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Singapore, Feb. 03, 2023 (GLOBE NEWSWIRE) — Glitch Protocol, a leading blockchain company, has announced several exciting initiatives for 2023. With its expanding usage and growth potential, Glitch has been positioned to stand out thanks to the ground-breaking blockchain technology that powers it. This makes the protocol a token worth keeping an eye on for people searching for a secure and effective means to transact. The Glitch team is committed to making the platform better every day and giving users the best experience.
“With a vision for the future of DeFi that is both aspirational and doable, Glitch is on the rise. We have a solid plan, and a gifted team is working hard to make this vision a reality. By laying the foundation for a new era of financial freedom, let’s make 2023 a year to remember.” — Sean Ryan, CEO, Glitch Finance
The Glitch Protocol team is proud to announce their plans to soon deploy native contracts on the Substrate runtime, enabling developers to create decentralized applications (dApps) on the platform. This move will bring greater flexibility, speed, and security to dApp development on the Glitch Protocol.
The deployment of native contracts is also significant because it is based on the revenue-sharing model at the heart of the protocol. This means that later this year, developers can share in the revenues generated by their dApps, providing them with an incentive to build high-quality applications on the platform.
The team is also excited to announce their plans to launch a native Glitch bridge, which will allow users to transfer their GLCH tokens from other networks to the native GLITCH chain. This bridge will provide increased security and control for users and will eliminate the need for a third-party centralized exchange. The bridge will also make transactions more efficient and cost-effective, enabling users to participate in the Glitch Protocol governance and vote on proposals to improve the protocol.
Additionally, the team is pleased to announce their plans to migrate from ERC and BEP tokens to the native GRC token based on the native Glitch chain. This process is contingent on the successful implementation of the native Glitch contracts and bridge, and will allow the community to fully adopt and benefit from the native chain. The switch to GRC tokens is a major milestone for the Glitch Protocol and represents a significant step towards decentralization and increased control for users. If you hold your GLCH tokens on an exchange, you must ensure that your funds are secure in your exchange account. The bridge will be required if you choose to self-custody your GLCH.
The Glitch team is also delighted to announce the upcoming release of its GEX coin, Revenue Sharing MVP, and Staking MVP. Users will soon be able to stake their tokens and receive rewards using the Staking MVP, while the GEX is a decentralized exchange for trading GRC20 assets on the GLITCH chain. After each era, the Revenue Sharing MVP will disperse the network transaction fee revenues to validators, which in turn, trickle down to nominators from a specified hot wallet that it has set up.
The company will also go through a security audit for its blockchain system in addition to the product launches. The audit’s objectives are to improve the security of the codebase, lower the possibility of successful assaults, and raise the project’s credibility and dependability. To ensure the security of the protocol, periodic security audits will be conducted as part of the ongoing audit process.
The team will also be concentrating on expanding its ecosystem in 2023. It intends to expand its workforce, onboard more community-run validators, and cultivate its neighborhood through the Community Advocate Program. In order to support the ecosystem’s expansion, the team will also focus on leveraging and integrating collaborations and revising the Glitch Grants Program.
The goal of Glitch Protocol is to offer a safe and decentralized platform for trading assets and taking part in governance. Steps towards achieving this aim include the release of these MVPs, the security audit, and the emphasis on ecosystem expansion.
About Glitch Protocol
“Glitch Protocol is a blockchain-agnostic platform purpose-built for decentralized finance (DeFi). Built on the Substrate framework, Glitch is creating a stir in the financial industry. It aims to return individual liberty through decentralization. By utilizing bootstrapping an entirely new L1 network so that more people can access the power of truly permissionless financial applications, Glitch Protocol offers system that can handle millions of active users while still providing a cost-effective and friendly user experience With a commitment to low latency in transaction processing and user interfacing applications to encourage mass adoption, the team behind Glitch Protocol is dedicated to delivering individual liberty through decentralization”
In all, Glitch is poised to make a real impact in the industry while delivering on the promise to bring financial freedom and empowerment to the masses.
More on Glitch Protocol
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