Galxe (GAL), a key player in Web3 infrastructure and digital identities, has unveiled its proprietary layer-1 smart contract known as Gravity. This move signifies a major shift as all of Galxe’s products will now migrate to this new blockchain system.
Why Was Gravity Developed?
The initial version, which will be hosted on Arbitrum Nitro, is set to publicly test cross-chain agreements in June 2023. Full operations of Gravity Mainnet, which include native staking and restaking, are anticipated to commence in Q2 2025. Galxe’s team cited explosive user growth—currently at 20 million users and 100 million monthly transactions—as a key reason for this development, necessitating a more scalable solution for cross-chain interactions across 34 blockchains.
Technical Advancements and Security
According to the Galxe team, existing technologies couldn’t handle the platform’s complexity and scale, leading to the inception of Gravity. Gravity will function as a proof-of-stake blockchain, leveraging restaking through EigenLayer and Babylon to harness Ethereum network security. It promises near-instant transaction finality using Reth, and high throughput with the Jolteon (AptosBFT) consensus algorithm, while being Ethereum Virtual Machine (EVM) compatible.
Key User Transitions
Galxe Passport, currently used by about 1 million users, will transition from BNB Chain (BNB) to Gravity. Similarly, the Galxe Score contract will migrate from Polygon (MATIC) to the new blockchain. This transition is expected to enhance efficiency and provide a more seamless user experience.
Concrete User Benefits
User Benefits and Impacts:
- Enhanced transaction speed due to near-instant finality.
- Higher security leveraging Ethereum’s network.
- Improved scalability for managing cross-chain interactions.
- Seamless migration of key services like Galxe Passport and Galxe Score.
These advancements are poised to significantly improve user experience and operational efficiency.
In parallel, the Bitcoin market showed notable activity. BTC rebounded from $67,200 to $67,800, stabilizing the market cap at $1.33 trillion. However, a drop in 24-hour trading volume to $26 billion suggests a possible waning interest.
