Project Galaxy (GAL) — Web3 Credential Data Network

GAL (GAL/USDT) was listed in MEXC Innovation Zone on May 5 with an opening price of 1.5 USDT. The highest price was reached at 18.54 USDT. It market the price growth at 1236%. 

What is Project Galaxy?

Project Galaxy is one of the leading Web3 credential data networks. Built on open and collaborative infrastructure, Project Galaxy helps Web3 developers and projects leverage digital credential data and NFTs to build better products and communities.

In general, Project Galaxy is a decentralized data platform that can analyze and manage multiple data sources on-chain and off-chain to generate exclusive NFT credentials for different developers/users, such as DEX trading credentials, DeFi mining credentials, NFT buying credentials, etc.

Developers/users can participate in the activities of other corresponding projects in Web3 through these NFT credentials. For many projects, they can also attract users via these credential data.

In Web2, we may often use different third-party accounts to register/login to App or Web due to the inconvenience caused by the data island.

Project Galaxy can build a unified Galaxy ID (decentralized identity system) and connect the credentials to form a credential data network. After users connect their wallets to the official website, they can generate a Galaxy ID, which will automatically display labels such as “Uniswap V3 Trader”, “Opensea Trader”, etc., according to the user’s historical behavior.

Through Galaxy ID, users can control their identity, and allow authentication and authorization by themselves, rather than being controlled by authoritative institutions.

What makes Project Galaxy unique?

Project Galaxy highlights several case studies of existing partnerships to showcase its potential.

  • Growing a DEX: Project Galaxy helped grow Hashflow, a decentralized exchange (DEX), from 3,000 to 13,000 weekly active users by using its credential-based non-fungible token (NFT) infrastructure. To reward Hashflow’s early users, Project Galaxy minted a series of NFTs called Hashbot Genesis that was claimable by all Hashflow users. With over 20,000 NFTs minted, Hashflow’s monthly trading volume grew from under $20 million to over $600 million in only a few months.
  • Customized Governance:Project Galaxy has collaborated with BNB Chain to generate NFT badges for the committee and MVB participants. The MVB program helps DApps and builders in the Binance ecosystem, while the committee is composed of the BNB Chain Fund, media and influencers, and top-tier investment institutions. Thanks to Project Galaxy’s credential-based NFTs, each committee member received an exclusive NFT badge and governance was customized based on this.
  • Ecosystem Growth:Project Galaxy partnered with Solana to help 27 different protocols reach their marketing growth goals through the “2022 is gonna be SOL Cool” campaign. In total, the campaign attracted 33,400 new users that signed up for an average of five protocols on Solana. This was achieved by deploying credential-based NFTs that recorded a user’s on-chain activity to be eligible for the marketing campaign.

What is GAL token?

GAL acts as the payment token and governance token in the Project Galaxy ecosystem.

GAL Utilities:

  • Community governance: GAL holders are eligible to participate in the vote and governance of the Galaxy DAO projects. Meanwhile, they can also control the fees charged by the platform, the funds in the community Treasury and others
  • Payment: Developers who aim to utilize Galaxy’s credential data and Application Modules will be subject to a Platform Fee which is charged in GAL. The developers will need to pay in GAL when inquiring about the credential data of users via Galaxy Oracle Engine, and Galaxy Credential API.
  • Curating Digital Credentials

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Please note that the information and data above are cited from third-party sources & whitepapers and do not represent MEXC. Please refer to direct sources for more details. This is not financial advice and does not constitute an offer or solicitation to offer or recommend any investment product. It is for general purposes only and does not take into account your individual needs, investment objectives, and specific financial circumstances. Investment involves risk.

This disclaimer informs readers that the MEXC Creator’s content, views, thoughts, and opinions expressed in the articles belong solely to the creators and authors, and not to MEXC Global itself. MEXC Global doesn’t give any investment recommendations or advice.

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