A super protocol designed to facilitate trustless money markets
According to Crunchbase, Glitch Finance is developing a super protocol designed to facilitate trustless money markets. The company claims that it is developing a brand new blockchain dedicated to decentralized financial products and built with scaling and profit-sharing at its core. Glitch is supported by Spark Digital Capital, where they invested in a seed round raised on December 28, 2020.
According to its website, Glitch is a blockchain agnostic super protocol, developed in order to facilitate trust-less money markets. The protocol is needed because the current status quo is centralized and people have too much pressure to spend on something they don’t really need. According to Glitch, people are incentivized to spend, penalized for saving, and taxed at every attempt when they just wanted to increase their life quality. Glitch will be the framework to combat this dysfunctional structure and offers a new bankless future.
The company stated that Glitch was born out of a simple idea. For decentralized finance to achieve its full potential, it needs a system that’s easy to use, scalable, and capable of uniting an entire ecosystem of dApps. Ethereum is the foundation for most DeFi projects, but its network is so congested that its sustainability is questionable. Glitch will fix this problem by working symbiotically with Ethereum. Glitch will offer the fastest and near-zero transaction fees in order to lay the foundation of the DeFi ecosystem.
To achieve its mission, Glitch uses a delegated proof of stake algorithm to deliver low-latency, high throughput transaction processing. It also features a profit-sharing vault where all Glitch dApps will automatically share revenue with network participants via a network vault incentivizing active development and user engagement.