An Important Message from Project Lead Sean Ryan

Glitchers,

After three dedicated years of tireless work, challenges, and growth, my team’s journey is ending. With a heavy heart, I share the news that, because of financial realities, my team will no longer be able to continue, and I will no longer be able to fund the project. I’ve decided to hand the reins to the community and open-source everything, inviting you to fork the code, customize it, and shape a new future with the existing assets and resources. Please read my statement below to understand the whole story.

First, I thank every community member, developer, and user who stood by Glitch throughout its journey. Your faith and support meant the world to us.

The Difficult Decision

Pausing operations at Glitch is undoubtedly the most agonizing decision I’ve ever had to make. My reason is simple, albeit painful — funding has run dry. I won’t sugarcoat this — hitting the pause button on Glitch is absolutely gut-wrenching. Beyond the initial funding I raised for Glitch, I’ve put my skin in the game, pouring in personal funds to keep the dream alive, but I’ve reached a point where this just isn’t sustainable, and I am no longer capable of doing so. I understand how heartbreaking this is for everyone involved. I’m genuinely sorry, and I want you all to know that I did everything possible to prevent this outcome.

Financial Realities

Let’s talk numbers. Our initial fundraising through venture capital investment brought in $3.3M, of which almost $2M was used to put Glitch on the map to kickstart operations. With my personal financial contributions and maximizing the Glitch token’s treasury to keep the project alive, we spent over $5M. To put things in perspective, other layer-1 projects in the space have secured tens of millions in funding. Considering this, I’m proud of my team and how far we’ve come with our initial investment. Additionally, I didn’t witness the adoption I had envisioned, which further strained finances. I attempted to bring developer interest to the Glitch network through Glitch Grants and the Build On Glitch Hackathon while spending hundreds of thousands of dollars on marketing. Unfortunately, securing additional financing in this economy has proven impossible, and the lack of funding has made it impossible to continue.

The Impact of the KuCoin ST Delisting

The KuCoin ST delisting was a major hit I didn’t see coming. I had invested time, meetings, and a substantial amount of money to secure this listing, which now seems in vain. Then, suddenly, KuCoin dropped this bombshell and notified us just one day before the delisting. Yes, you heard that right, and yes, we do have screenshots — one day. I scrambled to get emergency meetings, but they essentially said it was a done deal. Between the bearish market conditions and this curveball, Glitch is in an impossible spot without external help.

Furthermore, the initial liquidity deposited in KuCoin is stuck and will not be released for three months based on KuCoin’s Terms and Conditions. I was conversing with a private angel investor interested in funding us, but they thought the risk was too significant because of the KuCoin delisting. It’s not just about the money we won’t get back but more about the shattered credibility and the domino effect this has on everything else I was trying to accomplish for Glitch.

Our Team’s Human Element

I’ve got to pause and shout out the MVPs of this journey. Late nights, early mornings, weekends — you name it, my team has put in the hours I’ve asked for, and I couldn’t be more proud of them. Unfortunately, the existing team has had to step aside due to the financial constraints. Several days ago, I notified the team this was happening and requested that they pause communications. My remaining leads will help me maintain communications throughout this process until they are let go in the upcoming week.

In addition to the financial and emotional toll this journey has taken, it’s important to acknowledge the darker aspects we’ve had to endure. The team and I have been subjected to an alarming number of death threats, a mentally exhausting and deeply troubling experience that no one should go through. We are real people with families, dreams, and feelings. The hostility and personal danger we’ve faced add another layer of regret and sadness to an already difficult situation. Nonetheless, I take full responsibility for the project’s shortcomings and am genuinely sorry for any distress we have caused our supporters and the wider community.

I wish the community could see the team’s daily efforts to keep us operating, and I genuinely thank them for all their efforts and commitment. As the Project Lead, you want to be the guy who delivers good news, bonuses, and promotions. Not this. That’s why this part hurts the most.

A Challenge To Success

Securing additional investment has been a real uphill battle, and I’ve had eyes on me the whole way through. I got an investor to say yes. Then, KuCoin pulls our listing and our investor walks. Additionally, over the months and years, I’ve felt that my team and I have been under constant scrutiny, verbal attacks, and death threats from select individuals who do not want us to succeed, especially from a certain faction known as the “FUD Pit Group.” This group has gone out of their way for months in what seems like a sustained, coordinated effort due to their vendetta against me, trying to undermine our credibility and work. They have even gone as far as contacting KuCoin multiple times to try to have us delisted, and in the end, they succeeded with no regard to the wider Glitch community that is now affected. From attacking any of our marketing initiatives, influencers, partnerships, and AMAs to repeatedly contacting exchanges to discredit us — they’ve done it all while hiding behind anonymous profiles. In an industry where trust and credibility are paramount, the sustained efforts by this group to sabotage us have inflicted significant damage. It’s made me take a hard look at things. When every move you make is getting picked apart, it’s not just tough on me but on the project, the team, and everyone. It’s like there’s a target on my back, and that target extends to the project and everyone involved. This group of people has been instrumental in the downfall of Glitch and its ability to grow. I’ve never seen this for any crypto project out there, and they have really hurt us. That being said, I can’t point the finger at anyone but myself, and I take responsibility for where we’re at.

And then, there were the associated challenges with our partnered projects. As we transitioned to become an operational layer-1 blockchain, our focus was not just on the technology itself but also on onboarding dApps. A significant part of our success was attracting partner projects and creating TVL on the Glitch blockchain. Unfortunately, my direct advisement and endorsement of these partner projects contributed to our setbacks. In due course, I will release a detailed statement addressing my relationship with GPool, ARC (formerly DEPO), and other associated projects.

A Community’s Call to Action and Transition of Control

DeFi is about shifting control from centralized institutions to the hands of the community, leveling the playing field, and creating a financial world open to anyone, anywhere. This vision fueled Glitch, the torch we pass on to you as we step aside to allow you to fulfill what DeFi was always meant to be. Glitch was conceived with the vision of going pure DeFi. With the current team stepping aside, this is an opportune moment for the community to take charge and exemplify what a 100% community-driven DeFi ecosystem can achieve.

The Plan For Glitch

I’ve decided to open-source all components of Glitch, including the browser extension wallet, the original Glitch bridge, the Glitch Mainnet bridge, the Glitch Explorer, the GEX, and even the core blockchain code and the documentation. I will be releasing it all on GitHub, including the working product requirement documents and user guides, so anyone in the community can take it, fork it, customize it, and even rebrand it. You can start to view them here. There’s still work to be done, particularly regarding nPoS staking and revenue share, as those tech pieces still need to be fully implemented, and I hope someone can finish what we couldn’t. When the funds from KuCoin are unlocked, I’ll add them to the existing Uniswap liquidity. Because of hosting costs, the AWS server will be shut down over the next 24–48 hours. My team has poured a lot into this, and now it’s over to you guys to take it where you think it can go. I’ll stick around to ensure the handover is as smooth as possible, and I’ll be holding a Telegram AMA in due time. I plan to release a financial statement detailing where I’ve spent our funding to keep things transparent. This is the only realistic path forward.

Immediate Next Steps for GLCH Holders

1. For ERC-20 GLCH holders: You can trade your tokens on Uniswap and Indodax.

2. For BEP-20 GLCH holders: If you still possess tokens in this standard, utilize the Glitch bridge over the next 24 hours to transfer them back to the ETH network.

3. For GRC-20 GLCH holders on the Glitch Network: To claim your tokens back into the ERC-20, please complete the requisite Form, and I will make sure you get your ERC-20 tokens back.

Personal Statement From Project Lead Sean Ryan

I want to speak directly to all of you in our community. First of all, thank you for being part of this journey. I’ve given everything to make Glitch a success. When I say everything, I mean everything. The last few months have been the hardest in my life. I’ve lost my fiance and my assets, including properties, businesses, and life savings. I’ve lost friends and family. My mental health has been extremely affected. I even had to sell my car. I’m selling my last asset to ensure the remaining team payments and vendor contracts are settled. I love this industry and want to stay a part of it, but my reputation is beyond repair. I am absolutely devastated it has come to this. It’s not something I would wish on anyone. I poured my soul and every dime I had into this dream. And for it to unravel this way, honestly, it breaks me physically and emotionally. In 2021, I felt like I was on top of the world. Glitch was my beast, my baby, and I had it firmly in my grip. Throughout the next couple of years, throughout the bear market, I did everything I could to keep the lights on and ensured that happened. Though now, with everything that has occurred, I never thought I’d find myself in a situation where I’d have to let go. I must admit the recent events have left me feeling humiliated and embarrassed. Perhaps I was in over my head regarding the complexities of layer-1 blockchain development, something that has become painfully apparent.

Believing that you have everything under control, only to watch it slip through your fingers despite your best efforts, is a humbling and heartbreaking experience. Now, I’m burdened with the heavy reality that I couldn’t make this dream what we all wanted it to be. I’m burdened by the fact my entire team now has to find new job opportunities. And I take full responsibility for where we are today. I can’t change the past, but vow to learn from it.

I’m not sharing this to gain sympathy but to own up to my responsibilities. I was the captain of this ship, and despite my best efforts, the ship went down. The weight of that is something I’ll carry with me forever. I understand if you feel disappointed and let down. I’m right there with you. Every decision was made with the best intentions, aiming for a shared vision of what DeFi should and could be. Even though this is happening, I’m hopeful the community can pull together to make something great from the assets and resources my team and I have created.

From the bottom of my broken heart, I’m sorry.

Yours truly,

Sean Ryan

Project Lead, Glitch Finance