The Countdown Begins: Native Smart Contracts Set To Launch On Mainnet May 2023

Let the countdown begin! The launch of native smart contracts on GLITCH are rapidly approaching and set to ignite a development frenzy. Here’s everything you need to know right now.

Three years of development. Thousands of hours of progress. Get ready for a #MainnetMay celebration!

Glitch Finance is excited to announce that starting in May, the native chain will undergo various upgrades enabling developers to deploy their smart contracts on the mainnet. This will bring new opportunities to developers and users within the DeFi world who are looking for an alternative financial rail.

Bringing The Future To Life

You may ask yourself — what benefits does the native mainnet bring to the community? Native smart contracts on the native chain will enable:

• Developers to bring their money market dApps to life
• User/dApp transactions on the Glitch mainnet for the very first time, providing real revenue opportunities for validators who previously only validated empty blocks and internal transactions
• Enhanced network security and interoperability, allowing users to take advantage of the unique features and cross-chain communications
• Growth and adoption of the network, attracting new users, developers, and liquidity to the ecosystem
• A driving force behind the unification of the entire Glitch ecosystem, including the wallet, explorer, bridge, GEX, and the revenue sharing mechanism

There’s a wealth of exciting developments on its way, and to kick things off on the right foot, we’ve decided to get the party started in April with a mix of awareness initiatives and announcements leading up to Mainnet May.

So, grab a cup of your favorite coffee, and take a look at what’s in store for the near future below.

Exploring Mainnet May

The "Glitch" Merge — Blockchain Protocol, Browser-extension wallet, Explorer

As Glitch is built on the Substrate framework, “The Merge” aligns Glitch's latest codebase with the latest upgrades to the Polkadot network. The upgrade will be applied to the native network and its existing products, such as the browser extension wallet and explorer.

Native Smart Contracts

Allows developers to deploy their native smart contracts to the mainnet. This will enable them to launch their money market dApps and allow users to participate and interact with any dApps that launch on GLITCH.

Native Contract Documentation

Provides a comprehensive technical reference for developers, including details on the functionality of the smart contracts and explanations of how they can be integrated into an existing or new dApp on GLITCH.

Native Bridge Contract For Token Swap (Migration)

Enables GLCH token holders on Ethereum (ERC) to seamlessly migrate their tokens to the native Glitch network (GRC) by using the Glitch Bridge. Once bridged, the contract will burn tokens on the other network, and users will store their native tokens within the official browser-extension wallet.

Glitch Grants

Select developers will receive a grant to deploy their money market dApps, whether they are currently in development, plan to enter development, or live on other blockchains.

Developer Webinars & Workshops

Participate in online webinars and in-person workshops in collaboration with our newest partners to expand the developer ecosystem. Let’s build on Glitch, together.

& More

From AMAs to Twitter Spaces to Partnership announcements and more, there’s a whole bunch that we’re keeping as a surprise, including releases that are aimed at building out ecosystem TVL (Total Value Locked).

Navigating Beyond The Horizon

Glitch Decentralized Exchange MVP (GEX)

The GEX MVP is in development and will feature a simple token swap and liquidity management functionalities. Initially, users can participate in token swaps using GLCH and popular wrapped ERC-based tokens. The GEX is expected to expand its offerings over time, adding a growing list of native dApp tokens that launch on GLITCH. The GEX token will go live after its launch, and users can elect up to 10 council members to carry out "the voice of the people." Additionally, GEX token holders will have the power to vote on governance proposals submitted by the community. After all, the GEX will operate as a DAO from the very first day. Decentralized and transparent with no compromises — that's the GEX.

Mainnet Audit

The network audit will begin with the availability of native smart contracts. During the mainnet audit, our upcoming security partner will analyze the network's code and infrastructure to identify vulnerabilities and evaluate its performance and scalability. The report will be made public to the community to build trust and transparency.

CEX Token Swap (Network Migration With CEX)

A network migration process with the centralized exchanges to swap to the GRC standard. This is separate from the manual migration process, where users can swap to the native token using the Glitch bridge (see above). After the migration, the liquidity from UniSwap will be removed, and the GRC token will be the publicly traded token. To complete this step, the mainnet audit is a prerequisite.

Bug Bounty Progam

A program aimed at white hat hackers to identify and resolve potential security threats before malicious actors can exploit them. The "hackers" will be rewarded for identifying an unknown vulnerability. This program will run in collaboration with our security auditing partner.

Staking MVP

Participate in the network’s security by nominating up to 16 validators. As a nominator, you’ll receive a portion of the rewards earned by the validator in return for putting your trust in them. Note that this is not a single-sided staking campaign.

Revenue Sharing MVP

At the heart of the GLITCH Protocol, the revenue-sharing mechanism is in development and will allow the distribution of network fees throughout the Glitch ecosystem to validators, who will then share the rewards with active nominators.

Opening Up The Ecosystem

For the past three years, the Glitch team has been working to bring the vision for the network to fruition. The blockchain has undergone numerous changes and improvements throughout this time, paving the way for the upcoming launch of native smart contracts and the Mainnet May event.

Now, we want to take a moment to recognize our incredible community members who’ve been supporting us every step of the way. Your support has consistently fueled our progress, and we can’t thank you enough for all of your contributions, both big and small. We hope you share our excitement for what’s to come, and we can’t wait to see what the community will build.

So buckle up, and join us for the ride. Because the next chapter of Glitch’s story is about to begin.

Onwards and upwards,

— Team Glitch

About Glitch

GLITCH is a blockchain-agnostic super protocol explicitly designed for trustless money markets and decentralized financial applications (dApps). GLITCH solves the expensive fee structure of other blockchain platforms while simultaneously rewarding all ecosystem participants and guaranteeing low network fees through a unique revenue-sharing model. Glitch plans to incorporate token wrapping bridges, where dApps can run more efficiently, all in service of Glitch’s ultimate goal: to become a cornerstone of blockchain infrastructure.

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