Sean Ryan, CEO of Glitch Finance is bringing to the blockchain market, scalable, low-cost, and interoperable blockchain products for the money markets. The Glitch Finance CEO shares more details with us in this interview with TechBullion.
What is Glitch Finance?
Glitch Finance is building a blockchain-agnostic super protocol designed for trustless money markets. The project was founded on the belief that DeFi needs better infrastructure so more people can opt out of centralized finance. Glitch is scalable, features unique user incentives, and solves the expensive fee structure of other blockchains, so dApps can run more efficiently. Our core features include the revenue sharing model which indirectly pays off the use of the network (tx fees) to reward all ecosystem participants.
What motivated your decision to focus on decentralized financial applications?
This came from myself being involved across multiple other L1 projects that I felt never quite did anything very well. They were always pulling themselves in too many difficult directions. Jack of all trades and master of none. Stand for something or risk standing for nothing at all and the Financial markets are always going to be required.
Could you give us a walkthrough of the GLITCH Features and Ecosystem?
GLITCH features a minimum of 3,000 TPS, now that’s quite a record-breaking speed. With other key industry players running a 1500 to 2000 TPS, it’s a difficult target but one we are well on track to achieving, if not higher. We are customizing the block producing and transaction pool logic to achieve that target.
High Gas fees and transaction fees have been a major complaint, pushing most Dapps to change their host Blockchain. But GLITCH has managed to keep the transaction fees low. With our fin modeling and testing we are looking at being less than 0.31 – that is the safe number to say at this point but don’t be surprised if we are a lot lower.
Glitch is Interoperable, this means the Glitch ecosystem can swap assets between different Blockchains with one-of-kind bridging infrastructure. This is leveraging the use of partners who specialise in bridge functionality across the major chains out there.
There is always a debate about the PoS and PoW consensus model in democratizing a network system. Glitch has aligned with the Delegated Proof of Stake system. It’s not that different to all the other systems out there. Stakers get to vote for the validators who in turn validate the blocks. The fairness though is managed inherently by the revenue share and voting decay system which work in tandem to balance voting power and rewards.
Tell us about the GEX and GEX Token, what should we expect?
The GEX is going to be a critical part of the revenue share model so that we can handle all tokens efficiently. In addition, due to the inherent nature of the blockchain it will be able to achieve so much more. The Glitch Decentralized Exchange (GEX) is currently under development and will be given a trial run on the GLITCH testnet this quarter. The revenue-sharing model that will be integrated into the GEX allows for fully #decentralized rewards distributions of all fees generated. One of the primary goals of the GEX is to offer extremely limited slippage.
The mechanism we’re using for this has three layers: The first is an AMM. The second is a plug-in that bridges to other pools (@orion_protocol $ORN‘s LBP). And the third is a unique arbitrage mechanism.
The mechanism/AMM helps with price stability and offsets fees, so that more value is drawn from arbitration for the revenue share. Despite complex cross-dApp functionality in the future, the UX will be straightforward and user-friendly. The GEX will showcase what will be possible when you use a purpose-built blockchain. It’s intended to serve as a tool to trade & interact with #DeFi protocols without getting rekt by extreme fees making DeFi entry possible for smaller investors, & cost-efficient for everyone.
About the Glitch Community Advocate Program, what are the benefits and What is the quickest way to join this program?
The Glitch Community Advocate Program will allow all community members to play an important role in shaping Glitch and the future of decentralized financial applications. If you’re interested in supporting Glitch’s growth, this is a great opportunity to participate in our promotional initiatives and earn rewards for quality contributions. Some core responsibilities for approved Glitchers *may* include community channel moderation, unofficial social channel management, and additional growth hacking opportunities to grow your skills in the blockchain field. Additionally, some perks include connecting with DeFi leaders, getting a direct line with Glitch team members, influencing community initiatives and, best of all, getting rewarded for quality contributions.
Do you have more information for our readers?
Where do I start? I can’t wait for our Mainet, LaunchPad partner, lending and staking platform, NFT platform, and Testnet results!
We are also always looking for purposeful partnerships. I believe our grants program coupled with UI/UX for developers will also be a driving factor for further partnerships.