GalxeGravity co-founder Charles: Welcome the decentralization of Galxe and explore the future of chain abstraction | FAT Awards 2024
In recent years, the narrative of Web3 has continued to evolve, from decentralized finance to RWA and AI, and the focus of the industry is constantly changing. Today, "chain abstraction" as the focus of a new round of narratives is attracting more and more attention. The core of chain abstraction is to eliminate the barriers between users and the complexity of blockchain, making cross-chain operations and asset transfers simpler and more intuitive.
On September 16, the annual ceremony of "FAT Awards 2024" was grandly opened at the Conrad Hotel in Singapore. "FAT" is a ranking ceremony + summit forum brand founded by Odaily Planet Daily in 2020, aiming to reward the leaders and innovators of Web3 and the crypto industry, and focus on value paradigms and consensus moments. In 2024, when the crypto industry is changing with each passing day and narratives are recognized by the mainstream world, fresh narratives are surging, the ecology is flourishing, and high-quality projects are launched one after another. Odaily Planet Daily once again opened the FAT list selection and held an offline ceremony.
One of the highlights of the event was the keynote speech by Charles Wayn, co-founder of Galxe Gravity. He gave a speech entitled “Meeting the Decentralized Future of Galxe” and discussed Gravity in an easy-to-understand manner, opening a new chapter in chain abstraction and the decentralized future.
As a leader in the Web3 market, Galxe has gradually established a user-centric ecosystem through its innovative Quest product, with more than one million daily active users. In the rapid development of Web3, Galxe has a unique position in the ecosystem. They distribute resources by gathering upstream and downstream, and their growth history has obvious convergence with the original Cex. But in the future, under the large competitive landscape of parallel EVM chains VS non-EVM parallel chains, what heights will the Gravity public chain launched this time lead users to? Charles said that Galxe is promoting the decentralized future and achieving large-scale popularization of technology by building a comprehensive Web3 ecosystem. Galxe will expand to provide users with diversified services, including Galxe Quest, Passport full-chain KYC solutions, Galxe Score based on user reputation, and Galxe Compass using AI to provide trend discovery and participation suggestions.
Galxe recently launched Gravity, an L1 public chain, which is an innovative solution created by Galxe to solve the challenges of cross-chain transactions. Wider adoption will undoubtedly inject unlimited potential into Galxe. At the same time, Gravity provides a secure and robust architecture through built-in cross-chain transactions, effective verification, and high-performance execution. It is unique in its intent-based transaction model, which allows users to complete transactions without in-depth technical details, while significantly reducing Gas fees.
Galxe also uses Gravity as the infrastructure of its ecosystem to support various applications and services. Galxe's token GAL was split and upgraded to G token in July this year, becoming the universal token of Gravity and Galxe system with wider practicality.
Galxe integrates multiple ecosystems, EVM, non-EVM. This may be more than any cross-chain bridge or centralized exchange can integrate.
In his speech, Charles Wayn elaborated on the potential of chain abstraction and pointed out: "Gravity is not only a new L1 public chain, but also a key step for Galxe to promote the decentralized future. Through chain abstraction, we not only hope to improve the user experience, but also bring about the large-scale popularization of Web3 technology." Charles emphasized that Galxe's vision is to simplify the way users enter and participate in Web3 by providing a series of innovative tools and services, while providing a safe, efficient and user-friendly experience. Galxe is building a more inclusive and easy-to-participate Web3 ecosystem, breaking the complexity barriers of existing blockchain technology and lowering the user threshold.
What many people don’t know is that Galxe has also been building chain abstraction and account systems. After announcing the launch of Galxe’s Gravity chain, it may become the largest blockchain by transaction activity, with a monthly transaction volume of approximately $100 million.
The following is the full text of Charles's live speech, edited by Odaily Planet Daily, enjoy~
I’m Charles Wayn, co-founder of Galxe, and today my topic is Galxe — Embracing the Decentralized Future. We have been advancing several projects and have built a large network of distribution channels.
Now, Galxe is more than just a task platform, it is providing services to users in different fields. Galxe Quest is one of the most active platforms, with 800,000 to 1 million daily active users using Galxe Quest to find different Alpha information.
We have also launched Passport, a full-chain KYC solution designed to provide customers with anti-bot options. Users need to pass the full-chain KYC before they can access certain projects, and some projects require users to have a Galxe Passport to access their blockchain network.
The Galxe Score is based on user reputation and we currently have 280,000 verified holders. There is also the Galxe Compass for spotting trends, and we capture sentiment through our in-house AI to provide engagement recommendations.
We currently have more than 1 million daily active users who interact with the community through Galxe, with more than 28 million interactive wallets. In the past three years, we have had more than 6,000 partners on Galxe.
Earlier this year, we started building a platform or community tool for everyone. We redefined relationships to bring the world to Web3 because this is what we have been doing for the past 4 years and what we want to continue to do in the future.
When we talk about the future and mass adoption, today’s fragmentation of chains is hindering the mass adoption of Web3. There are more than 100 different blockchains, and more are being launched. This situation has an impact on the user experience. For example, if we want to teach our grandparents how to use blockchain, we need to deal with different infrastructures and blockchains, which makes it impossible to achieve the best experience. This is what we want to solve with Galxe. In Galxe Quest, we have integrated 34 blockchains, and how can users seamlessly perform Quest operations on different chains? We proposed a solution called Gravity. Right now Gravity is in the alpha stage, and by the first quarter of next year, we will launch a beta version based on Rust and EFT execution engine. Currently, Gravity ranks third in total number of transactions. Although people are used to measuring the success of a chain in terms of TPS, we believe that user activity is more important.
What is unique about Gravity? It has built-in intent-based cross-chain transactions, efficient verification, high-performance execution, and a secure and robust architecture.
What is "intent"? We think of intent as a specific goal of a user that allows them to complete a transaction without having to think about the details. We are trying to build a network that will be integrated into Gravity as part of the network.
This involves three steps: making a request - I want to use Ethereum to buy cryptocurrency, others can perform this action, and then there is a validator to determine whether this person can complete this intention. For example, if you want to buy Ethereum based on the Solana network, even if you are not an Ethereum user, you can complete these transactions through the intention network.
In addition, Gravity introduces a cost-effective zero-knowledge proof verification function that can reduce Gas fees by about 70%. At the same time, Gravity also has high-performance execution capabilities, using AptosBFT and Reth to achieve 1 Gb/s throughput with a latency of less than one second. Testing will be conducted in the first quarter. More importantly, Gravity will provide Layer 1 security with the help of Babylon's Restaking function.
Gas fee examples in different implementations show that with Gravity we are able to reduce the gas fee to 3400 Gas. In addition, it is fully compatible with EVM.
Use cases for the Gravity chain include cross-chain asset management, cross-chain identity authentication, etc. For example, building an investment portfolio on Gravity will be a powerful use case. We announced Gravity at the end of August. Starting from the fourth quarter, the priority of the ecosystem is to ensure that all important Galxe Quest participates in building the ecosystem. Gravity currently has more than 60 applications, including data, DeFi, infrastructure, wallets and other fields.
Gravity supports most wallets. Galxe will be the super application, and Gravity is the online infrastructure used to enhance the application. In Galxe Quest, we have a total of 28 million interactive wallets and more than $100 million in transactions per month. Gravity has become one of the top five active blockchains.
We will make everything full-chain, especially for those applications that are ready for full-chain. For example, we can have full-chain token raffles, and anyone can participate in the online raffle and send transactions, which helps us reduce a lot of robot behavior, and there will also be giveaways.
We have nearly 1 million total verified users through Galxe Passport. We also have 285,000 users of the Galxe Scoring System, which is the underlying infrastructure of the verification system, the identity protocol. We have 221 million credential holders who have been approved and verified through the Galxe online identity protocol.
In terms of timeline, we will launch the mainnet in the first quarter of next year.
This is the theory we’re going to highlight from top to bottom: from Quest and Compass helping you use Web3 more easily, to Alva helping you learn how to become a Web3 investor, to Passport, the scoring system, and finally the identity protocol.
Galxe also has its own token, called the GAL token, which has now been upgraded to the G token, which is a universal token for both the Gravity and Galxe systems and has more utility. It is the payment token for the Galxe Quest, and is also used for the GAL staking airdrop, as well as the native token for the gas fee and consensus layer of Gravity, and it is also the governance token for both.
Everyone can learn about Alva. It is built on ChatGPT 4o and is designed to improve your Web3 knowledge. When Bitcoin rises 10%, you can ask Alva what to do. Now there is a new token online, and Alva can give you all the information about the token in less than 10 seconds. This is an AI-based real-time knowledge platform designed for traders and researchers in Web3. We recently added an extension that you can use on your blog, and when you hover over Ethereum, it will give you relevant insights. It also has an in-depth profile feature that shows all the user's interaction information, community participation, and their funding information.
Earlier last year we developed Smart Savings, so if you want to do a Quest on Savannah, but you don’t have Savannah’s gas fees - Smart Savings will be a solution, similar to the prepaid gift card system, and it’s still scaling. We want to turn it into a high-yield checking account on the chain. When you need to pay for anything, you can start here.
Funds deposited in Smart Savings can bring high returns. So far, there have been 1.8 million transactions and 140,000 users. You can look at the ratio of users and TVL, and you will find that most users are not rich, but ordinary users who deposit their assets here to experience DeFi savings, but later it can help them pay various expenses.
You can see the yield they hold, it provides 10% instant liquidity on the amount you deposit, and you have to wait 35 days to withdraw the full amount. But this provides users with a high-yield on-chain checking account experience that can be used to purchase services on Galxe.
That’s all we are building today. We are working to bring the world to Web3 and are very excited about the full chain future and mass adoption. Thank you!
