GLITCH Announces January 11th Public Token Offering On The TrustSwap Launchpad

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Glitch Finance

6 min readDec 28, 2020

GLITCH, a Hong Kong based Blockchain startup that is developing a super protocol purpose-built to facilitate trustless money markets, has announced today that they will work with TrustSwap to aid in the execution of their public token offering on January 11th, 2021 at 6 am PST.

GLITCH is developing a brand new blockchain dedicated to decentralised financial products and built with scaling and profit-sharing at its core. The Protocol offers high transaction throughput, near-zero transaction fees and a profit-sharing model that is appealing to investors, dApp developers, and end-users. GLITCH is led by a team of seasoned blockchain professionals and prominent advisors who have come together to deliver a new breed of DeFi “Operating Software” free from the shortcomings of existing chains.

For more information about GLITCH, please visit https://glitch.finance

Acknowledging the rapid increase in demand for alternatives to banking in emerging markets, together with the boom of DeFi in 2020, GLITCH has worked hard to provide users and developers alike with a platform that is able to support the rising offer of non-conventional financial services and products in a way that is beneficial to all parties involved, breaking free from the zero-sum game logic of legacy finance.

At the Core of the GLITCH Protocol lies a ground-breaking Profit-Sharing Vault Model, an Efficient Decentralised Exchange and a Unified Token Framework.

Profit-Sharing Vault Model

By default, 20% of all network fees and revenues from dApps are deposited into a network vault stored on the GLITCH Protocol. Tokens from the Vault are then shared to all GLITCH stakers supporting the networks computation requisites. This model fosters community support for GLITCH dApps by giving coin holders financial incentives to help dApp developers generate revenue. This creates a positive feedback loop in which developers can count on community support and coin holders are rewarded with tokens that can then be spent through dApps across the GLITCH network.

Decentralised Exchange

GLITCH bridges the gap with existing blockchains, by allowing external tokens to be wrapped and imported into the GLITCH Ecosystem. To ensure price discovery, transparent market information and efficient resource allocation, all assets living on top of the GLITCH protocol will be tradeable via a fully decentralised peer-to-peer exchange incorporating the state of the art technology with regards to liquidity provision and market-making.

Unified Token Framework

For decentralized finance to flourish, there must be a single token that unites an entire ecosystem of dApps. That is the rationale behind GLITCH, which offers a unified blockchain operating system on which third-party developers can build dApps for decentralized finance. All dApps built on GLITCH will use a single token for transactions and governance, ensuring cohesion across all of the various dApps for decentralized finance within the ecosystem.

GLITCH Public Token Offering Execution

GLITCH Public Token Offering will be executed by leveraging the TrustSwap Launchpad. Immediately upon the conclusion of the offering, a Uniswap pool will be created, and exchanging can commence for $GLCH tokens.

Alongside the offering, a Liquidity Staking Rewards program will go live for participation through the use of the LP token of the Uniswap GLCH/ETH pair, with the first incentives program running for 3 months.

TrustSwap is a company whose ideals run parallel to GLITCH’s. Over the past three years, their well-known founding team members have all owned and operated companies, including other token networks, advisory companies, and blockchain development firms in the cryptocurrency space. Their financial applications never compromise on security and are arguably the safest option for companies and users to participate in Decentralized Finance.

TrustSwap technology utilizes simple and secure peer-to-peer transactions, via TrustSwap SmartLaunch™, which ensures that GLITCH and its participants can transact securely and without the fear of participants or team members negatively impacting the markets following the public offering. TrustSwap’s Time-based SmartLock™ ensures a methodical distribution to mitigate the risk of unauthorized token transfers.

GLITCH will use TrustSwap for:

Team token vesting
Token holder vesting
Liquidity locks

1% of $GLCH total supply will be airdropped to the top 1,000 ‘Swap Scores’ (Average Swap staked over the most recent sixty days). To see where you rank, click here. To calculate how much more you need to stake to be eligible for the airdrop, click here.

The snapshot is taken on the day of the Launchpad offering, therefore, if you are outside the top 1,000, you still have ample time to build your score to be eligible. To figure out how much you need, use the leaderboard and calculator.

0.5% of the total supply will go to the TrustSwap Foundation Fund.

Offering Details

Initial Marketcap: $1.36M
Price per token: $0.09
Fully unlocked tokens on day one
Raise Hardcap: $1.2M
Total Supply: 88,888,888 GLCH

Tokens from the public sale on the TrustSwap launchpad are 100% available on day one of launch. All other previous sales are subject to vesting.

Liquidity: Uniswap LP will be seeded and a liquidity rewards campaign will be started within the first week of the sale completion. 1% of GLCH tokens will be rewarded over the first 3 months for Uniswap LP providers.

Vesting

Week 1: 17.083% will be circulating and unlocked. 15% for the Public Sale + 2% for Marketing + liquidity rewards.

Week 2: Seed + Private 1 + Private 2 begin to unlock. There is weekly vesting for each round according to the chart and table below.

Team: Locked for 3 months, then quarterly vesting for 12 months.

Advisors: Locked for 3 months, then vesting for 6 months.

Allocations

Staking 3,000 SWAP guarantees you an allocation to the glitch token sale, pending jurisdictional restrictions.
Those with a Swap Score of 20k+ will get 1.5X allocation
Those with a Swap Score of 50k+ will get a 2X allocation

Swap Score is your average Swap staked over the most recent sixty days. To see where you rank, click here. To calculate how much more you need to stake to be eligible for the airdrop, click here. To stake, click here

Process

On Monday, January 11th, at 6:00 AM PST, head to https://launchpad.trustswap.org/.

Go through the steps listed, and upload your documents.

After twelve hours, the portal will close. There will be a waiting period of up to 48 hours as the GLITCH team finalizes internal processes. If your application is successful, you will receive an email indicating how much you are able to contribute to the token offering. You will have 24 hours to send the funds, or your position will be given up

Where Can I Learn More About GLITCH?

Official Website: http://glitch.finance

GLITCH Whitepaper: https://glitch.finance/Glitch-whitepaper-2020.pdf

Developer Documentation: https://docs.glitch.finance/Introduction.html

Who Can Participate?

All countries except for the USA and UN-sanctioned countries are eligible to participate.

*The eligible countries list is selected by GLITCH. If your country is not listed, this does not mean you are ineligible for future TrustSwap Launchpad projects.

** Launchpad dates are subject to change. This is not an endorsement, partnership or an offer for investment by TrustSwap. GLITCH is using the TrustSwap Launchpad as a customer, with specific requests as to how they need their launch to operate. TrustSwap is a provider of non-custodial, smart-contract-based software services. Digital assets carry a high level of risk. Participation is performed at your own risk. Exercise caution and conduct your own due diligence.