Glitch Finance is excited to announce the deployment of native smart contracts on the mainnet, representing a monumental milestone, not just for us, but for the entire GLITCH ecosystem. This game-changing release opens the doors to builders, allowing DeFi money market applications to be created and deployed on the GLITCH mainnet.
Native smart contracts on the mainnet have arrived. The revolution has begun!
Our message to you is simple: It’s time to start building! At Glitch, our focus remains on revolutionizing DeFi, and with native smart contracts live, we’re one step closer to that goal.
For developers, native smart contracts are a new playground to innovate. For users, they mean utilizing dApps that are launched on the network, quicker transactions, fewer fees, and a stronger, safer platform.
Let’s dive in and understand what makes native smart contracts so special, and why users and developers will greatly benefit from this release.
Overview of Native Smart Contracts on GLITCH
Smart contracts are the building blocks of decentralized agreements, where the terms are directly written into lines of code. They automate processes, enforce rules, and enable transparent and decentralized transactions. Smart contracts power the DeFi movement by eliminating intermediaries and fostering trustless interactions.
The launch of native smart contracts on the GLITCH blockchain marks the beginning of our platform’s next era. Previously, GLITCH provided support for EVM smart contracts, allowing compatibility with the Ethereum ecosystem. The introduction of native smart contracts elevates the protocol to a whole new level.
By utilizing the Contracts pallet, Glitch empowers developers with enhanced functionality and flexibility. The native smart contracts leverage the inherent advantages of Substrate, a modular framework for building blockchains, to deliver a seamless and efficient building experience.
Features and Functionality of Native Smart Contracts on GLITCH
Glitch’s native smart contracts offer a range of powerful features and capabilities, enabling developers to build money market dApps with ease on the native chain for the first time. Here are some key highlights:
By supporting multiple programming languages that compile to Web Assembly (WASM), Glitch empowers developers to leverage their existing knowledge, making it easier to transition and build in any programming language that compiles to WASM. This flexibility ensures that developers can choose the language that best suits their project requirements and coding preferences.
The Contracts pallet, which serves as the foundation for smart contract execution, utilizes an account-based system. Contract accounts on Glitch are similar to regular user accounts but with additional properties. Each contract account has its own contract code and persistent storage, allowing for interaction and data management within the smart contract ecosystem.
Furthermore, Glitch’s native smart contracts adopt a two-step deployment process. First, the WASM contract is securely stored on the blockchain. Then, an associated contract account is created with its own storage. This approach ensures modularity and enhances security by separating contract code and state storage.
Importance of Security Measures
Security is a paramount consideration for Glitch’s native smart contracts. Robust measures have been implemented to safeguard the integrity and reliability of the smart contracts deployed on the GLITCH blockchain. The platform incorporates advanced sandboxing techniques to isolate the execution of smart contracts, preventing unauthorized access and malicious activities. Additionally, the implementation of the gas fee mechanism limits computational resources used by contract transactions, ensuring fair resource allocation and mitigating the risk of abuse.
By prioritizing security, Glitch aims to foster a trustworthy environment for developers and users alike. Our focus on security is critical for the successful adoption of native smart contracts on GLITCH, as it instills confidence and reliability in the dApps deployed on top of them.
Use Cases and dApps on GLITCH
Native smart contracts on GLITCH provide a powerful infrastructure for developers to deploy complex money market dApps directly on the native blockchain. These dApps will power the Glitch ecosystem, driving adoption, increasing total value locked (TVL), and unlocking new revenue streams for users and developers alike, including Validators.
Native smart contracts enable the development of various DeFi applications such as lending and borrowing platforms, prediction markets, launchpads, NFT marketplaces, and staking/yield farming platforms to name a few. Leveraging the power of native smart contracts on GLITCH these dApps can provide efficient financial services. The transparency, security, and efficiency of native smart contracts ensure a trustless experience for users. The impact goes beyond individual dApps, as the collective growth of the money market ecosystem contributes to the overall development and adoption of the GLITCH blockchain.
Integration and Interoperability
Seamlessly integrating with GLITCH’s existing features and modules, native smart contracts allow developers to leverage the full potential of the blockchain ecosystem. These smart contracts, powered by GLITCH’s underlying Substrate framework, are designed to communicate and interact with other blockchain networks and protocols, promoting cross-chain functionality and an interconnected DeFi ecosystem.
The foundational Contract pallet is designed to be composable, enabling easy integration with other Substrate-based blockchains and protocols. The modularity of Substrate’s pallets empowers developers to create more complex functionalities by allowing assets and data to be transferred cross-chain.
The deployment of native smart contracts on GLITCH is pivotal in creating an interconnected DeFi ecosystem, where the benefits of dApps extend beyond individual blockchains, unlocking the full potential of DeFi.
With the deployment of native smart contracts, developers are able to create and launch their dApps directly on the native chain. With EVM compatibility already available, builders now have the freedom and flexibility to build on both contract pallets.
As a developer, the following resources can help you get started building:
- Developer Portal: A one-stop resource to learn, build, and deploy your smart contracts on GLITCH.
- Validator Portal: A one-stop resource to learn, build, and deploy your testnet and mainnet nodes.
- Documentation: GLITCH core functional requirements are documentation that describes how the GLITCH blockchain should perform and how to build on it. It will be continually built out over time.
- GitHub: Public GitHub repo for the GLITCH network.
Start of a new era
The deployment of native smart contracts on the GLITCH mainnet signifies a significant milestone in the evolution of the GLITCH blockchain. It paves the way for groundbreaking innovation, increased adoption, and the creation of a thriving DeFi ecosystem.
We invite the community to explore and experiment with native smart contracts on GLITCH, as we embark on this exciting new era of decentralized finance.
Start building today and discover the endless possibilities that native smart contracts on GLITCH offer. To learn more in-depth technical information about native smart contracts and their functionality, read the official whitepaper. And to start building, visit docs.glitch.finance.
Join us as we revolutionize DeFi together!
GLITCH is a blockchain-agnostic super protocol explicitly designed for trustless money markets and decentralized financial applications (dApps). GLITCH solves the expensive fee structure of other blockchain platforms while simultaneously empowering all ecosystem participants and guaranteeing low network fees through a unique revenue-sharing mechanism. Glitch plans to incorporate token wrapping bridges, where dApps can run more efficiently, all in service of Glitch’s ultimate goal: to become a cornerstone of blockchain infrastructure.
Glitch Finance launches native smart contracts on the GLITCH mainnet was originally published in Glitch Finance on Medium, where people are continuing the conversation by highlighting and responding to this story.