Glitch Protocol (GLCH) is a blockchain startups to keep an eye on. Glitch positioned itself in the DeFi space and is one of an altcoin that has a lot of potential this year.
The DeFi space has been booming in the past year. And there’s certainly reason for the hype as Ethereum will be coming out with their proof of stake network if all things go as planned.
If you’re new to crypto you might not understand how big of a deal Ethereum as a proof of stake network is. Since it’s existence, Ethereum has been proof of work. This means there are centralized mining companies which require lots of energy and expensive transactions in order to validate Ethereum transactions.
This situation has lead to frankly a terrible user experience. New users to crypto with not a lot of a capital are highly incentivized not to use the Ethereum network and decentralized exchanges like Uniswap because of high gas fees.
Point being, when Ethereum becomes a proof of stake network, this could be a bullish signal for the rest of DeFi as well. And it’s use case will be exponentially higher. All of the people who can’t trade on Ethereum because of transaction fees will not have this roadblock anymore. And when the user experience of DeFi has been accommodated to work this altcoin, GLITCH Protocol, could explode with massive gains.
What is Glitch?
Glitch is a niche smart contract ecosystem built specifically for DeFi. This means it will not allow just anyone to build on their ecosystem – so no meme coins are allowed.
The idea is to provide a fully functioning DeFi ecosystem so developers can launch their projects without having to wait for infrastructure to be built. For example, one can think of Glitch as the Apple to Apps. In the traditional developing world, most developers build on Apple because they get the app store for distribution, Apple Pay for simplistic monetization, and face ID for security.
The Glitch ecosystem also has a DEX (decentralized exchange) and a browser extension wallet (similar to MetaMask). All this being said, Glitch Protocol’s biggest selling point is their Dapp(decentralized application) ecosystem. It’s an ecosystem solely for building Dapps.
“The GEX is a permissionless, peer-to-peer engine that enables users to trade assets quickly, cheaply, and securely — bringing unprecedented
speed and low transaction costs.”
Glitch is also partnered with some big names in the industry such as Ramp DeFi and a blockchain oracle API3. One thing about GLITCH protocol is that the team is continuing to announce news and developments even in the midst of one of the toughest seasons for crypto. They have already listed on two centralized exchanges – one of these being Kucoin. With another partnership soon to be announced from the CEO Sean Ryan this month and the testnet being released on June 30th, there is a lot to be excited for.
There are few blockchain projects that are doing what GLITCH Protocol is. Everything in crypto is changing. Companies need a niche now in order to succeed it seems. And GLITCH is one of the best examples of a company filling a special need for the crypto market.
This article is not financial advice. Please do your own research before purchasing in cryptocurrency. If you enjoyed this article, you might also want to check out Grow House NFT Aims To Change The Cannabis Industry.
Aaron is passionate about blockchain and has been an investor in cryptocurrencies for the past years. He enjoys engaging with other people in the cryptocurrency community online, particularly on Telegram, and learning from experts.