Introducing Galxe Token (GAL), and its Public Sale on CoinList

Galxe
Galxe Campaigns
Published in
4 min readFeb 10, 2022

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We are pleased to introduce GAL, the native token in the Galxe ecosystem. The public offering of 10 million GAL will take place on Feb 17th, 2022 on CoinList.

Since launched in March 2021, we have grown a community of 200,000 unique on-chain users from 7 different blockchain ecosystems. Galxe Credential Data Network now has over 700 digital credential sets covering more than 5 million users in Web3. More than 120 projects and organizations have leveraged Galxe’s digital credential data and NFT infrastructure launching over 500 campaigns to build better products and communities. Today marks a new chapter for Galxe. Think what Apollo 11 meant to space travel, that’s what our native token means to us: GAL token will become the key to connect users and help them to grow and solidify their places among the stars.

The GAL Token

Galxe aims to build a permissionless, open, and collaborative credential data network. The GAL token is an essential component to such infrastructures as it functions as the governance token, incentivizes user participation, and serves as the primary payment token of the Project Galxe ecosystem. Here are the utilities of GAL:

  • Governance: GAL is used for voting & governance in Galxe DAO. GAL token holders have the ability to control the amount of the platform fee collected by the protocol, and control funds held by the Galxe Community Treasury.
  • Paying for Application Module Fee: Developers who aim to utilize Galxe’s credential data through Application Modules will be subject to a Platform Fee which is charged in GAL. The Platform Fee is set up such that every interaction with the Galxe Protocol will incur a fee in GAL. Most of the fee will go to the curators, and Galxe Community Treasury will collect the rest. Currently, all Application Modules fees are waived during beta testing.
  • Paying for Galxe Oracle Engine and Galxe Credential API: Developers pay GAL to query our credential data through Galxe Oracle Engine and Galxe Credential API. Currently all query fees are waived during beta testing.
  • Curating Digital Credentials: Curators can utilize the GAL token to signal a credential data set’s value. Each credential data set will include a revenue stream that will be split between credential stake holders pro-rata. Curators can purchase stakes of a credential data set from its corresponding bonding curve. Because of the nature of the bonding curve(price of credential stake increases as more users purchase it), in the event a curator purchases the credential stake of a popular data set early, the cost of credential stakes will be low so its future revenue stream will be relatively high. When the price of the credential stake increases along the bonding curve, the curators can also choose to sell the credential stakes back to the bonding curve in exchange for GAL. As a result, this incentivizes curators to help identify valuable credential data sets by using GAL to exchange for credential stakes through the bonding curves. In the long term, the more credential data in the network, the more GAL will be locked in bonding curves for data signaling. Currently the curation system is still under development.

Token Distribution

GAL has a total supply of 200,000,000 tokens.Here is a breakdown on how these tokens will be distributed.

Line chart on token distribution within crypto
Graph displaying GAL token circulating supply

CoinList Public Sale and its Priority Queue for Galxe Users

The public sale on CoinList will take place on February 17th 2022, and a total of 10 million GAL will be distributed through CoinList.

To learn all details about the token sale and register your spot, visit <https://coinlist.co/galaxy>

CoinList Priority Queue for Galxe Users

We have taken a snapshot of all holders of following NFTs on Feb 8th 2022, 8am UTC:

To reward early adopters of Galxe ecosystem, these addresses have been added to the Priority Queue of upcoming $GAL CoinList Public Sale. In order to activate your priority queue benefits on CoinList, you will also need to add the eligible Ethereum wallet address to your CoinList account during the registration process.

To learn more about how Priority Queue works on CoinList, visit https://blog.coinlist.co/new-the-priority-queue-for-coinlist-token-sales/

To view the list of eligible addresses — https://github.com/NFTGalaxy/coinlist-priority-queue

About Galxe (previously Project Galaxy)

Galxe is building a protocol that powers on-chain credentials with plug-and-play NFT modules. The permissionless infrastructure allows everyone to create, distribute, and gamify NFTs with customized on-chain data. Developers can build their own loyalty programs, and individuals can issue and claim the NFTs backed by their on-chain achievements.

With Galxe, NFTs become more than just collectibles, but also forms of identification, empowering developers and community members to build more engaging communities together.

Join Galxe Community

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For developers & NFT artists who are interested in working with Galxe’s partner network, join our Discord community and learn more.

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Galxe
Galxe Campaigns

Galxe is a decentralized super app and Web3’s largest onchain distribution platform. Start exploring Web3 today at galxe.com