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Algorand
$1.80 5.65%
ALGO · 1w

✨MarketWatch: Glitter Finance Seeks to Connect Algorand to Solana using Advanced Cross-Chain Bridge✨

The MarketWatch News Department was not involved in the creation of this content.

LONDON, Nov 19, 2021 (GLOBE NEWSWIRE via COMTEX) -- 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...

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