The XGLI will offer holders exposure to various protocol revenue fees, which will effectively create a unique ecosystem for the token. The first protocol to support the XGLI will be the XGLI cross-chain swap, which will bridge the Algorand and Solana ecosystem. Within this protocol, a part of the swap fees will go as incentives to the holders.
Beyond this, several protocols to be built on the Rainbow Network will also encompass the XGLI ecosystem, and will similarly offer the XGLI investors part of the revenue coming from these protocols.
The Utility of the XGLI is as a bridging mechanism. Part of this utility makes it possible for the XGLI holders to enjoy various DeFi investment options specifically set-up for the XGLI on all supported chains (Algorand, Solana, and Rainbow).
The XGLI cross-chain swap will be released between middle of October 2022 to middle of November 2022. The Rainbow protocols will be released in the summer of 2023.
The Rainbow Network is not a separate protocol, but is in fact one of the products from Glitter. As such, it will work with the XGLI and give more value to this token through incorporation of the XGLI into several protocols within the Rainbow Network.
The XGLI is a token associated with the Glitter Bridge and all the Glitter Finance cross-chain products. It is a cross-chain, blockchain agnostic token, which straddles the Algorand and Solana ecosystems. It will also be native to the Rainbow Network ecosystem.
The Rainbow token is a layer 1 coin with vastly different functions such as gas fee payment, ecosystem incentives, and grants.
One of the major functions of the XGLI within Rainbow will be to bring in cross-chain liquidity.
Our company decided to create the interoperability element (or layer 0) first, before the blockchain, as this will allow us to create a more technologically-modern blockchain.
Furthermore, as we were tasked by the Algorand Foundation to create the first bridge between Algorand and Solana, our focus was on fulfilling our mandate.
The short answer is yes.
The short answer is no.
The Rainbow Network - a layer 1 ecosystem which will integrate all cross-chain products previously created by Glitter.
Yes, pending a successful raise and solid revenue streams, we plan to list the XGLI on a major exchange, alongside the Rainbow token.
The price is currently depreciated because we used the XGLI to drive traffic towards the Glitter Bridge. We did this by setting-up staking on both Solana and Algorand where one would receive the XGLI as a reward for staking the bridge tokens of xALGO and xSOL. This resulted in diluting the supply. This was also compounded by the bear market conditions.
We stopped this staking to stop inflating the supply of the XGLI, as we were using it as a reward token.
Yes, 500,000 USD was spent on the buy back, during the first month of the launch.
No, as this would hurt the development of the Glitter Ecosystem.
Currently the team is creating the ecosystem for the XGLI and deepening both value to holders and utility. If this fails to increase the XGLI value we will burn a larger part of the supply to raise the price.
Incentives to buy will be created through farming, staking, and sharing revenue. Utility will be assured via the token’s bridging capability.
The token offers exposure to both the Glitter Ecosystem revenue and the Rainbow Ecosystem revenue.
Further, investment into the XGLI gave early, private round investors exposure to a cutting edge technology project. Having said this, the Glitter team does not make nor control the market. Circumstances that created bear conditions could not be foreseen. We therefore hope that through the many different initiatives we have described here, the XGLI will reach a higher price than the presale.
The XGLI is a utility token that does not purport itself to be a security. All protocols which allow exposure to protocol fees are fully decentralized from Glitter. Further, exposure to fees will only be available to long term holders, via specialized staking. Complete terms and conditions will be published once incentives are launched. US citizens are banned from participating in the incentives program, as they were barred from the Private Sales.