The future of finance is distributed, interoperable, and non-custodial.
It is what most upcoming protocols seek to achieve: Remedying problems that Ethereum and other first-generation blockchains tagged.
In this foundational shift for speedy settlement and low transaction costs, creators are also considerate of the need of end-users. They understand that they are the heartbeat who will determine their survival.
With the rise of DeFi, more projects are now building laser-focused systems, seeking to provide tailored solutions for decentralized finance applications. Their immediate goals, reading from Ethereum troubles, are to address scalability by birthing an application that can process thousands of transactions every second without sacrificing decentralization.
As per their vision, DeFi is here to stay.
After all, analysts and government officials now say DeFi will be the lynchpin of finance. It will be a founding stone anchoring the age of client-driven financial revolution set to strip away power from centralized monopolies and lawmakers.
And numbers don’t lie.
In Ethereum and the Binance Smart Chain ecosystems, DeFi dApps cumulatively control over $70 billion worth of assets in less than two years since DeFi began gaining traction.
One of these projects, founded on a solid base, is Glitch.Finance.
Introducing the Glitch Protocol
Still in development and set for launch in the second half of 2021, the Glitch Protocol is a fast, interoperable—and therefore blockchain-agnostic—trustless and low-fee delegated Proof-of-Stake powered public ledger singularly formed to power DeFi.
The project claims to be “obsessive” with DeFi, launching a suitable platform operating like the operating system of the new permissionless web of financial dApps.
In their quest to liberate troubled users who are curious to explore but limited by headwinds like transaction costs and interoperability, Glitch Protocol plans to offer much more.
Project developers are building a new ecosystem aimed at driving mass adoption and exclusively to power DeFi dApps.
Permissionless will be Glitch’s trademark.
This will be on top of comparatively low transaction costs in a scalable environment whose processing speeds will increase with every new launch of a dApp.
Glitch Protocol will incorporate interesting aspects that distinguish DeFi from other sub-sectors—rewarding network users.
Distinguishing Features of the Glitch Protocol
Some of them include:
- Superior processing speeds: By default, Glitch Protocol will handle at least 3000 TPS—a figure set to increase with network growth. Behind this, the blockchain would also boast of a sub-second transaction finality time—among the fastest in the sector.
- Low Transaction Costs: Partly because of the high processing speeds and scalability, Glitch Protocol will blend in incentivizing aspects of DeFi by rewarding network users. A combination of low network fees and network rewards automatically makes transactions on-chain attractively low.
- Interoperability with other established and DeFi-dense blockchains like Polkadot, the Binance Smart Chain, Ethereum, and more. Behind this connection will be a web of unique bridging infrastructure.
- Democracy: By abiding by some of the core tenets of blockchains, Glitch Protocol ensures that the network operates autonomously without a single third party commanding the network. To ensure continuity and on-chain security, the blockchain implements a delegated Proof-of-Stake consensus algorithm.
Partnership with Orion and the GEX
To get going, Glitch Protocol will be using the Orion Liquidity Boost Plugin to boost its flagship project, the Glitch Decentralized Exchange (GEX), with cross-chain liquidity.
The Orion plugin—used via a seamless API adapter– aggregates liquidity from other partner exchanges and swap pools, acting as a decentralized liquidity gateway for the whole DeFi market.
For clarity, GEX operates as a DEX. The team claims that it has an “unbeatable” fee structure and a very easy-to-use user interface which is perfect for new users.
Their collaboration with Orion and drawing their liquidity also means the DEX—unlike competitors—can sufficiently handle block trades without experiencing slippage. In addition, the GEX will be incentivizing use as it will be channeling all fees to a profit-sharing vault.
The decision to follow other DeFi protocols like Polkastarter and PlasmaPay is strategic. Most importantly, this integration drastically lowers the barrier to entry.
Accordingly, users can immediately begin using the DEX with the confidence of high liquidity and low transaction fees.
The Glitch protocol Team and Notable Partners
Under the hood, Glitch is powered by smart contracts conceived and implemented by a team of experienced experts with years of working in different capacities across business, engineering, technology, and marketing.
- Sean Ryan is the CEO and Project Lead.
- Tawana Muchatuta is the COO and CTO
- Rohan Barde is the head of Research and Development
- Jason McGregor is the CFO
More than ten other team members are helping out in product design, marketing, and community development.
On the partnership front, Glitch has, as aforementioned, joined hands with Orion. Then there is Router, CellFrame, Ramp DeFi, Polygon, TrustSwap, Chainlink, and more.
Glitch Protocol Tokenomics (GLCH) and Market Performance
The blockchain’s native utility currency is GLCH.
There are only 88,888,888 GLCH as total supply.
GLCH distribution is as follows:
- 40 percent to the seed and private sales
- 15 percent to the public sale
- Fifteen percent to the firm’s “War Chest.”
- 10 percent to the team
- 10 percent to advisors
- 5 percent to marketing
- 5 percent for contingency
In all, the team raised $3.05 million. Crowdfunding cash flows were as follows:
- The Public sale raised $1.2 million. Each token sold at $0.09
- The Private Sale (Part 1 &2) raised $1.825 million. Tokens sold at $0.0675 and $0.0788.
Funds from the seed sale will be released gradually over four months.
As of writing, Coingecko reveals that GLCH has a circulating supply of 70,140,711, translating to a market cap of $15.2 million when GLCH changes hands at around $0.20.
Before mainnet launch, GLCH tokens are available in Ethereum and Polygon networks. These tokens are available in various markets as below:
GLCH performance has been impressive, especially for investors who purchased the token during the seed and private sales.
Seed investors are up 6.3X in USD terms at spot rates, while Private investors have a ballpark return of 3X.
Investors who participated in the ICO are now up 2.3X. When GLCH prices peaked in H1 2021, ICO investors had a 16X ROI.
Short Term Catalysts
- Glith is currently in testnet and the new technology is working well and giving promising results.
- Investors and participants are anticipating the upcoming Main-net Launch
- With a market cap of $15.2 million, Glitch is undervalued, considering DeFi in Ethereum alone is worth over $56 billion.
- Over 90 percent of GLCH coins are already in circulation. For a low total supply project like Glitch, there is an immense opportunity for value investors to reload at spot rates.
- Uniswap and KuCoin are some of the early exchanges supporting GLCH. Their focus is to disrupt DeFi and build a platform purposely built to offer this service. Once it finds support from other exchanges, its liquidity and ease of investment will drastically increase.
- The Glitch team is experienced and can be trusted to steer the project to success.
- Glitch Protocol’s GEX will be up and running immediately after the mainnet launch. Their partnership with Orion Liquidity Boost Plugin will be the difference.
- Already, Glitch has struck partnerships with some of the leading DeFi projects. Their deal with Chainlink, Polygon, TrustSwap, Orion, and more, indicates their mission to play a pivotal role in the ecosystem.
- Glitch has a revenue-sharing scheme where fees accumulated from their flagship product, GEX, will be redistributed to network users.
- To fast-track the development and building of new products on the platform, the Glitch Grant Program will set aside $2 million to incentivize developers.
- The Glitch team is actively building. Their energy-efficient and high throughput dPoS blockchain is now in testnet. At the same time, their Glitch Wallet is in beta while the Glitch Explorer is live.
- Glitch will also be interoperable, eventually connecting to the Binance Smart Chain (BSC), Ethereum, Polygon, and other networks once active. The team banks on these connections as means of building up more transaction volumes on its ecosystem.