Galxe is a Web3 project that helps projects easily connect and develop their communities through interactive tasks, while giving people the opportunity to experience the Web3 world and earn rewards from the project.
So what is special about the Galxe project? Let’s find out with AZCoin in the article below.
What is Galxe?
Galxe (formerly Project Galaxy) is a Web3 authentication data network built on an open and interoperable infrastructure.
Galxe has the ambition to help developers and organizations take advantage of digital authentication data and NFTs, bring better products to users and develop stronger communities on the Web3 network.
At the same time, data managers (aka curators) will be rewarded when credentials are used in Galxe’s Application Module, Oracle Credentials Tool, and Credentials API.
Galxe Highlights
Tapping into the need for authentic information
Today’s credential data is segregated across closed databases, owned and authorized by applications, government agencies, and financial and credit institutions. This fragments the information and makes it difficult for ordinary people or developers who need it to access it.
Galxe solves this problem well by using an open and collaborative credential data network accessible to all developers on Web3.
Additionally, Galxe’s infrastructure has mechanisms to support managers to contribute information through multiple data sources, including:
- For on-chain attestation, custodians can contribute by subgraph queries or wallet snapshots.
- For off-chain attestation, managers can easily contribute credential data using Galaxy’s built-in data sources such as Snapshot.org, Twitter, and Github.
A model to motivate curators
Not only does the project provide a data source for curators to contribute information, it also has a mechanism to incentivize them.
Each credential dataset will consist of a revenue stream that will be split among credential holders proportionally. Managers can purchase shares of the credential dataset from its respective bonding curve.
Due to the nature of the bonding curve (the price of a credential share increases as more users buy it – the law of supply and demand).
In case a curator buys the credentials of a popular dataset early, the credential stake cost will be low, so its future revenue stream will be relatively high ⇒ For curators who are sensitive and recognize the opportunity early.
As the price of credential shares increases along the bonding curve, the manager can also choose to sell shares of credentials back to the bonding curve in exchange for GAL.
As a result, this incentivizes curators to help identify valuable credential datasets by using GAL tokens in exchange for credential staking through bonding curves.
In the long run, the more credential data there is in the network, the more GALs are locked into the binding curves for signaling data.
Profit opportunity
Curators will earn revenue streams when the data they manage is used in Galxe’s Application Module, Oracle Credentials Engine, and Credentials API .
This creates a ripple network effect for stakeholders, as the more credential data flows into the system, the more developers participate in using that data, which in turn incentivizes more administrators to contribute credentials to receive profits.
This is a mutually beneficial relationship for the curators and the project as well as the benefits and motivation to grow.
Galxe Token Information
Key Metrics GAL
Basic information about GAL Token:
- Token Name: GAL token
- Ticker: GAL
- Blockchain: Ethereum, BNB Chain
- Token Standard: ERC20, BEP20
- Contract:
- ERC20: 0x5faa989af96af85384b8a938c2ede4a7378d9875
- BEP20: 0xe4cc45bb5dbda06db6183e8bf016569f40497aa5
- Token Type: Governance, Utility.
- Total Supply: 200,000,000 GAL.
- Circulating Supply: 46,545,329 GAL.
GAL Token Allocation
A total of 200,000,000 GAL will be divided as follows:
- Ecosystem (6%) + Rewards (2%) + Foundation (10%) + Marketing (15%): 33%.
- Token Sale (Investors): 25.77%.
- CoinList Public Sale (5%).
- Growth Backer Round 1 (10.63%).
- Growth Backer Round 2 (10.14%).
- Community Treasury: 20%.
- Team: 15%.
- Advisors & Partners: 6.23%.
GAL Token Sale
Galxe plans to conduct a Public Sale on Coinlist on February 17, 2022, offering a total of 10,000,000 GAL tokens for purchase. Here are some key details:
- Deadline for registration: February 15, 2022, 12:00 UTC.
- The sale will start on: 2/17/2022, 18:00 UTC.
GAL Token Release Schedule
The token payout schedule will be as follows:
- Ecosystem (6%): Will be fully liquidated at TGE.
- Early Adopter Rewards (2%): Will be fully liquidated at TGE. 50% of tokens will be issued at TGE and the remaining will be distributed after 6 months.
- CoinList Public Sale (5%): Will be distributed evenly weekly for 12 months from TGE.
- Foundation (10%): 18% will be vested at TGE, followed by 3 years of quarterly vesting.
- Marketing (15%): 20% will be vested at TGE, followed by 3 years of quarterly vesting.
- Growth Backer Round 1 (10.63%): 3 months cliff starting from TGE, then 3 years of quarterly vesting.
- Growth Backer Round 2 (10.14%): 12% will be vested at TGE, followed by 3 years of quarterly vesting.
- Community Treasury (20%): 12% will be vested at TGE, followed by 5 years of quarterly vesting.
- Team (15%): 3 months cliff starting at TGE, then 5 years vesting monthly.
- Advisors & Partners (6.23%): 12% will be vested at TGE, followed by 3 years of quarterly vesting.
GAL Token Use Case
GAL Tokens are an integral part of the project infrastructure, incentivizing user participation and serving payment purposes for the ecosystem, specifically as follows:
- Governance : GAL tokens will be used for voting and voting in the Project Galaxy DAO. GAL token holders will have control over the amount of transaction fees they receive from the protocol. Additionally, they will have control over the funds held by the Project Galaxy Community Treasury.
- Application Module Fee Payments : Developers who want to use Galaxy authentication data through application modules (which help package data associated with a specific task) will need to pay the platform fee in GAL tokens. The majority of the fee will be transferred to curators and the Galaxy Community Treasury will receive the rest.
- Paying for Galaxy Oracle Engine and Galaxy Credential API : Developers will need to pay to query Galaxy authentication data through the Galaxy Oracle Engine and the Galaxy Credential API. Query fees will be free during the Beta testing period.
- Digital Credential Management : Curators can leverage GAL tokens to signal the value of a set of data validators. Each set will include a revenue stream, which will be split among credential holders proportionally.
How to earn and own GAL Token
To own GAL tokens, if you are a Curator, you can buy shares of credential data early and sell when the demand for that information set increases to receive GAL tokens.
To trade GAL Token at the wallets and exchanges mentioned in the article, visit the best crypto exchanges 2024 page for guidance on how to participate and receive first-time bonuses.
Roadmaps & Updates
Galxe (Project Galaxy) was first launched in March 2021. The project has also attracted more than 200,000 different on-chain users in 7 different blockchains.
At the time of writing, Galaxy’s data network has over 700 authenticated datasets covering over 5 million users across Web3.
120 is the number of projects and organizations leveraging Galaxy’s authentication data and NFT infrastructure to launch over 500 campaigns to build better products and communities.
Galxe Project Team, Investors & Partners
Project Team
Galxe team has 2 co-founders, Harry Zhang and Charles Wayn, with different expertise.
- Harry Zhang: In his role as a product lead, he has previously served as the Founder and COO of Lino Network and Dlive.tv, which eventually combined to form the Bittoren Ecosystem. His accomplishments in these ventures are notable, having attracted over 10 million users. Furthermore, he was the Chairman of the Chinese Young Entrepreneurs Association at Berkeley during the years 2016-2017.
- Charles Wayn: Lead strategist, he was also a founding member and CEO of Dlive.tv. He later served as vice president of the interactive entertainment department at Bittorent. Like his colleagues, Wayn also served as president of the Beijing Young Entrepreneurs Association from 2018 to 2019.
Investors
Galxe has received a $10 million investment led by Multicoin Capital and Dragon Fly to turn Project Galaxy into the world’s largest open data authentication network.
Other notable investors participating in the deal include Alameda Research, Solana Ventures, Coinbase Ventures, Haskey Capital, and Binance Smart Chain.
Other investors participating in this funding round include Coinbase Ventures, Binance Smart Chain, Alameda Research, Solana Ventures, Spartan,…
The new funding will be used to develop the credential data network, expand support for multiple data sources, and build powerful application modules to help projects leverage digital credential data more effectively.
Partner
Galxe is currently partnering with Dvision Network as part of Polygon’s LAND Grant Program.
This is a program to onboard strategic partners of Dvision Network. They have initiated the “Sponsorship Program” together with Polygon Studios, to attract their top partners to provide space for Web 3.0 developer teams to create games/ NFT /Web 3.0 products and various valuable contents in Dvision’s Metaverse.
Galxe project has been granted one of the rare high-end NFT LANDs with the best location in Meta-City (Tokyo).
Currently, there are more than 110 projects using Galxe’s service as a platform to develop strongly and increase interoperability. They are all leading DeFi protocols such as Yearn Finance, Serum, Raydium, 1inch, Alpha Finance Lab or Perpetual Protocol.
In addition, Galxe also has ecosystem partners such as Ethereum, Binance Smart Chain, Solana, Fantom, Avalanche, or Ethereum’s layer 2 solution Arbitrum.
Summary
In this summary article on the Galxe project, we aim for readers to understand the essential details regarding this initiative to help them make informed investment choices. According to the indemnity, AZCoin holds no responsibility for any financial decisions you undertake. We wish you the best and hope you benefit from this profitable market.
I am Tony Vu, living in California, USA. I am currently the co-founder of AZCoin company, with many years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
Email: [email protected]
