As part of its roadmap for Phase IV, Glitch Finance has announced the launch of its Mainnet Bridge. The bridge will allow users to seamlessly migrate their GLCH tokens from the ERC-20 to the GRC-20 standard.
The layer-one blockchain for DeFi and dApps announced the deployment earlier this month, stating that GLCH holders will now be able to bridge to the “native GLITCH blockchain for the first time.”
“The launch of the mainnet bridge builds upon the foundation set by the arrival of native smart contracts on the GLITCH network. Developers now have unrestricted access to the infrastructure to develop and deploy DeFi money market dApps on the GLITCH mainnet,”
the Glitch team said in an official blog post.
Prior to the deployment, Glitch Finance utilized the ERC-20 standard for its native GLCH coin. However, holders can now “voluntarily swap” their tokens to the protocol’s own blockchain. It is worth mentioning that the migration is currently only one-way, meaning holders can only swap from ERC-20 to GRC-20 and not vice-versa.
The one-way swap uses Metamask and the native Glitch browser extension wallet. When a swap is initiated, the GLCH tokens will be stored in the browser wallet and ready to use within the protocol. Users on the Binance Smart Chain (BSC) network, however need first to bridge their tokens from BEP-20 to ERC-20 before they can swap them to the native GLITCH chain.
As already mentioned, the swap is currently voluntary. Users can either opt to migrate to GRC using the Mainnet Bridge now or wait until the process becomes mandatory when the token swap goes live on centralized exchanges following a network audit. The bottom line is that the migration “will eventually be mandatory and forced, ensuring a complete transition to the native GLITCH chain across various platforms.”
According to the company’s roadmap, its plans for Phase IV are 46% complete. Items such as EVM developer documentation, GRC smart contracts, and the Mainnet Bridge have already been completed, leaving others like security audit, bug bounty, revenue sharing, staking, and GEX MVPs.
Meanwhile, the company revealed that it was already working with partners like O3 Swap and Voyager to integrate the native chain and GRC-20 GLCH in the future. The integrations could set the stage for better utilities and enhanced accessibility to and from Glitch Finance.
Founded by Sean Ryan in August 2020, Glitch Finance touts itself as the operating system for decentralized finance (DeFi). The layer one blockchain has its eyes set on DeFi applications and trustless money markets, with features such as scalability, interoperability, democratization, and reward mechanisms.
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