Galxe's Leap to Gravity Token: A Web3 Ecosystem Upgrade

On July 4, Galxe (GAL), a leading Web3 credential data network announced migration to Gravity (G) token. Unifying the user experience over both platforms is the key motive behind the migration and will be done upon completion of the on-chain migration.

Galaxy Network shared the news over the X (formerly Twitter) platform along with highlighting the utilities, token specifications, and safety tips for seamless migration.  

Source: X

After the approval of the GP-25 and GP-30 proposals by the community, Galxe decided to introduce the concept of 'One Token, Two Ecosystems'. Result of this, the network is all set to integrate the G token seamlessly across Layer 1 and the Galxe ecosystem.  

Upon completing the onchain migration, the existing GAL will be burned and new G tokens will be sent to the user's wallet in a 1:60 GAL to G ratio. On July 9, the network will open the migration portal for all the users and will remain live for at least one year. 

Need for Migration of GAL to G

G is the native token of Gravity, the utility token of the Galxe ecosystem, and powers transactions as the gas token. It plays a crucial role in driving governance decisions, incentivizes growth, and facilitates payments.

Furthermore, the transformation from GAL to G will enhance the token's utilities and applications to serve all users within our ecosystems. Staking, governance, transacting, and payments are the current utilities.

After the migration, the G token can be used to pay fees for applications built by Galxe, including Galxe Quest, Galxe Passport, Galxe Score, Alva, and more. Additionally, it can also be used on Galxe Shop, Galxe Earn, and other Galxe products and features. 

Soon, the community will see the G token as a native token on Gravity Alpha Mainnet as an ERC20 token on Ethereum, BNB Chain, and Base. Moreover, individuals can transit GAL to G using a Self-Custodial Wallet, centralized exchanges, and GAL staking.     

GAL Token Performance

Despite the migration news, the GAL token hasn’t performed well and dropped to 17.97% in a day. The sudden fall in Bitcoin (BTC) price from $58,467.84 to $54,507.74 within a day, affected the Altcoin’s price movement. 

Mt. Gox has transferred a large amount of BTC to an unknown wallet resulting in a significant liquidation of assets and the overall market value contraction. The negative impact of the same was recorded on GAL token price.

Source: CoinMarketCap     

According to CoinMarketCap, the GAL token was trading at $1.83, after an intraday drop of 17.97% with a market cap of $211,839,809 and $35,978,861 in 24-hour volume.  

Conclusion

Galxe (GAL) is set to become a Gravity (G) token, aiming for a seamless integration across its Web3 platforms. The shift, backed by community votes, will see GAL tokens exchanged for G at a 1:60 ratio starting July 9. The G token will power transactions and governance within the Galxe ecosystem. Despite the strategic move, GAL's value fell sharply, mirroring a wider market slump linked to Bitcoin volatility and Mt. Gox's recent activity.