Everclear Launches On Mainnet Beta

• Everclear launches on mainnet beta.

• Spec released for Decentralized Timeboost.

• Google Cloud launches an RPC service.

• The Fed cuts interest rates by half a point.

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Interoperability protocol Everclear, previously known as Connext Network, launched its clearing layer on mainnet beta. Built as an Arbitrum Orbit rollup, it leverages Hyperlane and Eigenlayer to streamline cross-chain liquidity settlement. The protocol reduces rebalancing costs for solvers and intent-based bridges. Everclear enables chain abstraction, where a network of solvers competes to execute user requests on the target chain, removing the need for users to bridge. The process is automated through a Dutch auction system. Everclear also uses vbNEXT, a vote-bonded token mechanism that dynamically allocates liquidity where it’s needed most. 

Espresso Systems and Offchain Labs released a specification for Decentralized Timeboost, its latest version of a transaction ordering mechanism for sequencers designed to minimize the effects of MEV while ensuring low latency. The design allows users to pay a fee for priority block inclusion. Timeboost leverages an encrypted mempool, keeping transaction details hidden until a user's order is finalized. It will also be integrated into the Espresso marketplace, enabling rollups to auction the right to sequence transactions. The specification is now open for community feedback ahead of a planned mainnet release.

Google Cloud launched an Ethereum RPC Service, allowing developers to access reliable enterprise-grade RPC endpoints for their applications. The Remote Procedure Call (RPC) endpoints enable applications to interact with the Ethereum network by sending transactions and retrieving data. The service is fully compatible with Ethereum's JSON-RPC standard. Google Cloud plans to expand the service to support additional networks in the coming year. By using providers like Google Cloud, AWS, or Alchemy, developers can avoid the complexity of managing their own node infrastructure. Google Cloud first started to accept cryptocurrency payments for its services in early 2023.

The U.S. Federal Reserve reduced interest rates by 50 basis points to a range of 4.75% to 5%, marking the first rate cut since 2020. The decision was widely anticipated, with prediction markets estimating a 40% likelihood of the cut beforehand. The Fed emphasized that inflation is easing toward its 2% target. Shortly after the announcement, crypto prices remained largely stable, with ETH trading at just over $2,330.

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