SINGAPORE, Sept. 26, 2022 (GLOBE NEWSWIRE) — Decentralized finance (DeFi) is an accelerating industry full of potential. It gave us reason to be hopeful for a permissionless future. Innovation happens every day, but the blockchain trilemma that plagues the industry today – security, scalability, and decentralization – has yet to be resolved. Most of us know the limitations of centralized financial systems. Complicated interfaces, lack of industry knowledge, and pressure from external governments and the macro-market environment have rendered all but hollow promises of meeting the need for globally transparent and uncensored finance.
In 2022, the DeFi industry has hit a rough patch, and according to recent events, things don’t seem to get better until projects at least start thinking more about security and user experience. It confirms what many cryptocurrency analysts have concluded. The industry needs a lot of change now.
Enter Glitch, a new Layer 1 blockchain protocol for money market applications, recently launched its first phase of its mainnet and verification program. Glitch Finance will pioneer ways to support financial inclusion, access and privacy for the global public by reducing transaction costs, increasing transparency and rewarding network participants through a unique revenue-sharing feature I’m doing it. Glitch’s revenue sharing model aims to distribute the fees held in each verified transaction block proportionally across the ecosystem of participating dApps.
Patching GLITCH in DeFi’s code
DeFi is clearly moving into a multi-chain world, increasing user demand for interoperability. The data confirms his DeFi growth trend over the past few years, but problems start to pile up over time. Network congestion has led to higher charges and slower processing speeds, causing problems for users to complete small transactions and making scalability difficult for large platform applications. The user experience (UX) of most platforms falls far short of what you would expect from a prominent multi-billion dollar protocol. For DeFi to be accepted by the masses, 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 world’s second largest blockchain network, continues to experience network congestion due to the ever-increasing demand for non-fungible assets (NFTs). This surge has forced many developers to think twice about building on-chain and explore other active ecosystems such as Solana and Avalanche. L2 integrations such as Optimism and Arbitrum have allowed us to reduce fees and bring utility back to the chain, but at the expense of decentralization, security, and uptime. A recent Ethereum upgrade, “The Merge,” cuts power emissions by 99.95%, but significant issues remain today that affect the industry’s growth potential.
way to proceed
There are many possibilities for the DeFi industry in the future. With little uncertainty, the DeFi industry is steadily improving. Since its inception, Glitch Finance has held to the fundamental belief of keeping a user-first philosophy at the heart of all development. Glitch Finance once again proves that it puts the community at the heart of its program by launching its mainnet validator program. The Glitch Mainnet Validator Program invites everyone to join her biggest DeFi revolution yet. This allows everyone to join his ground floor in this new DeFi ecosystem, make a difference and get rewarded. Applications will be reviewed over time, so apply now.
Mainnet validators are currently working on a large number of transaction blocks and core development such as an ongoing revenue sharing model, with a laser-focused vision for Glitch to achieve its long-term goals. Clearly a true competitor in the layer 1 blockchain arena.
Glitch protocol details
Want to know about the glitch protocol? Click each link shared below.