Monthly Update — May 2023
Mainnet May has arrived. Welcome to the future!
Glitchers, are you ready? We’re prepared to take you on a thrilling journey surrounding the introduction of native smart contracts on the mainnet — the most significant milestone in Glitch’s history. Developers will have the functionality to launch dApps directly on the native GLITCH blockchain, unlocking new levels of functionality and potential use cases for the entire community.
But that’s not all! We’re also gearing up to share inspiring stories from the Glitch community, showcase upcoming dApps, and reveal exciting collaborations that will shape the future of our network.
With all the excitement in the air, we know there is still much work to do to shape the network in the months and years to come. We’re committed to our mission and grateful for all of you who continually support our efforts.
Together, we will build the future of decentralized money market applications.
Let’s go!
A Look Back At April
Glitch x Lumos Labs
We’re thrilled to partner with Lumos Labs, a leading Web3 innovation management firm, to boost developer adoption of the GLITCH blockchain. We’re in the process of confirming with Lumos and relevant universities to begin Phase I of our three-phase plan, specifically tailored to incentivize developers throughout the upcoming months. Check out the engagement calendar below for a detailed breakdown of each Phase.
Glitch is proud to be a track sponsor at the Buidl for Web3 Hack 2023, where we will present three distinct use case challenges to more than 10,000 developers worldwide. Pre-registration is now open.
We aim to inspire these talented developers to build on GLITCH and apply the insights gained from the educational initiatives. To discover all the details about this collaboration, click here.
Network Security Auditing Partner — Confirmed!
We’re happy to share that we have confirmed a network security auditing partner with one of the most prestigious auditing firms in the industry which has previously audited Avalanche, NEAR, Kyber Network, and many others. Our Glitch community played a vital role in selecting this partner, and it was the highest voted-on option in a recent poll we conducted. If you participated and remember who received the most votes, you already know who it is!
This partner is excited to audit our network, and their enthusiasm reflects their commitment to guaranteeing the highest level of security for the Glitch ecosystem. This partner has also agreed to host a bug bounty program on their platform, and will also provide one Glitch dApp with their own bug bounty program!
We’re in the process of signing off on all of the contracts, and then we will make a formal announcement.
Technology Updates
Work has continued around the clock to bring our upcoming milestones to fruition. We’re confident in our ability to deliver the results that will propel us forward this month. The roadmap breakdown has recently been updated as of May 1, 2023. We’ve currently been prioritizing the following:
“The ‘Glitch’ Merge” for Mainnet — Blockchain, Browser-extension Wallet, Explorer
As previously discussed, the Glitch Merge is a prerequisite to launching native smart contracts which align Polkadot’s latest branch with Glitch’s codebase, as GLITCH is built on the Substrate Framework.
We are happy to announce that the Merge is complete and we’re in the process of deploying it. Stay tuned for a detailed announcement article.
Adding the browser-extension wallet to the Chrome store will take a little bit more time as we migrate our extensions from Manifest v2 to Manifest v3 since Chrome no longer supports Manifest v2. For the mainnet, you will initially need to download the Glitch wallet and install it using the step-by-step guide. We plan on making a video to help those that need it.
Up next — native smart contracts!
Validators, validators, validators
As part of the Glitch Merge, and as seen on the Glitch mainnet explorer, all validators are in the process of being rebooted. Currently, three validators are active and being run by the team, with 12 more from the team waiting in the queue to be rebooted.
We’ve been receiving more interest from community members to run validators. A plan has been made to reboot team validators and introduce new community validators. Here are the timeframes for when you can expect to see them live and more added to the GLITCH network:
- Phase I — May 8th — May 14th: Team validators activation
- Phase II — May 15th — May 17th: Team validators will enter final testing
- Phase III — May 18th — May 24th, and beyond: Introduction of new community validators will begin
- Phase IV — May 25th — May 31st: All validators will undergo monitoring before being deemed issue-free
If you are interested in running a validator, please review the Mainnet Validator Incentive Program and apply today. By keeping the network secure, you’ll play a critical role in the growth and further decentralization of the network, and of course, you’ll score some sweet rewards for all your hard work!
Native Glitch Bridge — nGLCH coin migration
The native Glitch smart contract for the bridge is now in the implementation phase, and the development team is setting up the bridge infrastructure for its deployment, allowing users to convert their ERC tokens into the native GLCH coin (GRC). Users who hold BEP-based GLCH tokens on the BSC network will first need to bridge from the BEP to the ERC standard and then to GRC because we have identified that most of our holders are on the Ethereum network, and we’ve had to make a call to allocate resources accordingly.
The migration phase will begin as a manual swap with the bridge using both a Metamask Wallet and the native Glitch Browser-extension wallet, and your native GLCH will be stored in the browser-extension wallet. The token swap with the CEX will occur later as that requires the new whitepaper that’s in the works and a network audit, which we will begin to carry out in the coming month. The audit process will span a couple of months, and upon receiving the security firm’s report, we will address any identified vulnerabilities before proceeding with the CEX token swap. Throughout this process, we aim to contact hard wallet providers to add the mainnet network directly, and we will add hard wallet support to the browser-extension wallet.
Note that you do have the option to retain your GLCH on the Ethereum and Binance Smart Chain networks if you prefer for now. However, doing so will exclude you from participating in the upcoming ecosystem of dApps and the staking campaign launched on the GLITCH chain.
As a reminder, stay vigilant about fake Telegram groups that claim to be organizing an active migration process. For the upcoming migration, only connect your wallet via the native Glitch bridge.
Marketing & Community Updates
Earlier this month, Truzact Wallet added support for GLCH, where users can easily send, receive, store, and swap GLCH all in one place.
A few days ago, the Glitch team held the Mainnet May AMA on the official YouTube Channel with a special segment from CEO, Sean Ryan. During this session, we discussed the upcoming mainnet milestones, community engagement initiatives and answered many community questions. There’s so much alpha in this recent session that you won’t want to miss out on it.
In relation to the Glitch Grants and Build On Glitch programs, we’re in the process of screening, conditionally approving, and rejecting applicants. Thus far, there have been 30 applications, and we’re happy to share we’ve conditionally approved at least one Grant for the amount of $30,000. We’re happy to see the interest pouring in, and we will be selective and pick the top applications to fund over the long-term. Listen to the Mainnet May AMA to learn who the approved applicant is and what they’re building. We intend to formally introduce them to our community through a cross-marketing announcement once their branding is established, and they are ready!
With over 420 builders in our private Build On Glitch group and counting, we’re dedicated to fostering a thriving ecosystem of developers interested in building on Glitch — and collaborating with one another — to drive innovation to the chain.
Keep your eyes peeled for an influx of marketing initiatives and KOLs ready to spread the word.
New Developments
We’re excited to announce that we’re working towards a couple of new developments and we’d like to start introducing them to our community.
Introducing an NFT Marketplace
We’re working towards creating a native NFT marketplace on the GLITCH blockchain. We’re dedicated to creating a user-friendly platform where artists can seamlessly launch their unique creations, and users can effortlessly buy, sell, and transfer ownership of these digital assets. Our goal is to provide a cost-effective alternative with lower fees compared to traditional marketplaces on other blockchains, which often experience high fees due to increased usage and congestion.
Introducing a Launchpad
We’re working towards partnering with and offering a launchpad on the GLITCH blockchain that focuses on facilitating automated token sales with prices determined by supply and demand. It is designed to support the growth of projects in the crypto space by providing a platform for them to raise funds while offering free-thinking individuals an opportunity to participate in their growth. We believe it will initially start on the Ethereum blockchain and subsequently go live on GLITCH.
Stay tuned for more information in the future, as we look forward to sharing updates with you as they unfold.
Peeking Into Mainnet May
“Glitch is a rising phoenix. The introduction of native smart contracts mark a new chapter for Glitch, where innovation and limitless potential come together to redefine the world of DeFi money markets.” — Sean Ryan, CEO of Glitch Finance
Throughout the launch of all of the milestones coming out this month, such as native smart contracts, the native bridge contract, substrate pallet documentation, a new whitepaper, and much more, we’ll be rolling out informative walkthrough videos to help you understand how to set up the wallet and bridge to the native coin.
Overall, we’re elated about how Glitch is progressing. And as the GLITCH protocol grows, we’re confident that it will pave the way to unlock new value for developers and users.
We believe that Glitch has a bright future ahead, and we’re dedicated to continuing building, nurturing a dynamic developer ecosystem, and creating an easy-to-use platform to ensure your support is worthwhile. We aspire to offer a decentralized, blockchain-agnostic, and scalable blockchain that empowers all ecosystem participants through our one-of-a-kind revenue-sharing mechanism. And with your support, we know for a fact that we can make this vision a reality.
We’re on the brink of capturing the attention of so many people, and we’ve got no doubt you’ll be amazed by the developments we’ve got in store for this year.
Join us on this journey and become a part of the movement that’s shaping the future of DeFi money markets.
Onwards and upwards,
— Team Glitch
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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