve and Uniswap, and that was enough to stir the DeFi community.
For context, Uniswap captured 25.7%, whereas Curve managed 13.4% of the market share.
The protocol’s native token, FLUID, demonstrates renewed optimism with a 16.10% price rally over the past 24 hours.
Fluid climbs DeFi ranks
Indeed, the stablecoin scene has seen tremendous growth since the US regulated the segment with the GENIUS Act.
Protocols like Ethena remain in the spotlight as yield-bearing stablecoins gain traction.
Meanwhile, Fluid has dominated the vital stable-stable swap segment, maintaining steady growth in trading volumes in the last three months.
Stablecoin-to-stablecoin differ from volatile asset swaps since they power real-world utilities, including arbitrage, liquidity provision, and payments.
Fluid has performed well in this category since May, capturing a notable 55.5% share as of August 3.
What’s fueling the growth
Well, as highlighted above, the stablecoin sector has flourished since the US passed crypto bills, bringing the much-needed regulatory clarity to the digital assets industry.
Furthermore, the remarkable share indicates a platform serving its purpose.
The DEX environment remains competitive, with stablecoin users interested in reliability, fewer fees, and speed.
Fluid’s efficient routing, deep liquidity, and compatibility (especially with cost-effective L2s like Base and Arbitrum) have propelled its upside.
The FLUID decentralized exchange is becoming a go-to platform for traders transacting stablecoins like USDT, DAI, and USDC.
Most importantly, the trend signals behavior shifts in DeFi, with users preferring newer, purpose-centric platforms over legacy giants.
Will it maintain the momentum and overthrow Uniswap and Curve for good?
Transforming stablecoin liquidity?
Fluid might change power dynamics within the DeFi world if it retains the prevailing energy.
While Curve and Uniswap have defined stablecoin swapping for years, neither holds the top position at the moment.
Fluid’s rise could welcome a new era, where users prioritize performance over legacy.
Moreover, it reminds us of the benefits of stablecoin infrastructure.
While the crypto community often gravitates to narratives like NFTs, L2s, and gaming, stablecoin activity remains the backbone of DeFi.
FLUID price outlook
The native token reflected the reinvigorated optimism with notable price gains.
FLUID rallied 16% from yesterday’s $4.7199 to press time $5.48.
The surging 24-hour trading volume highlights renewed momentum, setting the stage for further FLUID rallies.
However, broad market bias remains crucial in determining the asset’s short-term performance.
A sudden selling wave would delay the upside and trigger FLUID dips, whereas continued recoveries will supercharge the alt’s rebound in the upcoming sessions.
The Bitcoin market saw another rebound in the past week as prices leaped by over 12% to hit a local peak of $95,600. Amid the ongoing market euphoria, prominent blockchain analytics company Glassnode has shared some important developments in the Bitcoin derivative markets.
Bitcoin Short Bets Rise Despite Price Rally, Setting Stage For Volatility
Despite a bullish trading week, derivative traders are approaching the Bitcoin market with skepticism, as evidenced by a build-up of leveraged short positions.
In a recent X post on April 25, Glassnode reported that Open Interest (OI) in Bitcoin perpetual swaps climbed to 218,000 BTC, marking a 15.6% increase from early March. In line with market activity, this rise in Open Interest aligns with increased leverage, introducing the potential for market volatility via liquidations or stop-outs.
Generally, a rise in Open Interest amidst a price rally is expected to signal long-term market confidence. However, Glassnode’s findings have revealed an opposite scenario. Despite Bitcoin’s bullish strides in the past week, short market positions appear to be dominating the perpetual futures markets.
This concerning development is indicated by a decline in the average funding rate, which has now slipped into negative territory to sit around -0.023%. The perpetual funding rate is a periodic payment between long and short traders aimed at keeping the contract price in line with the underlying spot price.
A negative funding rate indicates short traders pay long traders as Bitcoin’s perpetual contract price is trading below the spot price. This is caused by a higher number of short positions as traders are largely bearish about Bitcoin, even despite recent gains.
Furthermore, the 7-day moving average (7DMA) of long-side funding premiums has dropped to $88,000 per hour, reinforcing this short-dominant sentiment. This downtrend indicates a waning demand for long positions, as traders exhibit a short bias.
However, Glassnode presents a bullish note stating that the present combination of rising leverage and short positions paves the way for a potential short squeeze, where an unexpected upward price move forces short-sellers to close their positions, thereby driving prices even higher.
Bitcoin Price Overview
At the time of writing, Bitcoin trades at $94,629 following a 1.01% retracement from its local peak price on April 25. Despite creeping developments in the perpetual futures market, the BTC market remains highly bullish, indicated by gains of 1.02%, 11.12%, and 8.32% in the last one, seven, and thirty days, respectively. With a market cap of $1.88 trillion, the premier cryptocurrency ranks as the largest digital asset and fifth-largest asset in the world.
Related Reading: Ethereum To Hit $5k Before Its 10th Birthday, Justin Sun Says
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- Velar Dharma integrates with Xverse to offer seamless Bitcoin L2 swaps in the wallet.
- Velar is now the exclusive Bitcoin L2 swap provider for Xverse’s users.
- The Partnership enhances Xverse users’ access to fast, secure, and competitive swaps.
Velar Dharma, a Bitcoin layer 2 (L2) trading protocol, has integrated its services with Xverse, a leading non-custodial wallet designed for Bitcoin’s L2 ecosystem.
This collaboration allows Xverse users to seamlessly trade assets, including BTC, STX, and stablecoins, directly within the wallet through Velar Dharma’s automated market maker (AMM) engine.
Velar Dharma becomes Bitcoin L2 swap provider in Xverse
As a result of this partnership, Velar Dharma becomes the exclusive provider of Bitcoin L2 swaps within the Xverse platform.
Users will now be able to perform trades on the Stacks L2 network, with Velar’s deep liquidity pools ensuring fast, secure, and competitively priced swaps.
Xverse is a popular web3 wallet known for providing a secure and user-friendly gateway to the Bitcoin ecosystem. The wallet allows users to store and trade a range of Bitcoin L2 assets, including BTC, Ordinals, and Runes.
Available as both a mobile app and a browser extension, the wallet offers robust support for Bitcoin-based assets, including the option for enhanced security with built-in Ledger integration.
Velar Dharma’s CEO, Mithil Thakore, praised the partnership, saying, “We’re thrilled to become the exclusive swap partner for Xverse, whose wallet gives unparalleled access to the Bitcoin L2 ecosystem. This collaboration brings Velar Dharma’s trading capabilities to Bitcoin natives who can now trade directly within the wallet while retaining full custody of their assets.”
Ken Liao, CEO of Xverse, echoed this sentiment, stating, “The integration of Velar swaps in Xverse enhances user convenience and improves liquidity for Bitcoin L2 trading.”
Notably, Velar Dharma’s entry into the Xverse wallet represents a significant milestone in its quest to become the leading decentralized exchange within the Bitcoin ecosystem. By supporting multiple Bitcoin L2 networks, Velar Dharma is expanding access to decentralized finance (DeFi) opportunities for a growing number of users.
This integration marks a major step forward for both companies as they continue to innovate in the Bitcoin DeFi space, offering users secure, efficient, and flexible trading options.
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The stronger-than-expected jobs report released by the U.S. Bureau of Labor Statistics raised concerns among stock and crypto market investors. Fed swap now indicates rate cuts in June and July are off the table and the U.S. Federal Reserve can start rate cuts in September. CoinGape earlier reported the same timeline.
Fed Rate Cuts in September After Strong Jobs Data
Rate cut bets now show September is fully priced, rather than July. So, the initial take from the swaps market is that the Fed has more time to sit on its hands and wait for inflation to cool further. All CPI, PPI, and PCE inflation came in hotter in the latest release.
*FED SWAPS SHIFT FULL PRICING OF RATE CUT TO SEPTEMBER FROM JULY
— zerohedge (@zerohedge) April 5, 2024
US economy remains resilient as it added 303K jobs in March 2024, which is highest in ten months, compared to a downwardly revised 270K in February and market estimates of 200K. Unemployment rate also missed market estimates and fell from 3.9% to 3.8%. This indicates the US jobs market remains strong enough and gives more time for the Fed to decide cutting interest rates.
US stock edged high with the S&P 500 rising 0.4%, the Dow Jones adding 50 points and the Nasdaq gaining 0.5%. Bitcoin price briefly slipped below $66,000 after the strong jobs report.
The US dollar index (DXY) climbed over 104.60 as data indicated tighter labor market. Federal Reserve officials, including Neel Kashkari and Jerome Powell emphasized the need for more inflation data before considering any rate cuts. Powell stated that the Fed will require additional evidence of inflation stabilizing at the 2% target before adjusting rates.
Moreover, the US 10-year Treasury yield also increased to 4.4%, its highest level since November. Bitcoin moves in the opposite direction to DXY and the 10-year treasury yield. 2-year treasury yields also jumped to 4.702% suggesting that the Fed can remain patient as the jobs market remains robust.
On the other hand, the CME FedWatch Tool indicates a 58% probability of 25 bps rate cuts in June and 51% in July by the Federal Reserve. September data indicates an overall 50 bps decrease in interest rates.
Also Read: Terra Do Kwon Vs SEC: Defense To Give Final Arguments to Jury As Fraud Trial Ends
CME Data More Crucial Than Bitcoin Halving for BTC Upsurge
U.S. Bureau of Labor Statistics to release Consumer Price Index (CPI) data for March, which analyst Markus Thielen believes is more crucial than Bitcoin halving. The CPI rose by 3.2% year-over-year in February, following a 3.1% increase in January and slightly exceeding the market consensus of 3.1%. CPI data release next Wednesday, April 10 is crucial as PCE and PPI data also came higher recently.
Meanwhile, as of writing, BTC price plunged below $66K and rebounded to $68,000. This upsurge is limited as options traders push bets to keep price above max pain point. However, QCP Capital expects a rebound above $70K by this week. On the other hand, the ETH price jumped 2% in last few hours to $3,303 but remains below max pain point of $3,400.
Coinglass data indicates nearly $300 million in crypto liquidations, with over 90K traders liquidated in the last 24 hours. The largest single liquidation order of ETH-USD-SWAP valued at $6 million happened on crypto exchange OKX.
Shorts liquidations happened in the last few hours, indicating buying across the crypto market. However, $190 million in crypto were liquidated before the recent buying activity.
Also Read: Can Ethena Backing USDe With Bitcoin Crash Market Like Terra-LUNA?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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