Glitch Finance has announced the opening of its Mainnet Bridge as a part of its Part IV roadmap. Customers will be able to smoothly switch their GLCH tokens from the ERC-20 to the GRC-20 standard thanks to the bridge.
Holders of GLCH will now be able to connect to the “native GLITCH blockchain for the first time,” according to a statement made earlier this month by the layer-one blockchain for DeFi and dApps.
For its native GLCH coin before the rollout, Glitch Finance used the ERC-20 standard. However, owners can now “voluntarily swap” their tokens to the private blockchain of the protocol. It’s important to note that the migration is currently only one-way; holders can only switch from ERC-20 to GRC-20, never the other way around.
Metamask and the built-in pockets of the Glitch browser plugin are used for the one-way exchange. The GLCH tokens will be saved in the browser pockets when a swap is started and will be available for usage throughout the protocol. Customers using the Binance Sensible Chain (BSC) network must still convert their tokens from BEP-20 to ERC-20 before switching them to the local GLITCH chain.
As was previously said, the exchange is currently voluntary. Customers have the option of switching to GRC through the Mainnet Bridge right away or delaying the process until the token swap becomes active on centralised exchanges after a community audit. Bottom line: The migration “will finally be necessary and compelled, making certain a whole transition to the native GLITCH chain throughout numerous platforms.”
The corporate’s plans for Part IV are 46% complete according to the roadmap. The Mainnet Bridge, GRC sensible contracts, and EVM developer documentation are among the tools that have already been completed. The remaining tools include safety audit, bug bounties, revenue sharing, staking, and GEX MVPs.
The company disclosed that it was already collaborating with partners like O3 Swap and Voyager to eventually integrate the local chain with GRC-20 GLCH. The linkages could pave the way for increased services and improved access to and from Glitch Finance.
Glitch Finance, founded by Sean Ryan in August 2020, prides itself on being a functioning decentralized finance (DeFi) system. Layer one blockchain features including scalability, interoperability, democratization, and incentive mechanisms are targeted at DeFi applications and trustless money marketplaces.