Glitch Finance Announces Mainnet Validator Incentive Program

Glitch Finance is excited to announce its validator incentives program in an effort to secure, expand, and stress test the GLITCH mainnet. We invite serious long-term participants to apply and be a part of GLITCH’s history. By providing early validation, you can get GLCH tokens as a reward. We appreciate the community’s enthusiastic response to the recent launch of mainnet validation.

This year, the team will allow the ability for five nodes to connect in September, five additional nodes in October, and ten more at end of the year. The initial set of validators will be rewarded through the incentivization program for a specific time as the revenue share is built out and interest from dApps.

Click here if you’d like to fill out the required form to become a validator. Candidates that have previous experience validating have priority consideration.

Become a Validator on GLITCH

Prerequisites

Verify that all of the recommended hardware and technical requirements are met:

• Recommended CPU: Intel(R) Core(TM) i7–7700K CPU @ 4.20GHz
• Recommended OS: Linux Ubuntu 20.04.4 or higher
• Recommended Storage: A NVMe solid-state drive of around 80GB to 160GB, and will need to be re-evaluated every six months.
• Recommended Memory: 32GB to 64GB RAM
• Required: A minimum of 88,888 GLCH tokens (plus network fees)
• Required: Ability to follow instructions, set up and monitor a validator, and maintain a 99% uptime
• Required: Stand-by for required upgrades and bi-weekly/monthly validator calls with Team Glitch

The specs posted above are by no means the minimum specs that you could use when running a validator, however, you should be aware that if you are using less you may need to toggle some extra optimizations in order to be equal to other validators that are running the standard.

Statistics Regarding the Network

Reward breakdown

What are the benefits of validating?

• Support the growth and security of the network by regularly earning block rewards for each transaction block that is processed and confirmed.
• When you run your node on a public blockchain, you gain access to several benefits, including contributing to the network’s security, decentralization, voting on on-chain proposals, and a revenue share feature that is unique to GLITCH.
• Besides the rewards you will generate through the program, validators will receive most of the net revenues in the future by validating data held in a transaction block. If you are running a node, you are accountable for not only your stake but also the stake of your nominators, also known as stakers. Validators are not the only ones that will be staked in the network. Nominators will need to “stake,” or vouch, for specific validators (up to 16 per) to begin receiving revenue share from them. As a nominator, you need to put your trust behind an active validator. Validators are the ones that earn the incentives, and those benefits are then distributed proportionally to the independent stakers.

What are the considerations and risks?

• A small cost is associated with running a node (i.e., electricity and service), which will be recouped through the rewards.
• In the event the protocol misbehaves, there is a chance your staked GLCH may be slashed. Since no blockchain is perfectly coded, there is always a chance of a network error or a potential exploit. Still, in terms of security, we’re confident and actively engaged in internal stress testing and auditing.
• GRC20 GLCH will be used to validate. You will have to swap ERC20 GLCH for GRC20 GLCH manually. Through the onboarding process, you will be required to send over at least 88.88K GLCH to the team’s wallet address then the team will send you the same tokens in GRC20 standard to the wallet. The ERC20 tokens will be burned, and active validators cannot swap back. The community will migrate to mainnet tokens in the future, and everyone will eventually have GRC20 GLCH (functionality to bridge to the Glitch chain in due time). For this reason, only considerations for serious, long-term candidates (3–6 months+) are relevant right now.

How do you sign up to become a validator?

Sign up to become a mainnet validator today.

Want to leave your mark and contribute to the long-term success of an up-and-coming decentralized network? We encourage you to fill out the form provided as accurately as possible. We’ll always be accepting applications, and the requests that meet all prerequisites will be considered first on a first-come, first-serve basis.

Applications are in review, and the team has sent the first batch of emails at the time of publication. Generally, if your application is approved, the development team will schedule a call with you to discuss the next steps and any relevant questions. We’re excited to begin allowing community members to set up a node and validate alongside the team.

We’re Hiring

We’re hiring qualified candidates for FT roles across marketing, operations, and engineering. If you’re a talented DeFi enthusiast, help us take Glitch to the next level. We’re looking to fill these positions very quickly. Search our open jobs and apply today!

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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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