On this joyful day, my guest is — David Dobrovitsky. He is the Founder and CEO of the Glitter Finance Interoperability Protocol and the Rainbow Network blockchain. Before starting his current projects, David was a core contributor to multiple, successful DeFi protocols, a CBDO of a major blockchain marketing and development company, and worked within the high-tech sector.
Chris: Hi there! Thanks for being here! So Glitter Finance bridges the gap between the user and the crypto world. Can you please specify the primary ways in which you guys do it?
David: Sure, one of the ways we accomplish this is by improving the UI currently used within crosschain. In fact, we have one UI layout for people that are new to crypto (which you can find here: bridge.glitterfinance.org), and another (widget.glitterfinance.org), which is made for crypto-natives.
Another way we are working to accomplish this is by slowly building a platform which will incorporate all the elements to make crypto much more usable.
Chris: Nice! Can you dive deep into how useful is your system and why?
David: I mentioned our UI earlier. Another major advantage of Glitter is both very useful and important is our USDC product. When fully complete, this product will connect 9 blockchains: Algorand, Solana, Ethereum, Avalanche C-Chain, Polygon, Stellar, Hedera, Flow, and Tron. What’s important to mention here is that this system does not wrap tokens (therefore there is no chance of a depeg), it does not store stablecoins in the bridge vault (which means a honeypot for hackers is avoided), and it does not use liquidity pools, either as part of the bridge structure or in DEXs (which means no stagnant and vulnerable liquidity). So what the user gets is a DeFi and permissionless crosschain infrastructure, where they never have to touch a CEX, and can easily transfer their USDC.
Besides this, Glitter also has the ability to wrap tokens. Currently, we have created wrapped token derivatives xSOL and xALGO. The xALGO is the only wrapped ALGO anywhere, and brings ALGO to the Solana ecosystem. xSOL brings Solana to Algorand. We are expanding our wrapped token capability to Ethereum and Binance Smart Chain.
Chris: Glitter Finance got an Eco System. Can you tell us about it?
David: I have mentioned the xSOL and xALGO. You can trade the xSOL on Humbleswap, on the Algorand Network, and you can trade xALGO on Penguin Finance (png.fi) and Raydium on Solana. Glitter also has our own native token called the xGLI. The xGLI is a crosschain token. Supply is currently on Algorand and Solana, and we will soon mint the xGLI on Ethereum. You can trade the xGLI on Tinyman on Algorand, and on Raydium and Penguin Finance on Solana.
Chris: Would you mind telling us how did everything start for you and what prompted the idea for the business?
David: As I said I was a core contributor to two other DeFi projects before Glitter. I was interested in creating a crosschain protocol, and at the time, Algorand was expanding its interoperability. Because of this I applied to the Algorand Foundation grant program, and we received the grant to connect Algorand and Solana. Besides this, we also received a small grant from Polygon.
Chris: Are there things that you would do differently if started everything afresh?
David: Yes, I had a fairly small amount of experience with listing a token and understanding market makers. Starting again, I would do a better job with listing, picking advisors, and market makers.
Chris: What are your thoughts on the current state of the market?
David: Market is weak, and much of the VC funding has dried up. Having said this, there are builders out there that are building cutting-edge products and expanding the functionality of crosschain and DeFi.
Chris: Got some exciting plans for the next quarter?
David: Yes, we are finishing-up our USDC swap, by adding Ethereum, Avalanche, Polygon, Tron, Hedera, Stellar, and Flow. We are also coming out with our crosschain arbitrage and liquidation bot, which allows are to act as a crosschain liquidity-as-a-service provider, and we are finishing our EVM compatibility which will allow us to wrap tokens and list protocols from Binance and Ethereum.
Chris: Thanks a bunch! Anything I haven't asked but it's worth mentioning?
David: Sure, we are developing our own blockchain called the Rainbow Network. It will be a layer-1 based on Cosmos and Tendermint consensus, which will further develop our ability to act as a crosschain liquidity-as-a-service provider.