Glitter Finance Strikes new Partnerships, Aims to Improve DeFi Cross-Chain Capital Inefficiency
Glitter Finance continues to strike partnerships and grow its community.
In a recent Twitter (NYSE:) post, Glitter Finance said it was increasing its social media presence to Reddit, Instagram, LinkedIn, Discord, and Telegram. At the same time, the DeFi platform is striking high-profile partnerships. Glitter Finance has already joined hands with ExNetwork Capital– a top crypto fund in the Philippines. With this deal, Glitter Finance now becomes part of ExNetwork Capital’s growing portfolio of blockchain projects.
Fragmentation and Cross-Chain Bridge Capital Inefficiency in DeFi
The Glitter Finance project identifies the fragmentation in DeFi and capital inefficiency of cross-chain bridges . Its solution will efficiently solve these pain points by leveraging the bridge ecosystem to boost capital efficiency between cross-chain bridges.
According to their pitch deck, their primary objective is to increase capital efficiency through the opportunities presented by its interoperable bridge connecting to several rapidly growing blockchain ecosystems like Polygon, Solana, Algorand, Cudos, and . Specifically, integrating with the Solana Bridge makes it easier for Glitter Finance to channel idle collateral into the incorporated yield investment platform, making the experience of ordinary DeFi users even more exciting.
Glitter Finance will be redeploying synthetic versions of tokens created on the interoperable bridge into yield pools integrated into the platform. As a result, they can leverage the creation of synthetic versions of tokens on the new chain while concurrently deploying a portion of the original locked asset into yield farms. Overall, the team aims to build a product that taps on the rich liquidity in the bridge ecosystem to increase capital-efficiency for DeFi traders.
In the long run, the development team has indicated their plans of integrating artificial intelligence and machine learning. This will create an algorithmic trading platform that overly benefits novice traders. To ensure this quickly comes to fruition, the Glitter Finance interface is intuitive, easy-to-use, and will soon launch on mobile. The wire-framing and the portal’s technology stem from the team’s cumulative experience exceeding 15 years, converging to ensure the project posts impressive results.
DeFi Adoption Barriers, the Glitter Finance Solution
The DeFi ecosystem continues to blossom. According to trackers, DeFi dApps cumulatively manage over $256 billion. While dominates, upcoming protocols like Solana, Polygon, and Terra have decent market share despite their relative nascence, launching years after Ethereum’s release. Despite their newness, these blockchains resolve challenges facing Ethereum by promoting interoperability and improving user experience through low on-chain fees.
Even with the rapid expansion of DeFi, some high-power dApps are still created by anonymous teams. At the same time, the fragmentation of DeFi solutions dispersed across different ledgers coupled with the relatively high knowledge threshold slows down adoption. Glitter Finance aims to eliminate these barriers by focusing on the ordinary user to build trust, improve liquidity and capital efficiency. The DeFi platform is leveraging the expertise of the development team to deliver a suitable solution meeting the varied needs of end-users across the globe.
Notably, the Glitter Finance cross-chain bridge creates exciting opportunities in trading by expanding the possibilities of accessing deep and rich liquidities without sacrificing flexibility. These bridges, the team explains, exist as mini-ecosystems for creating synthetic versions of tokens from the blockchain they bridge.
There are 125 million Glitter tokens, of which 30 percent has been allocated for liquidity and incentives. All of them will be released during the token generation event. Holders of the Glitter token would have the power to govern and access core functions of the platform. For instance, they can list new yield farms, change cross-chain transfer treasury fees, and even update oracle addresses.
ETH inflation after Merge started rising again for the first time since November
The annual ETH inflation after Merge has once again turned positive for the first time since early November.
According to ultrasound.money, the annual ETH inflation rate rose 0.08% to 622,000 ETH as of December 6. At the same time, the annual ETH burn rate is 527,000 ETH. This news will also have a negative impact on the current price of Ethereum.
Meanwhile, back in early November, the volume of ETH being burned was overtaking issuance, making the cryptocurrency deflationary.
The cryptocurrency exchange site Uniswap V3 had the most commissions burned (~4192.1 ETH burned in the last thirty days). In second place were commissions burned for ETH transactions on the Ethereum network (3195 ETH). The three most active projects were closed by the USDT Stablecoin smart contract, through which ~2593 ETH was burned.
Almost in a month the Ethereum network burned over 50 000 ETH, and every minute about 1.2 ETH are burned in commissions.
Method for calculating current ETH inflation rate
Recall that before Ethereum switched to Proof-of-Stake algorithm, the amount of ETH issued per day was calculated by the formula: reward per block for miners and pay for PoS-stackers – ETH burned. However, after the transition to PoS, rewards for mined blocks are no longer generated at the execution level or on the main Ethereum network.
Given that the issue at the execution level after the transition to PoS is zero, the number of new ETH is now calculated as follows: the reward for PoS-stackers is burned tokens. At the time of writing, the ETH rate in the ETH/USD trading pair is $1,261, according to Nomics. The market capitalization at the same time is fixed at $154.5 billion.
Previously, we reported on What’s wrong with proving cryptocurrency reserves and why the cryptocurrency community doesn’t believe in it.
British Ministry of Finance wants to restrict the crypto business in the country – media
The British Treasury is finalizing a package of rules to restrict the crypto business. It was reported by the Financial Times, referring to the Financial Conduct Authority (FCA) of Great Britain.
The list of new rules includes restrictions on foreign cryptocurrency businesses in the UK; provisions on how businesses should act in case of bankruptcy, as well as requirements for advertising cryptocurrencies. This news will also have a negative impact on the current price of Ethereum and the cryptocurrency market.
Sources close to the British Ministry of Finance said in a media commentary that the ministry also intends to expand the FCA’s crypto restrictions and supervision over the cryptocurrency market. Details, however, remain unclear. Officially, the timetable for considering a new set of rules for the crypto market remains unknown. but media reports indicate that the British authorities may start consultations as early as early 2023.
In early November 2022, the Committee on Digital, Culture, Media and Sport (DCMS) in the U.K. The House of Commons announced the launch of a study into non-interchangeable tokens (NFT) and blockchain technology.
DCMS committee chair Julian Knight MP said that NFTs burst into the digital world so quickly that there was no time to stop and think. Now that the market is changing dramatically and there are fears that the bubble may burst, it is necessary to understand the risks, the benefits of this disruptive technology, and to formulate regulatory requirements for it, he stressed.
Amid the collapse of the FTX crypto exchange, UK authorities are discussing many initiatives to regulate the crypto market. Rishi Sunak, who took over as prime minister after the short reign of Liz Truss, played no small role here. Sunak is considered a key supporter of cryptocurrency in the government circles of the country.
Previously, we reported that Tether claims its USDT loans are “over-secured.”.
For the first time, a Chinese court recognized that NFT is virtual ownership
Collections of NFTs have been recognized as virtual property under current Chinese law. The court in Hangzhou ruled.
The ruling states that NFTs have property rights characteristics such as value, rarity, manageability, and saleability. The court described virtuality and the technology that provides it as unique attributes of the assets. Whether this will have a positive effect on the current price of Bitcoin, we will see soon enough.
The case was heard in the sale of NFT virtual property by the defendant company. The plaintiff gave the firm personal information and transferred 999 yuan (about $144) before the purchase. However, the company did not deliver the goods, and returned his money a few days later, citing incorrect identification information. As a result, his claim was assessed at 99,999 yuan (about $14,380). The court sided with the seller, confirming the misrepresentation.
“As a virtual work of art, the NFT virtual property digital collection itself combines the original expression of the creator of the art and has the value of the corresponding intellectual property rights. At the same time – they are unique digital assets formed on the blockchain based on the mechanism of trust and consensus between the nodes. Therefore, NFT collections fall under the category of virtual property,” the ruling said.
On that basis, the court ruled that the rules governing online trading apply to asset transactions.
China believes that NFTs can be used for fundraising, including illegally. Therefore, the government has concerns that “underground banks” or loan sharks and shadow banking may soon appear in the country. Therefore, the government has banned not only crypto-assets such as bitcoin, but even ICOs and mining.
However, despite the restrictions, as of the end of May, there were 83 billion yuan (about $12.33 billion) worth of digital yuan transactions in the country. China continues to actively pursue the adoption of digital currency.
Earlier, we reported that Apple forced Coinbase to remove NFT transfers.
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