Glitter Finance Closes an Oversubscribed Seed Round for its Cross-Chain Yield Farming Bridge
NEW YORK, NY / ACCESSWIRE / November 3, 2021 / Glitter Finance has announced a successful closure of its seed round. The platform is addressing current capital inefficiency in decentralized finance through its cross-chain bridge that allows the redeployment of a portion of locked tokens (collateral) on one chain into yield-generating vaults on another chain. The initial release of Glitter Finance’s bridge will connect yield farms across Algorand and Solana, followed by integration with multiple blockchain networks.
The current Defi landscape is scattered across multiple blockchains, led by Ethereum, Solana, and Algorand among other networks. The lack of efficient cross-chain interoperability limits the yield-generation potential of crypto assets.
Glitter Finance ecosystem comprises a cross-chain bridge, an auto-yield generation solution with risk balancing, and a cross-chain NFT marketplace. Glitter Finance aims to boost capital efficiency and utilization across various blockchain networks with its cross-chain bridge that facilitates the redeployment of dormant wrapped token liquidity.
The platform wraps native tokens and places them in its vault. Glitter Finance deploys neural networks and risk-analysis tools to identify yield farms with maximum returns and lowest risk ratio, followed by the redeployment of wrapped tokens into these yield farms. The crypto owners receive synthetic tokens which can be burned at any stage to receive their investments and yield.
Glitter Finance plans to integrate multiple blockchain networks through its bridge, starting with Algorand to Solana and followed by Polygon, Terra, and other blockchains. Its cross-chain interoperability ensures that there will be sufficient yield farms listed on the platform at any time. Glitter Finance will support cross-chain swaps for projects built on its supported blockchain networks.
Glitter Finance will implement a fiat-on-ramp feature that will allow non-crypto users to boost their investment returns without having to trade crypto assets. Its risk-analysis mechanism will ensure that investors can identify the risk matrix of individual yield farms. Glitter Finance will also provide investors an option to distribute their funds across various yield farms using Glitter Finance’s auto-yield generation feature, powered by neural networks leveraging historical data to identify the best yield farms.
Glitter Finance NFT marketplace will provide access to mainstream NFT exhibitions, sales, and cross-chain swapping for NFT assets. With Glitter Cross-chain protocol, Glitter will enable cross metaverse asset swap which allows users to Swap from different NFT based games on different Blockchain ie. NFT in game 1 can be swapped with that of game 2 on different chains.
$XGLI will serve as the governance token for Glitter Finance platform. Glitter Finance plans to release its token through an IDO planned for the first quarter of 2022. The cross-chain platform is raising its strategic round with massive interest from crypto VCs and leading blockchain investment groups.
About Glitter Finance
Glitter Finance proposes a platform that allows the redeployment of a portion of locked tokens (collateral) on one chain into yield-bearing vaults on another chain through an integration with the Glitter Bridge. Glitter Finance creates synthetic versions of the collateralized tokens on the new chain, boosting capital efficiency and liquidity across the platform.
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SOURCE: Glitter Finance
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