(MENAFN- GlobeNewsWire - Nasdaq) LONDON, Nov. 19, 2021 (GLOBE NEWSWIRE) -- Tech-based firm, Glitter Finance is working to integrate the Algorand DeFi ecosystem with a highly sophisticated DeFi (Decentralized Finance) ecosystem - Solana - for improved interoperability in the DeFi blockchain space. The integration will ensure that traders using Glitter Finance can transfer their digital currencies from Algorand to other Layer 1 blockchains.
Solana is a leading brand in the DeFi space and already has a huge fund of about USD8 billion locked, making it a force to be reckoned with, in terms of capital finance and high-end DeFi mechanism. Algorand, a rapidly growing platform with around USD1.5 billion worth of locked digital assets, will be integrated with Solana through the support of Glitter Finance.
Glitter Finance has raised USD 3 million to help actualize its core objective of expanding interoperability on the DeFi ecosystem and enabling owners of cryptocurrencies to anonymously move their assets from one blockchain to the other, with less difficulty. Earlier, its seed and strategic rounds were oversubscribed barely 30 days after the official announcement, closing with over USD 2.2 million.
The Glitter Finance cross-chain bridge withholds a user's digital assets in its vault until when the user decides to transfer them into the second blockchain. Upon transferring to the second blockchain, traders get access to the wrapped token liquidity created by the Glitter Bridge, which is then redeployed into integrated yield pools.
With the advanced features on the platform, trading is seamlessly for the new trader as Glitter Finance algorithm which, over time, studies the trade decisions/behavior of a user through AI and machine learning, would automatically and effectively trade on their behalf. This concept helps a newbie or an inexperienced crypto trader eliminate the risk of exposing their assets by having to transfer these assets themselves to other Layer 1 platforms, manually. This is not to say that the platform has no room for crypto experts or advanced traders - there is an option to trade manually on Glitter Finance if a user wishes.
Traditional or regular cross-chain bridges basically would only enable users to trade by manually transferring their assets or wrapped tokens to a new blockchain. This method exposes a user's liquidity to great risk, especially the novice in the crypto space. Therefore, Glitter Finance is a trading platform that seeks to help such users execute a trade with a single click on the 'Trade' button. Such innovation brings complete comfort to traders who would also be making profits as the problem of capital inefficiency usually suffered on traditional platforms, is being eliminated through the Glitter Finance integrated liquidity pool.
Glitter Finance is, however, addressing these challenges from three major standpoints:
I. Creation of an advanced cross-chain bridge that helps eliminate capital inefficiency by enabling traders to make profits through the redeployment of wrapped tokens created by the Glitter Bridge into existing, integrated yield pools on the Glitter Platform.
II. Deployment of algorithmic trading to ease the trading process for new traders.
III. Enhancing interoperability on the DeFi, blockchain space by connecting various ecosystems to its decentralized, advanced cross-chain bridge - Glitter Finance. This is why the company is committed to helping Algorand improve its interoperability by getting connected to other Layer 1 ecosystems like Solana which has already succeeded in building a distinctively robust DeFi ecosystem.
Company's Co-Founder and Chief Executive Officer, David Dobrovitsky, explains this in a more precise term: "Algorand is an unforkable layer 1, with no downtime, and a deeply effective model for social management. The Algorand Foundation is a marvel of excellent organization and worthwhile initiatives. Being a big fan of both the technology and the organization behind it, I enthusiastically put Glitter on course to help the Algorand community with the ease of movement into other layer 1 providers. I am happy to see that investors and the market are supporting our initiative.
"One of our main interests in creating Glitter Finance is the idea of mass adoption. To accomplish this we are creating a 'one click' trading platform, whereby the novice traders can have a lowered knowledge threshold in entering the DeFi financial systems and still generate a steady profit."
There are over 15 active partnerships with VC funds.
The company has plans to audit its code through its layer 1 partner, the Algorand Foundation. Further audits will be done by Glitter Finance via testnet, through a notable third party that will be hired.
About Glitter Finance
Glitter Finance is an Estonian company that specializes in the development of AI solutions to enable traders on the DeFi ecosystem to transfer their digital assets easily across various blockchain networks, without the assistance of middlemen or intermediaries.
The company led by serial entrepreneur, David Dobrovitsky and his wife Gelena Dobrovitsky, the company's Chief Strategy Officer (CSO) and Co-Founder, has developed an enterprise-level, advanced, cross-chain bridge - Glitters Finance - a platform that creatively addresses the challenges associated with traditional cross-chain platforms, especially the issue of capital inefficiency.
Project Name: Glitter Finance
SOURCE : Glitter Finance
Tags Glitter Finance
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.