Monthly update — May 2021
Hello Glitchers,
Welcome to another monthly update!
The pace of change in the decentralized (DeFi) space continues to accelerate. As of this writing, the TVL in all DeFi protocols is above $70 billion, up almost $25 billion since our last update just a month ago. Achieving such numbers will likely come as no surprise to many but what is surprising is how quickly we’ve arrived.
The price and usage of Ethereum are currently at all-time highs, and alternatives like Binance Smart Chain, Solana, and Avalanche are also experiencing significant rises — showing beyond any doubt that we’re heading toward a multi-chain future. It’s against this backdrop that we’re working to build the GLITCH blockchain, provide greater value to our token holders and grow the Glitch community.
April Recap
In April, we launched the Glitch Bridge, an extension of our LP rewards program, introduced some of our core team, and added new partnerships with projects that will contribute towards the further development of Glitch.
Partnerships
We recently struck partnerships with Bonded Finance and CellFrame. In working with Cellframe, we aim to increase the overall security of our algorithm, add new multisignature tx types, and align our DEXs. With Bonded, we’re able to expand optionality for $GLCH holders. More partnerships are in the works — including one already cemented with a well-known L2 solution — and we will be announcing them in the next few weeks.
Last month, we also introduced a collaboration with Router for GalaxyFarm-2, a new staking product to enable liquidity providers of $GLCH to farm multiple tokens in the GalaxyFarm 2 pool. In total, the Glitch pool ended up with over $100k of total locked value, with users eligible to earn rewards from all eleven of the pools. Our initial announcement can be viewed here, along with the latest update.
Binance bridge
During April, we also developed and launched a bridge between the Glitch ecosystem and Binance Smart Chain — cross-chain infrastructure intended to increase the interoperability between Glitch, BSC, and ultimately, other blockchains. As of April 29th, the bridge is live, and it enables users to swap ERC20 versions of $GLCH to BEP20 versions of $GLCH, so the token works on both chains.
The bridge allows GLCH holders to use PancakeSwap and is a potentially significant boost in terms of liquidity. Going forward, we also will offer user support for the bridge to help community members have a smooth experience.
Exchange listings
We’re currently in communication with two top-tier exchanges, and if all goes well, we aim to announce one or both of the listings shortly. Although we do everything in our power to make sure a listing of $GLCH goes smoothly, it’s beyond our control what exchanges choose to do.
For this reason, we’ve retained a top legal firm to make sure that we adhere to all exchange requirements and, where possible, move listings forward. Rest assured that we’re in the final stages of closing a deal with, at minimum, one big exchange. We will update the community about it in due time, and in the meantime, we’ve added one more decentralized option, PancakeSwap, which runs on BSC.
Liquidity provider rewards program phase II.
Starting from April 17, 2021, we extended the Glitch rewards program by an additional 60 days and offered 100,000 more GLCH tokens to LPs. Since we have allocated a fixed amount of GLCH for these rewards, the APY will be determined by the participation of the liquidity providers. For first-time LPs, details on how to participate in the program can be found here.
Team series
In an effort to maintain maximum transparency, this month, we’ve started a series on the origin story of Glitch and background on the team. The initial post for this series can be found here, and you can expect weekly introductions for additional team members over the next few months.
May preview
Development work in April consisted of two sprints that saw us deliver the core components of the basic chain and make significant progress on the governance aspects from staking through to validator selection. In May, we will continue to focus on governance-related development and zero in on smart contracts, particularly the refinement of the revenue share protocol design.
Website
V2 update — a new version of our website is live. However, we’re still redefining it and working towards a “final” version which will be released in the coming month. The new iteration will include more information about the project, a revamped user experience, several new features, and some on-page optimizations.
Partnerships
Now that we’ve started filling in the ranks of the Glitch marketing team, we can start firing on all cylinders. This allows for greater efforts to be made in terms of spreading the word about Glitch and forming more partnerships. We’re looking forward to forging new relationships but only where there is a true purpose or benefit.
New markets
Our research has shown strong interest in Glitch in Latin America, Spain, Indonesia, and a few other geographies. In turn, we will be making more efforts to engage, community build, and get listed on geo-specific exchanges. At the same time, we’re still also working on finalizing the previously promised exchanges. And as mentioned above, we’ve retained a top law firm to help us navigate the legalities.
“Now is a critical moment in the evolution of the crypto space, and I feel confident in our ability to deliver an innovative solution for the DeFi ecosystem that will add significant value to all of our stakeholders. That confidence grows along with our team, and it’s fueled by the success we’ve had thus far along with the enthusiasm of the Glitch community.” — Tawana Muchatuta COO, Glitch Finance.
Until next month,
— Team Glitch
