Glitch Protocol

What is GLITCH?

GLITCH is a fast, interoperable, blockchain-agnostic protocol purpose-built for decentralized finance (DeFi). Unlike many blockchain projects that aim to cater to a wide range of applications, GLITCH focuses solely on decentralized financial applications and trustless money markets. This singular focus enables GLITCH to optimize its performance and reliability for DeFi use cases. With a commitment to providing a seamless and efficient financial ecosystem, GLITCH aims to revolutionize how users interact with digital finance. Learn more at glitch.finance.

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Recent Video Interview

Main points of the interview:

• Ongoing with minor bug fixes; focus on automated testing with Kurtosis for April 2022.
• Community Validators: Internal processes for testnet validators to start mid-April 2022, initially in limited capacity.
• Efforts are underway to improve node setup instructions for Windows users; temporary solutions include using a virtual Linux environment.
• Explorer Updates: Mainnet and testnet explorers will be separate but feature similar functionalities.

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GLCH: The Native Currency

GLCH is the native currency of the GLITCH blockchain, with a total supply of 88,888,888 tokens. GLCH serves as the lifeblood of the network, used to pay network fees and secure the platform through staking and governance processes. Its utility within the ecosystem ensures that all participants have a vested interest in maintaining the network’s integrity and functionality.

Decay Nominated Proof-of-Stake

GLITCH employs a decay-nominated proof-of-stake (nPoS) consensus mechanism, which builds upon the delegated proof-of-stake (dPoS) model. This mechanism is designed to be more decentralized and democratically sustainable than many other consensus protocols. Token holders can stake their GLCH to nominate network validators and earn rewards from shared revenues. The decay aspect ensures that no single entity can dominate the network, promoting a fairer and more distributed governance system.

Key Features

• Revenue Sharing Model: GLITCH’s revenue-sharing model rewards all network participants, indirectly covering transaction fees and incentivizing community support.
• Low Cost: The incentivized reward mechanism helps offset transaction costs, ensuring low network fees for users.
• Interoperability: GLITCH is developing unique bridging infrastructure to enable seamless asset swaps between the GLITCH ecosystem and other blockchains.
• Democratic: The decay nPoS system ensures that no single entity can control the network, promoting fair governance.
• Compatibility: Built with Substrate, GLITCH is EVM compatible and supports a variety of programming languages, including C++, Solidity, Java, GoLang, WASM, and JavaScript. This broad support facilitates developer engagement and diverse application development.

Transaction Overview

In GLITCH, transactions represent balance changes, which can occur as direct transfers between accounts or adjustments made by administrators using special permissions. All transactions are initially stored in a transaction pool before being processed and recorded on the blockchain. Validators, elected based on nominations and staking by token holders, play a crucial role in maintaining the network's security and verifying transactions.

Validators and Nominators

Validators in the GLITCH network are chosen through a nomination process. GLCH holders can stake their tokens to nominate validators, who are then elected based on their voting power. The top 21 ranking candidates become validators, with each validator having an equal chance of verifying blocks, regardless of the amount of GLCH staked. This equitable system ensures that smaller stakeholders have the same opportunities as larger ones.

Nominators, who stake GLCH to support their chosen validators, share in the rewards earned by these validators. This system encourages active participation and fair distribution of network incentives. For users who prefer not to participate actively in network governance, they can opt to stake their GLCH passively and still benefit from network rewards.

Other Assets in the Polygon Ecosystem

Other assets in the Polygon Ecosystem: Lido DAO, Across Protocol, Gelato, IX Swap, Swarm Markets, Cream, Volt Inu, KAP Games...

Project Development

After three years of dedicated work, in August of 2023, Sean Ryan and his team at Glitch Finance are concluding their journey due to financial constraints. Despite their efforts, they can no longer sustain the project. Sean has decided to hand over the reins to the community, open-sourcing everything, and inviting others to fork the code and customize it for future development.

Sean expressed deep gratitude to every community member, developer, and user for their unwavering support. Pausing operations is an agonizing decision, driven by the depletion of funds. Despite raising $3.3M through venture capital, and investing nearly $2M to kickstart operations, the combined spending exceeded $5M, including personal contributions from Sean. The project's progress, although significant, could not match other layer-1 projects with substantially higher funding.

Efforts to attract developer interest through initiatives like Glitch Grants and the Build On Glitch Hackathon, along with extensive marketing investments, did not yield the desired adoption. The inability to secure additional financing in the current economic climate has made it impossible to continue. Sean's heartfelt apology underscores the exhaustive efforts made to prevent this outcome and his hope for the community to carry the project forward.

Glitch Protocol Price Analysis

As of December 25 2024 Glitch Protocol has a marketcap of $393K. This is {{percentagefromath}} from its all time high of $2.99. In terms of its tokenomics, there's a total supply of 89M with 79% currently outstanding. Keep in mind Glitch Protocol has a fully diluted value of $498K which many investors might interpret as overvalued.

Of course, don’t trust price predictions alone, always check the Coinrotator token screener to follow the trending market.