Monthly Update — September 2022
Glitchers, we’re bringing it home. It’s time to complete Phase III: Von Hayek!
It’s time for another jam-packed monthly update. All team mainnet validators are now live, actively creating blocks viewable through the mainnet explorer. In addition, preparations are underway to announce the completion of Phase III. Join us as we recap August and look into the plans for September.
Let’s get started.
August Recap
Validator incentive program
At Glitch, we’ve learned that validating on a public blockchain is an enormous effort that comes with responsibility. There are benefits to running your node on a public blockchain, like transaction security, contribution to the network’s decentralization, sovereignty, the ability to support future decisions, and unique to GLITCH — revenue distributions.
As a team, we realize that there is a cost associated with running the node until other dApps start adopting the chain, transactions happen, and the revenue share kicks in. We’re kickstarting the launch with a Validator Incentivisation Program to encourage participation towards the decentralization of this network and celebrate the success of this long-awaited mainnet.
To begin with, node operators will receive a 15 GLCH reward for every 100 blocks validated. Next week, the team will publish the rewards program’s full details. We’re delighted to see real users joining the network beyond the testnet.
Token & liquidity relock
Token relock: In August, 5.57M GLCH tokens via UniCrypt were relocked, equal to 6.27% of the total supply. The percentage locked was determined by estimating the number of tokens the team needs to run the mainnet nodes, any incentive programs, and potential future listings. View the relock by clicking here.
Liquidity lock: The liquidity on UniSwap from the team’s side is now locked for six months, and the liquidity on the BSC side will be relocked in the very near future. View the lock by clicking here.
People update
We onboarded a new Copywriter, Priya Yadav, as the latest addition to Team Glitch. We also have onboarded Kai Yee, our latest Scrum Master, whom we’ll introduce this month. When other Web3 organizations are executing layoffs, team Glitch continues to grow and thrive. The careers page has been updated with many new positions, including a Generalist and a Treasury Manager. If you’re interested in joining, Glitch is actively hiring talented and qualified individuals.
Technology infrastructure progress
Over the past month, the team has focused on end-to-end (E2E) testing and getting ready to let users launch the first public validators. View the latest roadmap breakdown updates live now.
Mainnet Validators & Explorer: The time has come! All team validators are now live, stable, and validating blocks on the network. Currently, there are 35K mainnet blocks (epoch 13) and counting at the time of publication. Team will continue to monitor.
Mainnet: Development, infrastructure setup, and deployment to validate on mainnet are complete! Last week, we released a form where prospective node operators can submit their interests. We also announced the number to run a node: 88,888 GLCH. If you’re interested in becoming a validator on this initial set or one of the following sets, please register your interest here. Remember the responsibilities of running a node, and note that the team is reviewing applications now. View the approval process in the preview below.
Browser-extension wallet: The team has now completed the functionality to switch between the testnet and the mainnet networks. Individuals that choose to validate will store their GRC20 GLCH tokens in the wallet.
Future Planning: The subsequent roadmap breakdown will be released once the current phase is complete. Who’s ready?
Marketing & Community Updates
As a follow-up to our successful single-sided staking campaign, we’ve launched a second program supported by AllianceBlock LMaaS, allowing token holders to earn rewards for 120 days. We’ve doubled the rewards allocation with 300K GLCH in payout over the campaign period. The ETH rewards pool is now at over 53% capacity, while the BSC rewards pool is near 75% capacity.
We thank the Glitch community for their support throughout the development process. Learn more about the single-sided staking campaign and how to start staking today.
September Preview
This month’s preview will be in-depth for clarification. All of the team’s mainnet validators have launched today. Now, the team will review qualified applicants who wish to participate. Users can submit their interests to the team by completing this form.
Once the first five external connections are operational and stable, the team will increase the number of connections in the following month and each month after that.
Next Steps: Process to approve candidates
As an applicant, below, we have quickly mentioned the detailed process that will take place after you have submitted your application:
Step 1: Please wait for an email from the Glitch Team after applying, which could take up to 7 days. You will receive an email whether you’ve been approved, denied, or if you’re pending approval but need to contact us for additional information.
Step 2: If you have been verified, the development team will schedule a call with you via email. Please feel free to ask any pertaining questions at this time. The scheduling process will take place via email.
Step 3: You will send 88,888 GLCH to the team’s ERC20 wallet in exchange for 88,888 GLCH (GRC20) sent to your browser-extension wallet.
Step 4: Follow the network requirements and guidelines that will be provided to set up your validator.
Step 5: Verify that setup is complete. The team can walk you through any blockers if assistance is needed. Take screenshots through the setup for marketing-related purposes. Wait for your validator to go-live in the next era.
The process explained above will begin manually. When you opt into the network at this time, your tokens will need to remain native to GRC since the token migration has not fully occurred. We’re only looking for committed candidates that are willing to support the network on a long-term basis. It’s a huge honor to be one of the first few to verify blocks, and the rewards for validation will aim to reflect that. We’re excited to begin onboarding community members to validate alongside the team.
“And here we are, that pivotal moment GLITCH and all Glitchers have been waiting for: the turning point if you will. We’ve just begun the transition to public mainnet. This is a long time coming (longer than initially expected or intended). Let’s complete Phase III and move on to the next chapter. It is just the beginning.” — Sean Ryan, Project Lead, Glitch Finance
To stay up-to-date on all things Glitch, follow us on social media, and thank you for your continuous support!
Until next month,
— 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.
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