Recapitulation of Glitter Finance PROJECT AMA event held at AMA LOVERS CLUB.
Date: Tuesday, 7th December, 2021
Time: 16:00 UTC
The Glitter Finance PROJECT team was represented by @DeFiBuilder1 who judiciously shared with us detailed knowledge and information about Glitter Finance PROJECT.
1st Segment: INTRODUCTION
Q1: Can you please introduce yourself and your background, also introduce the team working on Glitter Finance?
ANS: Sure, I am a serial entrepreneur in the DeFi space. I have either created, co-founded, or helped create 3 projects prior to Glitter.
Glitter is my main project.
I have started it in July of 2021
Some other notable members of Glitter are:
Mohammad Ghiasi - Principal Software Engineer
who is an Algorand development ambassador
he is also an award-winning developer
In general, the entire team of Glitter is very experienced, with multiple DeFi projects in our background.
Q2: Can you introduce Glitter Finance, what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?
ANS: Sure, there are multiple problems we are solving
1. We helping the Algorand ecosystem achieve greater interoperability by creating trustless and bidirectional bridges including: solana to algorand, terra to algorand, polygon to algorand, cudos to algorand
2. We are solving capital inefficiencies within the traditional cross-chain bridge structure by integrating existing yield pools into the Glitter Finance Platform, and allowing traders to redeploy synthetic liquidity produced by the Glitter Bridge on blockchain 2, into the yield pools
3. We are adding the element of algorithms and AI to the platform to create a simpler, more intuitive platform to foster mass adoption - DeFi 2.0
4. We are creating unique solutions such as solana tokens wrapped in ethereum, where they can be housed by the metamask wallet, and we will do the same thing with algo tokens
5. We are adding a fiat portal into the algorand dApp, so facilitate an easier withdrawal of dividends and profits created from using DeFi by the users.
Q3: Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?
ANS: Top milestones achieved:
1. Creation of the first concept 2. Creation of the first deck 3. Creation of whitepaper version 1 and 2.
4. Adding of the concept of adding AI and algorithms
5. Raising 3.4 million USD
6. Grant from the Algorand Foundation
7. Creation of the prototype - parts of which will be on testnet for investors later this week to the middle of next week
Milestones to come:
January 2022 - the complete Solana to Algorand bridge will be on testnet
January 2022 - the $XGLI token will be on testnet
February 2022 - We are aiming to do our IDO, to add the fiat portal to the dapp, to start integrating yield farms
March 22 - April 22 - we expect the Solana to Algorand bridge to be fully functional and on mainnet
Finally during the same time frame we expect to list the $XGLI on Cefi exchanges and to do an IEO
there are many more milestones, but these are the most immediate.
Q4: Can you briefly describe your PARTNERSHIPS so far?
ANS: sure, We have over 31 VC funds from all over the world that have invested in Glitter. We also have 3 layer 1s that have also invested into us.
Some of the more active VCs that have invested into us are now our advisors, and these include: AVG, BullishBlock Capital, DG Capital, CRT Capital, and Orion Depp
We also have active partnerships with several launchpads including Solster and Aegis.
Q5: Finally on this segment, before we proceed to the community live segment
Can you give an overview of the Tokenomics and Utility of $XGLI tokens?
ANS: The $XGLI is a DAO token that exists within the Glitter ecosystem.
$XGLI provides its holders with the ability to list a new yield farm on the Glitter Finance network. Holders gain access to governance which makes them the core decision makers of Glitter Finance.
Users who hold $XGLI are authorized to change the treasury fees for yield received from the re-deployment of user assets. This is a unique feature as it allows you to have the power of deciding how much revenue generated from your assets will be reinvested into Glitter Finance.
$XGLI token can be used by its holders to update oracle addresses which in turn will make the process of an address’ information getting to blockchains smoother. This is a significant benefit as it increases data accuracy and speeds up transactions on different blockchains, which will result in better asset management for everyone involved.
The tokens are used to elect the Compound’s administrator in a DAO. The governance structure is based on Compound. People vote to modify these various components of the protocol by executing code that the administration may alter depending on stakeholders’ decisions.
Glitter Finance offers token holders the ability to spend treasury funds. This will allow for the monetization of Glitter tokens through the payment of fees to spend treasury funds to upgrade Glitter Finance.
Users who hold the $XGLI token exclusively have access to the yield and not the underlying asset. This is a significant benefit since it allows Glitter Finance to raise the income of its users without having to worry about an oversupply of $XGLI tokens.
2nd Segment: LIVE Questions
Q1: Gliterally I'm in love with this project. What are the investment opportunities available for buying $XGLI? Are you a direct competitor to $Algo or the next algorand?
Which stage is next on your phase 1: MVP and phase 2: product scaling? No mention of audit, any plans for that?
ANS: Thank you for your enthsiasm. We are not a competitor to Algo, since we basically use Algo as our rails. The XGLI will be an Algo token. 2. Product scaling is after this phase, as we are now developing the MVP. The auditing was implied, we would never put out a product that is not audited. In fact, there will be 3 audits. 1. By our own team on testnet (and we will also have bug bounty). 2. By the Algorand Foundation, as part of their grant. 3. By a third party.
Q2: Hi 🌸
Glitter finance have great Investors and Partners.
So I wanna what is their role?
Do they also take part in decision making?
ANS: Investors are advising us in the project, but all decisions come from the executive team. We will always listen to investors, but it's the job of the founders to run the project.
Q3: Glitter Finance is integrating a fiduciary portal to convert DeFi earnings to Fiat, this is something very interesting so could you give me more details about this portal and how are the commissions? How easy will the process of switching from DeFi to Fiat be?
ANS: We are integrating dexes and technology through the Algorand blockchain. The model will be totally decentralized, connected by smart contract integration.
We can see that many exchanges are decentralized. Do you offer more options and features than your competitors? Why should I choose Glitter Finance over other platforms? What are the unique features of Glitter Finance in terms of cost and Security that your competitors don't have?
ANS: There are many reasons to choose us. First of all, we are a totally decentralized bridge. This means you get complete control. Secondly, we are integrating a fiat portal, so that it will be easier to convert crypto to fiat. Third, we are adding AI and algorithms, so that it becomes a 'one click' platform. In terms of the yield farms we are integrating, this is in fact a very modern feature in the bridge architecture, and so we are not really competing with yield farms, but what we are making is a complete, DeFi platform, with ease of use, for the everyday person.
Q5: I am very much interested in bagging the Glitter token as an early investor. Is there any way I can get into the private rounds or it has already been filled up? If I can't get into the private round, when will public round be available and on what platform will it take place?
ANS: Private round is open, but is not available to anyone in North America. Also, we set certain limits and minimal amounts for any buyers, which tends to exclude most small investors in favor of more institutional investors. Lastly, all investors must pass KYC.
Q6: Hi 🌟
In your Roadmap, you have mentioned to do lot of Chains Mainnet like Polygon, Solana, Algorand and Terra also.
So can you tell us which Chains Mainnet are completed and which are pending?
ANS: Solana to Algorand Bridge is our first product. It will hit testnet in March.
Follow Us On Our Various Social Media Communities For More Update;
The rest can be found on glitter.finance
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