Galxe announces launching Gravity, a layer-1 smart contract platform

Galxe has announced plans to launch Gravity in order to meet the increased requirements of the ecosystem. Galxe is essentially a layer-1 smart contract platform that will be rolled out in a phased manner. The first iteration is slated to go live in the next month, that is, June 2024. It will be followed by the launch of the final version in the second quarter of 2025. Galxe will then migrate all of its products to Gravity, a PoS blockchain network. Also, it has announced the launch of a new token,G, as it moves forward with Gravity.

Gravity is becoming increasingly important as the quantity of users and transactions grows. Galxe now has more than 20 million users and almost 100 million monthly transactions. This aims to develop a more scalable solution that can efficiently process a large number of transactions for millions of users. Galxe-backed Gravity will now manage interaction with 34 blockchains to facilitate the aforementioned requirements.

Needless to say, the ecosystem is expanding rapidly, and Galxe has its sights set on what it will have to support in the future.

In a statement, the team behind Gravity said that the current requirements were falling short in supporting the complexity of the network, adding that that’s what prompted them to come up with Gravity. The offerings of staking and restaking make Gravity’s upcoming launch something to look forward to.

DAO, a decentralized autonomous organization, has approved the migration of GAL’s contract to Gravity. More of these approvals are on the table. Galxe Passport is expected to be migrated from BNB Chain to Gravity soon, followed by the Galxe Score contract. It will be moved from Polygon to Gravity in the times to come.

This development, however, has not gone down well with the community. There are bearish sentiments prevailing at the moment. GAL is down by 9.90%, listed at $3.73 in the last 24 hours. Most of the trades have been in red, despite a surge of 6.43% over the last seven days. There has also been a notable surge of 7.88% over the last 30 days. The market cap has dropped by 9.90%, and the 24-hour trading volume has gone up by 19.33%.

EigenLayer and Babylon will support restaking through the Ethereum network’s security. The new native token G will be in addition to GAL. AptosBFT will support near-instant translation finality, while Reth will serve as the execution layer.  Two upcoming migrations are Galxe Passport and Galxe Score contract being moved from BNB Chain and Polygon, respectively, to the new chain.

The migration of other products will follow. GAL, meanwhile, is aiming to test the resistance of $3.5 to avoid any further decline in its value.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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