Glitch Finance launches the Mainnet Bridge to access the native blockchain
Glitch Finance is thrilled to announce the deployment of the Mainnet Bridge, enabling GLCH holders to bridge to the native GLITCH blockchain for the first time.
A new journey begins through the accomplishment of another major milestone from the Phase IV roadmap.
GLCH is the native coin of the GLITCH ecosystem. It is used to transact on the network, used as transaction fees, and used to secure the network, among others. You can now voluntarily swap from ERC-20 to the GRC-20 standard.
The launch of the mainnet bridge builds upon the foundation set by the arrival of native smart contracts on the GLITCH network. Developers now have unrestricted access to the infrastructure to develop and deploy DeFi money market dApps on the GLITCH mainnet.
Let’s explore the exciting prospects of the mainnet bridge and delve into a step-by-step guide on utilizing it.
Overview of the GLITCH Mainnet Bridge
The GLITCH mainnet bridge links the existing ERC-20 standard to the native GRC-20 standard on the GLITCH chain. As we build towards a thriving ecosystem, the bridge acts as the gateway for users to access the full potential of the GLITCH chain.
During migration, a manual one-way swap is initiated using the Metamask and the native Glitch browser-extension wallets. Your native GLCH coins will be securely stored in the browser-extension wallet, ready for use in the ecosystem.
We want to ensure the community can make informed decisions based on their preferences and needs. You can now voluntarily opt to migrate your GLCH, taking advantage of early access to the native chain. If you prefer not to migrate now, you can wait until the CEX token swap occurs after the network audit with our partners at Hacken. However, the migration will eventually be mandatory and forced, ensuring a complete transition to the native GLITCH chain across various platforms.
How to migrate using the Mainnet Bridge
Disclaimer: Before you begin, it is essential to understand that the migration is one-way, allowing you to migrate your GLCH tokens to the native coin. Once you have bridged to the native chain, it is impossible to bridge them back.
Migrating your GLCH is a straightforward process. Here’s a step-by-step guide:
If you hold GLCH on the Ethereum network:
- Navigate to erc20-nglch-bridge.glitch.finance and ensure you have installed MetaMask wallet and have access to the account holding your ERC-20 GLCH.
- Download and set up the latest Glitch browser-extension wallet version if you haven’t already done so. You can access a video guide on how to do so here. Note that the latest version at time of launch is v1.4.1.
Edit: We’re thrilled to share that the Glitch Browser Extension Wallet is now available in the Chrome store. Note that users no longer need to use the previous method. Simply add the Glitch wallet to your browser directly from the Chrome Store.
3. Connect both your MetaMask and Glitch browser-extension wallet, and ensure you are connected to the Mainnet network.
4. Enter the amount of GLCH you want to migrate.
5. Approve the transaction on MetaMask and wait for the confirmation.
6. Once approved successfully, click ‘Start Transfer’ and wait for the confirmation.
7. Once complete, you can verify the transaction on the block explorer and view the GRC-20 GLCH in your Glitch browser-extension wallet.
8. Ensure you follow proper security practices during the migration process. Stay vigilant about fake Telegram groups and phishing sites that claim to operate the migration process. For the migration, only connect your wallet via the native Glitch bridge.
If you hold GLCH on the Binance Smart Chain (BSC) network:
- If you have BEP-20 GLCH, you must first bridge them to ERC-20 before migrating them to the native GLITCH chain.
- Navigate to bridge.glitch.finance and bridge from BSC to ETH.
- Follow the steps above to bridge to native GRC-20 GLCH.
If you hold GLCH on a Centralized Exchange (CEX):
We’re working towards a token swap in the near future. This is when the native coin will start trading. If you hold your GLCH on KuCoin or Indodax, you don’t have to do anything.
Embracing the Future of GLITCH
We invite our community to actively participate in the migration process. By migrating now, you can become an early adopter, positioned at the forefront of the ecosystem’s development, and play a vital role in shaping its future.
We’re excited to be actively collaborating with our partners, such as O3 Swap and Voyager, to integrate the native chain and GRC-20 GLCH in the future. This integration will enhance accessibility to and from the GLITCH ecosystem, opening up new possibilities for seamless cross-chain token swaps.
We understand that each person has unique preferences. If you prefer not to migrate now, you can wait until the CEX token swap occurs. However, the CEX token swap and migration to the native chain will be mandatory once initiated, ensuring a complete transition to the native GLITCH chain across various platforms.
The launch of native smart contracts and the mainnet bridge mark the opening of a new era for GLITCH, enabling dApps and utilities to flow into the network.
We’re confident that Glitch has a bright future ahead of it if we continue to focus on our objectives and on our mission. Three years of dedication have led to this moment, which wouldn’t have been possible without the continued support of our community.
Let’s keep building the future together. Onwards and upwards, Glitchers!
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 empowering all ecosystem participants and guaranteeing low network fees through a unique revenue-sharing mechanism. 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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