Glitch Finance will hotfix DeFi’s GLITCH

By Globe Newswire Published on September 27, 2022, 01:10 IST

SINGAPORE , Sept. 26, 2022 (GLOBE NEWSWIRE) — Decentralized finance (DeFi) is an accelerating industry filled with potential. It has given us all the reason to be hopeful for a permissionless future. Even though innovation occurs daily, we as individuals still haven’t solved the blockchain trilemma plaguing the industry today: security, scalability, and decentralization. Most of us know the restrictions of a centralized financial system. Due to complicated interfaces, lack of industry knowledge, and pressures from external governments and macro market environments, the promise to fill the need for globally transparent and uncensored finance has largely been empty.

In 2022, the DeFi industry has hit a rough patch, and according to recent events, it seems as if things might not improve until projects begin to at least increase consideration around security and user experience. The recent collapse of the Terra ecosystem has confirmed what many crypto analysts are concluding: the industry needs much change now.

Enter Glitch, a new layer-one blockchain protocol for money market applications, recently launched the first stages of its mainnet and validation program. By reducing transaction costs, increasing transparency, and rewarding network participants through a unique revenue sharing feature, Glitch Finance intends to pioneer the way to support financial inclusion, access, and privacy to the global masses. Glitch’s revenue sharing model aims to proportionally distribute fees held in each validated transaction block across the entire ecosystem of participating dApps.

Patching the GLITCH in DeFi’s code

It’s clear that DeFi is moving to a multi-chain world, and user demand for interoperability is increasing. Although data support the growing trend in DeFi over the last couple of years, problems are starting to pile up over time. Network congestion has raised fees and decreased processing rates, creating issues for users completing smaller transactions and challenging scalability for large platform applications. Most platforms’ user experiences (UX) aren’t even close to what you’d expect from the prominent multi-billion dollar protocols. To enable DeFi to attain mass adoption, the space must integrate a seamless user experience. An easy-to-use and intuitive user experience can make the DeFi ecosystem more accessible and grow faster.

For example, Ethereum, the second largest blockchain network in the world, continues to experience network congestion thanks to the evergrowing demand for non-fungible assets (NFTs). The surge has caused many developers to think twice about building on the chain, forcing them to explore other active ecosystems like Solana and Avalanche. Integrating L2s like Optimism and Arbitrum has helped reduce fees and bring back utility to the chain, but at the expense of decentralization, security, and uptime. The recent Ethereum upgrade – “The Merge” – will reduce electricity emissions by 99.95%, but the significant issues impacting the industry’s growth potential remain today.

The Path Forward

A great deal of potential lies in the DeFi Industry in the future. Even with its few uncertainties, the DeFi industry is steadily improving. Since its inception, Glitch Finance has held the fundamental belief to keep a user-first philosophy at the center of all its developments. Having launched its Mainnet validator program, Glitch Finance has once again proven that it keeps its community at the heart of its program. The Glitch Mainnet Validator Program invites everyone to participate in the biggest DeFi revolution ever so that everyone can be part of the ground floor of this new DeFi ecosystem by making a difference and being rewarded for it. Make sure you apply today, as applications remain open to review on a long-term basis.