Entering the last week of July, the current market conditions have not improved. Bitcoin has corrected over the past week and now holds the critical support line at $30,806. This condition could be the last major support zone and the bulls must hold to prevent further declines.
But what about the development of DeFi? One of the projects currently being discussed by youtube influencers such as Michael Wyann, Kendrick Kalim, and others is Glitch which was released on Indodax last May.
After announcing the launch of its testnet at the end of last June, and the launch of a wallet and faucet which is currently in the testing and feedback collecting stage, Glitch has survived strongly as evidenced by the monthly AMA held in July.
Although the current market conditions are chaotic, and there has been a decline in prices in the GLCH market, this has proven not to be a problem for a project that has a solid foundation and strong financial and community support. This transparent foundation and marketing strategy is of course a very important criterion to consider for a project and long-term traders.
In addition to the liquidity lockout which was announced on July 21, a new Roadmap will be launched this weekend containing high-level information such as mainnet launches, new partnerships, and much more. In collaboration with Kurtosis as a tester, the testnet is running smoothly and so far it has received positive feedback from the community.
To close the article, here are the answers of Sean Ryan as CEO of Glitch Protocol in the AMA session held on July 14, 2022 when asked how the Glitch team will survive financially to develop if the market is still in a bearish trend for more than 1 year;
“No matter the market conditions, Glitch is poised to succeed. We have no funding issues and are ready to succeed in bull and bear markets. We will survive and not go anywhere. DeFi is our passion and we are building the most unique L1 blockchain to date.
This question is asked quite often. We are well funded … We will not stop and will continue to give our best, bear or no bear” – Sean Ryan, CEO of Glitch Finance
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Disclaimer: not financial advice