The Glow project and the Glow token show a lot of promise. We should be seeing a couple of Glow’s dApps coming up very soon.
But is there any weight behind what Glow’s supporters and developers are saying? Or is it just pure hype?
Let’s find out.
What Is GLOW?
GLOW recently launched on the 10th of December, 2021, to be precise.
As a decentralized financial payment network, it aims to simplify programmable payments and open financial infrastructure development. Glow is developing new decentralized apps (dApps) to provide an open, approachable yield ecosystem.
Ultimately, the entire community would benefit from contributing to this ecosystem.
Here are some of the first dApps in their ecosystem.
- Glow Lotto
- Glow Creators
- Glow Starters
Glow Lotto was the earliest dApp to be released. It was launched in the last quarter of 2021.
Glow Lotto is a no-loss lottery where even if you don’t win the jackpot, you still earn.
If you’re familiar with PoolTogether, then you already know the basics.
Glow claims that they want to make saving money fun, as it should be. For them, providing a zero-risk way of potentially earning hefty amounts of money is the way to go.
It starts by depositing UST into Glow Lotto, and the rewards at the end are proportionate to these deposits.
The deposits then go to Anchor, where they earn approximately 20% Annual Percentage Rate (APR). 5% of this APR (25% of the yield) is returned to the depositor, while 15% of APR goes into the lottery pool.
That way, no depositor loses their money, regardless of the lottery’s outcome.
At this point, you’re probably wondering how the lottery combinations are done. Well, all the numbers are pulled from a trusted source of randomness:
“In Glow Lotto, we are using the most decentralized and verifiable source of randomness available in the Terra ecosystem: Terrand.
Terrand uses CosmWasm smart contracts to act as a relayer of DRand, one of the most secure and recognized random number generators on the Internet.”
Following up, we have Glow Creators scheduled for the first quarter of 2022. Their goal with this one is to “enable content creators worldwide by leveraging yield to align incentives and make everyone a winner.”
In other words, as you’d expect, the idea is to cut out the middleman.
Patrons would be incentivized to support their favorite creators since they would also be making money in the process. Patrons would provide support directly to said creators – and there would be a “no-loss principle for all stakeholders.”
Creators can reward their fans using different web3 tools (they are releasing details about this little by little).
We come to our third dApp, scheduled for Q2 2022.
The goal of Glow Starters is to efficiently fund new business ideas and ensure promising returns on investments.
More information is yet to come regarding Glow Starters and other new ideas the project’s developers have planned.
GLOW Token: What You Need To Know
The GLOW token is the Glow Protocol’s governance token – but it also serves as the protocol’s revenue-generating token.
You can deposit these tokens to create governance polls, which influence the future of Glow. All users who have staked GLOW can vote on these polls and have their say in what that future will look like.
The Governance Of Glow
The governance of Glow can be divided into two functions:
- Manage the Glow Ecosystem Fund (GEF)
- Strategically choose the parameters of the Glow protocol
Managing The Glow Ecosystem Fund
The fund is designed to fund community grants and strategic investments to maximize the reach and success of the protocol.
Specific parameters (such as the reserve fee on prizes) can be adjusted and optimized. These adjustments can be made at any point, meaning they can change depending on the stage of the project.
Any upcoming changes and decisions will be voted for through polls.
How The Glow Token Distribution Works
Over a period of a minimum of four years, precisely 1,000,000,000 GLOW tokens will be minted and distributed; Glow’s token airdrop event marked the initial launch.
The following is a description of planned Glow Token distribution:
- Glow Ecosystem Fund: 300,000,000 (30%) – These tokens will be deployed over the next five years by the community to fund strategic investments and grants.
- Team and Early Contributors: 225,000,000 (22.5%) – Following a two-year vesting period, including a six-month lock-up.
- Depositor Rewards: 150,000,000 (15%) – Ecosystem rewards meant to incentivize users and depositors. In the case of Glow Lotto, rewards are distributed following the Target Award Emission Algorithm.
- Investors: 100,000,000 (10%) – Allocation for the builder’s round, vested over 18 months with a six-month lock-up.
- Pylon Gateway: 25,000,000 (2.5%) – 21M will be distributed across three Pylon pools. The rest (4M tokens) will be reserved for upcoming initiatives with the Pylon community.
- Community Airdrops: 50,000,000 (5%) – Distributed at the genesis and split among LUNA stakers, ANC stakers, ANC holders, and ANC UST depositors.
- WarChest: 50,000,000 (5%) – Funds allocated to cover future audits, bug bounties, and related operational expenses.
- Liquidity Providers: 100,000,000 (10%) – Distributed linearly over a period of two years to incentivize liquidity providers of GLOW-UST.
Click here for further information regarding GLOW, including the tokens’ distribution schedule.
Who Benefited From The GLOW Airdrop
If you’re in one of these categories:
- Luna Staker,
- MINE Staker,
- Anchor Staker,
- Anchor Depositor,
- Anchor Holder,
Then you had the opportunity to benefit from the GLOW airdrop.
GLOW Airdrop Date
GLOW airdrop was scheduled for the 10th of January, 2022, at 19:00 GMT
Visit https://app.glowlotto.com/ to buy GLOW.
Glow Token Address
Before diving in, you should be aware that there’s a fake GLOW address out there. Glow has addressed this issue on Twitter, warning contributors to stay away from scammers.
Here’s the official Glow token address:
How Do I Get Glow Tokens?
There are currently two ways to get GLOW tokens.
One, you can buy GLOW tokens in Terraswap. And two, you can earn them.
Click here to start claiming your tokens.
The majority of GLOW tokens go to the community. All contributors are rewarded for their support and contributions to the ecosystem.
Earn GLOW Token Rewards
Liquidity Provider Rewards
The first way of earning GLOW tokens is through LP rewards.
After the launch of GLOW tokens, there will be an LP reward program that will last for a year.
During this time, liquidity providers get rewards when they stake their Liquidity Provider (LP) tokens.
That is because the Glow protocol relies on GLOW-UST liquidity in Terraswap for its success.
The second method of getting your hands on these tokens is by staking them.
GLOW tokens do not come directly from the token supply, as you might be used to; in this case, they come from the protocol revenues.
Finally, you can deposit UST in GLOW Lotto. Free lottery tickets are given out to all depositors, allowing them to participate in the weekly event.
Everyone participating in the Glow lottery receives up to 5% APR, as this is a no-loss lottery.
The main reason behind these rewards is to incentivize the growth of all assets managed by Glow Yield and the Total Value Locked (TVL).
The entire Glow community stands to benefit from this growth since higher TVL also means higher earnings for everyone involved.
We’ll see 15% of the total GLOW token supply distributed as depositor rewards during the next four to six years. That will be done under the dynamic emission rate algorithm.
All depositors receive up to 5% APR when depositing UST in Glow Lotto. They’ll also get free lottery tickets after each deposit.
These tickets can be used to enter the lottery for a chance at the weekly jackpot.
When Did GLOW Launch?
GLOW went live on MAINNET on the 10th of January, 2022.
You can claim your GLOW at: https://app.glowlotto.com/
Glow Token – Is It A Scam Or Legit? What’s The Take?
A huge number of cryptocurrency ecosystems have proven to be a waste of time.
And because of this tendency for every new thing to burn and fail miserably, we need to take all possible precautions when investigating.
They’re not showing signs of slowing down; quite the contrary – Glow’s gaining quite a lot of popularity.
Final Verdict: Glow Is Legit
They have the framework to bring their ideas to fruition. Glow tries to retain an active correspondence with the community and remain transparent about what goes on behind the covers.
So far, we have no reason to assume it’s a scam.