Monthly Update — December 2022
’Tis the season for a Merry Glitchmas! There’s a lot in store, including new technology progress, a behind-the-scenes peek of the developer documentation, a mention of the GEX, and a glimpse into the month and year ahead. As we enter the final month of 2022, we’re committed to continue building an impactful layer-one blockchain. Thank you to our dedicated community members who have shown their continued support.
Let’s dive in.
November Recap
EVM Development Guide & Contract Functionality
GLITCH can now support EVM contracts, and we have released the EVM Developer Document. Smart contract developers (at any skill level) can learn how to use Remix to launch an EVM-compatible contract. We’re finalizing the GLITCH blockchain core functional requirements, which is critical documentation for Glitch developers.
New Technology Updates
Mainnet Native GLCH Bridge
Our team’s highest priority is to build the native GLCH bridge so that the community can swap their GLCH tokens from ERC-20 and BEP-20 to the GRC-20 standard. Development is now at 90% completion. Functional testing has begun and continues into next week, followed by QA and regression tests on test cases by month’s end. We also shared the migration process and front-end bridge designs, viewable here.
GLITCH Developer Documentation
Following the EVM document release, the development and marketing teams have collaborated over the last several months to prepare the GLITCH Blockchain Core Functional Requirements. The majority of this core documentation will be publicly accessible and intended for developers that want to understand how the network should perform with instructions to deploy on the chain. Developers, we’re getting ready for you!
Network Performance
All blockers preventing our development team from submitting GitHub commits are resolved, and a substantial merge to the latest codebase will occur. In addition, we’re working around the clock to increase the number of transactions the network can process per second (TPS) to reach our goal of ~3K. Each batch of validation updates requires us to make changes to the protocol to ensure the TPS increases with more node operators expected to join.
Marketing and Community Updates
The single-sided staking initiative expires on December 8. 300,000 GLCH tokens will be distributed among active participants that have entered the pool. Users will need to navigate to the staking terminal and initiate a 24-hour cool down to withdraw back into a self-custodied wallet.
Node operators actively validating as part of the Mainnet Validator Program will receive their distributions in the coming week. Remember to keep your node running, as rewards are distributed based on the number of blocks mined. Are you a pre-approved candidate who applied to run a node and needs to unstake tokens from the single-sided staking contract? Once you unstake, please reply to your acceptance email stating that you’d like to proceed to the next steps.
We held the Global AMA on the Glitch YouTube Channel with a few core Glitch team members to discuss Phase IV progress and answer community questions. If you missed it, you can catch up with the recap or watch the recording in full. We held the Indonesia AMA the day before, and you can read the recap in Bahasa Indonesian and English.
Lastly, this month has been one of the most confounding yet for the industry. Unfortunately, recent events have affected millions of users in the space. As the news unfolded, we’ve been sharing our thoughts on Twitter. We are more affirmed than ever in our mission to build an alternative niche DeFi network.
December Preview
As far as December goes, we’re keeping our heads down working. We’re close to finishing the bridge to connect to the native chain and then will complete the required QA tests respectfully. We’re creating a new one-stop shop webpage for interested parties that wish to learn and/or sign up to validate on GLITCH. We’re in the verification period to publish the GLITCH documentation that’ll help developers understand the network’s requirements and how to deploy on it. Check out a screenshot preview below for yourself.
Looking Ahead: Glitch Will Shine In 2023
Some people want it to happen. Some wish it would happen. Others make it happen.” — Michael Jordan
This past year has been huge for Glitch. We’re energized and confident in our efforts to usher in a wave of developers and users looking for an alternative blockchain. The marketing team is actively preparing to push large-scale campaigns on the backs of each technology release. 2023 will be a turning point for Glitch — the year developers will finally start building on the chain!
What else have we been ideating behind the scenes? We’re discussing the future, including moving Glitch to a community-focused DAO operation. We’re also ideating a *potential* new single-sided staking campaign directly on the native GLITCH chain. Rather than staking the ERC-20 and BEP-20 tokens, users would stake the native token after swapping to GRC-20. The last campaigns were successful, with holders locking up about 14% of the token supply.
We’ve got big plans for the Glitch Decentralized Exchange (GEX). The GEX will be the first official Glitch dApp launched on the chain and will aim to be fundamentally democratic, user-oriented, and permissionless. From day 1, the GEX will operate as a DAO and have its native token. The funds received from the raise after launching will be directly deposited as liquidity and to the DAO treasury. The community will vote upon ten board member seats, and users that want to participate in GEX governance will need to hold an X number of GLCH tokens and a Y number of GEX tokens. True decentralization and democratization. Transparency with no compromise. That’s the GEX.
There’s much more to share, but we’ll save it for a detailed end-of-the-year hurrah. With everything happening in the background, it’ll be a fantastic 2023 for Glitch and our community.
“The DeFi industry needs to return to its core values — accessibility, efficiency, anonymity, the list goes on. I’m determined to give TradFi and current DeFi systems a run for their money.” — Sean Ryan, CEO, Glitch Finance
To be continued,
— Team Glitch
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 out our open jobs and apply today!
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.
Website | Twitter | Discord | Telegram | Whitepaper
