Decentralized finance (DeFi) solutions are fast filling the gap present in the global financial systems. With the courtesy of innovative developers, decentralized apps (dApps) solve problems that are persistent in traditional systems. To further encourage dApp developers to build futuristic solutions, Glitch Finance is announcing its new initiative – The Glitch Grants Program.
Designed to accelerate new ventures and build an ecosystem of financial solutions on GLITCH, this initiative is an incredible opportunity for novice devs. With secure funding, devs can focus on building their product or service in absolute terms rather than worrying about the monetary side of things. At a $2 million cap, this grant can accelerate the growth of multiple DeFi projects.
Decoupling Lack of Resources and Innovation
To date, many DeFi projects have not been realized as the developers fail to get enough financial backing to work on their solutions and bring them to life. From the ideation to the implementation stage, there exists a constant need for resources. And this requires monetary backing to avail and maintain throughout the entirety of the development process.
Most of the DeFi solutions are built on the Ethereum blockchain, which is currently plagued by high transaction charges and prolonged waiting times. This again eats into the developers’ resources during preliminary deployment and testing efforts.
All these have boiled down to a generic situation where innovation is killed due to the lack of resources. The majority of the devs have zero incentives for their voluminous efforts in realizing the solution.
The Glitch Grants Program
Until the project is live and the tokenomics are in action, the devs are unable to monetize their efforts and solutions. To fix this, the Glitch Grants Program is providing a comprehensive chance for the devs to secure funding and focus on their core solutions. With a total cap of $2 million, the Glitch Grant is intended to accelerate the GLITCH network effects. Before the mainnet is launched, approved applicants are provided with anywhere between $25000 and $250,000 for the project development.
With a vision of fabricating a parallel financial system of DeFi solutions, Glitch Finance is building an ecosystem of community-driven projects. Alongside the grant, this ecosystem shall also help the devs to turn their solutions into mainstream ones. With this, marketing for the project is achieved to an extent for zero additional efforts, courtesy of Glitch’s reach.
Furthermore, Glitch uses a unique reward mechanism where every participant receives a share of the revenue. Despite not being mandatory, dApps built on the Glitch Blockchain can share their revenue consistently with the ecosystem. This voluntary sharing of rewards boosts the visibility of the project, which in turn furthers the project’s adoption.
At this juncture, securing the Grant and working in the Glitch ecosystem is an absolute win-win situation for the devs.
Glitch Protocol and the Future of dApps
Apart from the grant, the Glitch Protocol is a goldmine for dApps to profit off. Being an operating system manifested for DeFi activity, it is specifically concerned with the money market and other financial applications. This unique specificity, coupled with a low barrier to entry, makes the Glitch Protocol – the flagbearer of tomorrow’s DeFi-based financial system.
Meanwhile, the protocol is solving multiple issues currently prevailing in the DeFi space with innovation and precision. The following is an articulation of three facets that the Glitch Protocol and its growth thrives on.
Speed and Efficiency
Three thousand transactions per second – this is the minimum speed that the Glitch Protocol will operate at. By reducing dApps’ dependence on the Ethereum ecosystem, Glitch is aiming for low-latency transactions. Also, the project incorporates Delegated Proof of Stake (DPoS) protocol for consensus. This not only ensures more efficient transactions but also helps in avoiding the pooling of control.
GEX – Glitch Decentralized Exchange
The cornerstone of the Glitch Protocol is its native decentralized exchange – GEX. A peer-to-peer engine, coupled with the DPoS protocol, GEX is designed to support voluminous transactions in quick time at negligible costs. It also employs a market maker to ensure price stability using real-time settlement. Notably, the Glitch Protocol champions interoperability and shall provide easy cross-chain swapping opportunities.
For every dApp running on the Glitch network, each participant is rewarded 20% of all the dApp revenues, deposited into a vault before being disbursed. Since the fees are low, developers are encouraged to build solutions on Glitch for their optimum visibility. Adding on, the Grants Program incentivizes devs. Hence they join the ecosystem. As developers increase and generate revenue, users are rewarded. The sustenance and growth of this loop are how Glitch Finance reaches newer heights.
The Glitch Protocol seems to be the operating system that shall unite niche-specific dApps and provide maximum accessibility. And the Glitch Grants Program is the first, yet sturdy step towards this vision.
From scalability to rewarding, the protocol is truly serving a need in the DeFi space. All of this leaves us with one question, was this – the Glitch operating system – the missing piece of the puzzle for DeFi’s mass adoption?
You can sign up for the grant here.