Glitter Finance recently combined two non-EVM compatible blockchains for an outstanding crypto experience, revolutionizing the bridge’s stability and reliability.
The company raised 7 million in a private round and announced that they would soon incorporate integrated yield pools in the bridge to create a liquid investment platform.
The technologies proposed by Glitter Finance
Glitter Finance received a grant from the Algorand Foundation to establish a cross-chain bridge across five blockchain ecosystems. Because Glitter Finance intends to aid the Algorand community with the ease of moving into other layer 1 providers, their plan implies a combination of both technology and structure.
What is the technology that Glitter Finance proposes? Glitter Finance aims to enable ‘ease of movement’ amongst blockchain ecosystem platforms using Algorand technology as the backbone.
It will first create a bidirectional bridge between Algorand and Solana with integrated yield pools on both blockchains. This will allow the bridge to transform into an investment platform thanks to the redeployment of synthetic tokens created by the Glitter Bridge blockchain 2 and redeployed into the yield pools.
What are Algorand and Solana?
Algorand is a rapidly growing platform with around $1.5 billion worth of locked digital assets, which will be integrated with Solana through the support of Glitter Finance.
Solana is a leading brand in the DeFi industry, with an $8 billion fund already in operation, making it powerful capital finance and high-end DeFi mechanisms.
Glitter also plans to add a fiat portal and algorithmic trading into the platform. To encourage the broad use of DeFi, these technologies will be incorporated into the Glitter Finance Platform.
The ultimate goal of Glitter Finance is to lower the knowledge barrier and make it easier for anyone outside of the crypto realm to use a DeFi platform.
The steps of implementation
The deployment was set by Glitter Finance into three phases:
- The first phase will involve the development of an advanced cross-chain bridge that will aid in the elimination of capital inefficiencies by allowing traders to benefit from the redeployment of wrapped tokens generated by the Glitter Bridge into current, integrated yield pools on the Glitter Platform.
- The second is algorithmic trading to help inexperienced traders through the trading process.
- The third goal is to improve interoperability in the DeFi blockchain realm by linking multiple ecosystems to Glitter Finance, a decentralized, sophisticated cross-chain bridge. As a result, the company is dedicated to assisting Algorand in improving its interoperability by connecting it to other layer one ecosystems, such as Solana, which has already built a DeFi ecosystem.
About Glitter Finance
Glitter Finance is an multi national group specializing in creating artificial intelligence (AI) solutions that allow DeFi traders to quickly transfer their digital assets across multiple blockchain networks without go-betweens or intermediaries.
Glitter Finance is also doing constant blockchain research to improve its services and technologies, connecting people to innovation in the DeFi space.
Connect for more
For more information about the Glitter Finance project, access the official website or connect with them on Twitter, Telegram, and Instagram.
Disclaimer: This is a sponsored press release, and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice
Source: https://cryptodaily.co.uk/2022/03/glitter-finance-creates-algorand-solana-bidirectional-bridge