Markets News Report Technology
April 22, 2024

Galxe Community Initiates Vote On Proposal For Token Symbol Change And Contract Migration

In Brief

Galxe initiated a voting process regarding a proposal to change the token symbol and migrate the token contract, with current support rate of 99.59%.

Galxe Community Initiates Vote On Proposal For Token Symbol Change And Contract Migration

Community of Web3 infrastructure and digital credential network Galxe initiated a voting process regarding a proposal to change the token symbol and migrate the token contract. This voting period will conclude on April 27th, with an existing support rate of 99.59%.

According to the proposal, the plan encompasses various technical enhancements, collaboration with key ecosystem members, and meticulous planning to facilitate a seamless transition. Key elements of the proposal entail modifications to the code base, adjustments to the logo, and the formulation of communication strategies tailored to diverse stakeholder groups.

To enhance the brand’s identity and bolster community involvement, the proposal suggests altering the original token symbol GAL to G, alongside upgrading the current GAL token smart contract. Under this proposal, GAL tokens will be exchanged for G tokens at a conversion rate of 1:60. Consequently, the total supply of G tokens will increase to 12,000,000,000, representing a sixtyfold increase compared to the existing total supply of 200,000,000 GAL tokens.

The proposed modifications aim to enhance GAL’s brand identity, mitigate confusion within the cryptocurrency market, and foster greater community involvement. Should the community endorse this proposal, the project team would be motivated to collaborate with different constituents in the Galxe ecosystem to develop a plan outlining timelines, technical roadmaps, and adjustments to tokenomics.

Galxe Registers 18M Users And 5,000 Collaborations In Three-Year Span

The Galxe Identity Protocol is a self-sovereign identity infrastructure, leveraging zero-knowledge proof technology to enable users to securely and privately own, manage, and share verifiable credentials.

The system enables data curators to participate in the credential data network and generate revenue from the utilization of the data. This collaborative credential infrastructure allows brands and builders to interact with communities and develop resilient Web3 products.

Over the course of its three-year development, Galxe has amassed nearly 18,000,000 active users, while its ecosystem is currently boasting more than 5,000 collaborations. Community members have collectively fulfilled 414,000,000 quests, and the platform has facilitated the creation of 221,000 credential sets.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

Hot Stories
Join Our Newsletter.
Latest News

From Ripple to The Big Green DAO: How Cryptocurrency Projects Contribute to Charity

Let's explore initiatives harnessing the potential of digital currencies for charitable causes.

Know More

AlphaFold 3, Med-Gemini, and others: The Way AI Transforms Healthcare in 2024

AI manifests in various ways in healthcare, from uncovering new genetic correlations to empowering robotic surgical systems ...

Know More
Join Our Innovative Tech Community
Read More
Read more
Alchemy Pay Teams Up With BounceBit To Support Bitcoin Restaking Ecosystem
Business News Report Technology
Alchemy Pay Teams Up With BounceBit To Support Bitcoin Restaking Ecosystem
May 17, 2024
Top 5 Liquid Restaking Protocols Built on Top of EigenLayer
Digest Markets Software Technology
Top 5 Liquid Restaking Protocols Built on Top of EigenLayer
May 17, 2024
Magic Square Unveils IDO Platform Magic Launchpad To Democratize Retail Access For Web3 Investors
Business Markets News Report
Magic Square Unveils IDO Platform Magic Launchpad To Democratize Retail Access For Web3 Investors
May 17, 2024
Binance Partners with Taiwanese Authorities to Unveil Massive $6 Million Crypto Money Laundering
Opinion Business Markets Software Technology
Binance Partners with Taiwanese Authorities to Unveil Massive $6 Million Crypto Money Laundering
May 17, 2024