Financial systems are facing a massive overhaul with decentralized finance (DeFi) apps at the forefront of this revamp. A constant influx of decentralized solutions is paving the way for fewer authorities and more control in the hands of end users. Right now, there is a constant expectation of how these solutions will be adopted by the masses.
More buzz is brewing in DeFi circles, with Glitch Finance set to launch its testnet on June 30. This is a vital step in realizing your dream of providing a scalable infrastructure for decentralized financial applications and trustless money markets. The launch of the testnet is the culmination of six months of hectic work and a testament to the team’s commitment to its vision of decentralized finance for all.
Launch of Testnet – A testament to Glitch Finance’s growth
If there is a characteristic that defines the crypto space, it must be ‘dynamic’. Keeping pace with this market is no small endeavor, and Glitch Finance has been remarkably proactive in its approach to infrastructure construction.
In March 2021, the project issued its whitepaper and also announced the development of two highly anticipated dApps. First, the GEX (Glitch Decentralized Exchange) decentralized exchange, a peer-to-peer exchange that will allow assets to be traded efficiently. And the xBridge, which makes cross-chain token transactions easy with just a few clicks.
The team followed this with a bridge to Binance Smart Chain (BSC), a move that not only added value to the $ GLCH token, but also further emphasized the growing need for interoperability for mass adoption of crypto solutions. Additionally, in a significant step towards expanding the project, Glitch announced a partnership with Polygon (Matic) to connect its ETH-compliant blockchain networks and move towards greater dApp efficiency. In the same time frame, Glitch’s native token $ GLCH was listed on Kucoin, along with a few other exchanges, which was a huge increase in the token’s visibility.
The fact that Glitch Finance is finally approaching testnet and mainnet launches means they are at a point where theory becomes reality. And as such, they have introduced the Glitch Grant Program to encourage the development of the newest DeFi chain. Like many others like it, the grant program is a growth-focused initiative that allocates $ 2 million to support projects developing financial solutions at GLITCH.
The launch of GLITCH Testnet on June 30 will be an important milestone in the growth of the project and will allow comprehensive testing of the entire infrastructure. With a recent announcement As the team will work with Kurtosis on integration testing, Glitch will receive critical feedback to ensure that the foundations of the network and its smart contracts are strong from the start.
Overview: the GLITCH protocol
High transaction fees have created undeniable problems for many DeFi applications in recent months. Along with increasing congestion on certain host blockchains, the viability of these decentralized applications has all but been lost.
To provide a solution, Glitch Finance aims to be an operating system explicitly designed for trustless money markets and other DeFi solutions, that is, they are adding another lane for dApps to run.
For these permissionless solutions to be adopted by the masses, faster transactions at low fees are an absolute requirement. Therefore, Glitch has been built with three key things in mind.
Glitch Finance has used a consensus protocol known as Delegated Proof of Stake (DPoS) to establish a collective agreement. Being an innate energy saver, DPoS enables cheaper and faster transactions. Employing DPoS at an early stage configures GLITCH to support high-volume mass adoption transactions. The DPoS protocol also enables fair governance in Glitch DAO by depreciating voting power over time.
Both users and developers can benefit from the low costs and high speeds of the GLITCH network even while using dApps embedded in other blockchains. When packaging token assets as a GRC-20 coin, cross-chain utility is done with Glitch. In addition, Glitch focuses on building bridges between chains to other ecosystems to improve interoperability.
Unlike other projects that incentivize users by sharing a portion of gas rates, Glitch has relied on its dApps and their use. Almost a quarter of its revenue and fees are shared between stakeholders and holders in the form of $ GLCH. This revenue sharing system is touted as a key factor for user adoption. In addition, developers are encouraged to generate revenue by contributing to the Glitch dApps ecosystem.
Building a dedicated ecosystem for DeFi products and helping them scale is Glitch Finance’s clearly defined goal. Given its efforts towards the launch and development of more cross-chain bridges by GEX, GLITCH is an exciting addition to the field. While many developers seem content with creating dApps or adding layers to existing blockchains, Glitch has gone to the ground, building an entirely new L1. With the testnet launch of this new purpose-built blockchain, we will see GLITCH for the first time and more importantly, we will see what it can offer to the world of decentralized finance.