We recently hosted an AMA with Glitter Finance , on January 28th at 11 AM UTC. Many of you might have participated or many of not. But we make sure no one missed out from the knowledge shared by David, Founder & CEO at Glitter Finance So here we are up with the AMA transcript, for those who missed the live session, this blog post will be a saver & feeder of knowledge for them.
Introduction Questions Asked By Team BlockTalks!
Q1. Could you please introduce Glitter Finance to our community in layman’s term?
Ans —Glitter Finance is a recepient of grants from three layer 1 foundations including Algorand Foundation, Polygon, and Cudos. Glitter is helping to create interoperability within the Algorand ecosystem, by connecting Algorand to supported blockchains including: Polygon, Cudos (an Algorand ecosystem partner), Terra, and Solana.
In simplest terms we are a cross-chain bridge with DeFi 2.0 functions, which allows our bridge to also be an investment platform
some of these functions are: integrated yield pools, where wrapped tokens created by the Glitter Bridge can be redeployed, integrated AI and algorithmic trading.
Q2. What are the advantages of Glitter Finance to the other alternatives in the Blockchain field?
Ans — Our main advantage is that we are working to create a platform which automates DeFi trading, to make it more accessible for novice traders
We are in essence working to create a service, which would automate the creation of DeFi profits, and which would then streamline the entrance of these profits into a person’s bank account
this is why we are working to add AI, algorithms, etc
at the same time, we also make DeFi safer, since whenever we integrate yield pools into our platform, these pools are first analyzed for risk and profitability.
Q3. What are the major milestones Glitter Finance achieved so far & what are in the future pipeline?
Ans — Some of the major milestones so far achieved are:
1. Creation of whitepaper version 1 and 2
2. Full formulation of the concept
3. Full revision of tokenomics to include the dual launch — as our tokens will be both on Algorand and Solana
In the pipeline:
- By February 15th both the XGLI on Algorand and Solana will be on mainnet
- 2. By February 15th the bridge between Algorand and Solana will be on testnet
- these last two milestones are the ones we are focused on right now
Questions Asked on Twitter For Glitter Finance Team!
Q1. Will $XGLI token holders be able to suggest new features or initiatives, vote on development proposals, and have an immediate impact on how Glitter Finance develops in the future? How does the governance of the Glitter community work? is it simple and inclusive?
Ans — Yes — the XGLI is a DAO governance token, and much of the DAOs activity will center around suggesting new features to be added, and voting on development direction
Q2. The adoption of DeFi continues to increase, though this has been dominated by retail users, but this doesn’t negate the potential of institutional adoption. In spite of all these potentials, the industry is still plagued with plethora of problems in which some of it includes high network fees, speed limitations, Fragmented User base and Liquidity Inefficiency, among others. How will Glitter Finance help solve these problems for DeFi Users?
Ans — Glitter will not have to worry about high network fees because the Algorand network fees are very low
Usually high network fees come into the forefront when you start working with Ethereum
but this is not the case with Glitter
Algorand is also a very fast blockchain, so there will not be any speed issues
Q3. One of the characteristics of Glitter is that they can bring everyday users to the world of cryptocurrencies without problems, but what are the strategies or methods they apply so that anyone can get into crypto? Can you tell me about the solutions you offer unlike other bridges?
Ans —I talked about this earlier — we plan on creating as much of an automated system as possible, this means integrating aspects like machine learning, AI, and algorithmic trading this is our strategy.
Q4. Glitter seamlessly brings the everyday user into the world of crypto by breaking down technical and psychological barriers. How exactly can Glitter achieve this?What are the facilities you provide to novice user? What special tools and features does Glitter Finance have for this?
Ans —The basic concept here is to think of the end-user first and to define who the end user is for us, the end user is the normal person
I am not talking about a crypto insider or a defi trader
I am talking about a normal person that wants access to defi innovation as an extra stream of income, therefore, thinking about this, we try to connect to these people through empathy and to design a platform which will not cause these people to panic this is the vision of Glitter moving forward from this, we use available technology to create as much of an automated platform as possible.
Q5. Glitter Finance spans 5 chains in total including: Algorand, Cudos, Polygon, Terra, and Solana. I was impressed to see that BSC and Ethereum are not among these chains, why? And the first chain that you are going to integrate into the Algorand ecosystem is Solana, why?
Ans — Ethereum is not included because of the high network fees and low speeds BSC is not included because everyone works with BSC
I wanted to create a platform that featured blockchains with top technology but that are under utilized Also — BSC has proven to not be reliable due to conggestion.
Questions Asked by our BlockTalks Community Members during live Session to Glitter Finance Team!!
Q1. Your TOKEN $XGLI Is Currently On the ALGORAND BLOCKCHAIN , Can You tell me Among all the Other Blockchains , Why You selected the ALGORAND BLOCKCHAIN and Tell me SOME FUNCTION AND FEATURS OF THE $XGLI TOKEN ?
Ans — I selected Algorand because it has never been down, it has high level of security, a great Foundation backing it, no forks, low gas fees, high speeds, and virtually no congestion.
Q2. In many articles it has been discussed about Glitter finance like Bloomberg, Yahoo, Nasdaq How will it help to expand the the Glitter finance ecosystem?
Ans — We got the word out about Glitter and have also received quite a bit of organic press, where people wrote articles about us, without us directly being involved. I think this shows that the market supports our initiative.
Q3. Glitters just finance just partnered with DCI capital. With what motive did you partner with them? What are they going to be offering you?
Ans — Actually DCI was our second investor. We have been in partnership with them for a very long time, but the article which they wrote just came out.
Q4. I read that it covers a total of 5 chains including Algorand, Cudos, Polygon, Terra and Solana. Will these 5 months be limited to the chain? Do you have a plan to expand chains such as BSC, ETH?
Ans — Yes we will expand to other blockchains.