Welcome back to our monthly newsletter!
This month indeed is the beginning of a revolution. The Gamestop drama has been dominating news headlines especially when Robin Hood decided to stop their users from trading under the guise of “Protecting users”, they inadvertently added fuel to a smoldering fire. Ever since the crash happened in 2008, a sense of mistrust of financial institutions has been steadily growing; however, there has not been a viable solution. The need for a decentralized financial system where user actions cannot be controlled by a select few suddenly became apparent to a lot more people after the recent event.
What happened: The price of GME started skyrocketing as small traders from r/WallStreetBets were pumping stock to a market cap of almost $28 billion. The result was a flawlessly executed short squeeze that cost hedge funds billions. Amidst the frenzy, Robinhood tossed GameSpot buyers (and its reputation) onto the fire by appearing to cave into the pressure from mainstream financial firms by stopping its customers’ ability to buy more GME shares.
This story is the perfect advert for DeFi because it emphasized two things:
1) The legacy financial system is broken.
2) Trusting centralized services comes with a lot of risks.
Those in power are capable of blocking trades, stealing profits, and delisting assets. They can cheat, print money, and conspire with near impunity.
The need for DeFi has never been more apparent, and the first layer one protocol specifically built to serve DeFi could not be coming at a better time!
Now, onto developments at Glitch Protocol.
To reassure the community: We are on track with the developments we announced in the previous newsletter
GEX (Glitch Decentralised Exchange)
In the coming weeks, we intend to release a high-level source code on Github, to give the tech geeks in our community a sense of the progress of the GEX, with many tweaks and refinements expected. The development work and integration of GEX on the Glitch blockchain will continue into Q2 of 2021. We would really like for the community to chime in on this to review our code and also drop in your suggestions about what additional features we can add to the decentralized exchange platform.
We have been updating our whitepaper and it is scheduled to go live by the end of March or early Feb. Our decision to update it was to give the community a feel of how we plan to achieve our objectives on a more granular level and a more elaborate explanation of the features of the Glitch blockchain and how GEX plays a more integral role in the value proposition. The whitepaper will also cover some information about the team that is working on all things glitch.
We realize that our existing website has quite a few key pieces of information missing. Hence we’re working on a complete website overhaul. With this newsletter, we have attached a very high-level overview of the new website structure. Our UI/UX and Marketing team are really working round the clock to get a more functional website released at the earliest possible time. We intend for delivery by late March to mid-April.
In addition to the developmental update, we have added two superstar developers to assist the team on the delivery of the Glitch Blockchain and the GEX (Glitch decentralized exchange) which is set to release by the Q2 of 2021.
We are always looking for new talent to be a part of our team to help us build a strong OS for DeFi projects, if there is any way you think you can help us grow, reach out to us at firstname.lastname@example.org
Strategy & Team Update
Our management team has been working hard to onboard partnerships and new exchange listings.
Speaking of partnerships, we have two projects that have already been forwarded to the tech team for further analysis on how we can smoothly integrate the solutions. The community should be expecting more updates on this soon. We will be announcing the partnerships, once finalized, hopefully by the near end of this month.
While the new community members can only buy tokens via Uniswap and 1inch for the time being. We’re in process of being onboarded on a couple of exchanges. We request your patience for this one since registering on a CEX is quite a long process and requires a lot of back and forth.
That said, we have also reached out to Coingecko & Coinmarketcap to update the circulating supply. A response is still awaited from their side, we make sure we will get it done ASAP.
Apologies for the inefficiency in communication this month, we had lots of restructuring, production, and onboarding of new team members. We realize that everyone has been anxiously waiting for more information about the Glitch project developments. Much preparation is going into defining the best practices for:
- production and a smooth launch of the mainnet for it to be compatible with dynamic dApps,
- lots of partnerships,
- exchange onboardings.
In the coming weeks, we also urge all of the Glitchers to engage in more hands-on help with testing, suggestions, growing the community, and at best, maintaining a positive communications channel.
This patience will be rewarded soon, with plenty of time for everyone to be a part of our journey to the moon🚀🚀
Project Lead, Glitch.