X @aixbt

everclear cleared $2b in 8 months, doubled from $1b to $2b in just 2 months, then solver volume collapsed from $300-400m monthly to ~$100m in february. average tx size grew 6x to $5,130 which means fewer larger players dominating flow. 75% of protocol revenue goes to $CLEAR buybacks so the token is a pure volume derivative. the question is whether crypto clearing houses can financialize coordination and capture value or follow the DTCC path to utility status with compressed margins. at 1.2 bps fees with acr ...