💥💥💥 #Web3 Digital Identity Network Galxe Crafts Own #Layer1 #Blockchain Gravity

Galxe to Launch Layer-1 Blockchain, Gravity, for Enhanced Scalability and Efficiency

Austin, Texas – Web3 infrastructure and digital credential network Galxe (GAL) announced it is developing its own layer-1 smart contract platform, Gravity, and will migrate all its products to this new blockchain.

Gravity Overview and Timeline

Gravity’s first version, based on the #Arbitrum Nitro tech stack, will launch in June for testing cross-chain settlements transparently. The full Gravity Mainnet, featuring native staking and restaking, is set to go live in Q2 2025. This move is driven by Galxe’s substantial growth, with 20 million users and 100 million monthly transactions, necessitating a more scalable and efficient solution for cross-chain interactions across 34 supported blockchains.

Why Gravity?

"Existing solutions fell short in supporting the required complexity and scale," stated the Galxe team, explaining the need for Gravity.

Technical Specifications

- Proof-of-Stake Blockchain: Gravity will support restaking through EigenLayer and Babylon, enhancing security by leveraging the Ethereum network.

- Native Token: A new token, G, will be introduced, with the migration of the existing GAL token already approved by Galxe’s decentralized autonomous organization.

- Execution and Consensus: The network will utilize Reth for the execution layer and Jolteon (AptosBFT) for the consensus algorithm, ensuring near-instant transaction finality and high throughput.

- EVM Compatibility: Gravity will be compatible with the Ethereum Virtual Machine (EVM).

Migration of Services

- Galxe Passport: Nearly 1 million users will transition from BNB Chain ($BNB ) to Gravity.

- Galxe Score: The contract will move from Polygon ($MATIC ) to the new chain.

The launch of Gravity aims to provide Galxe with the necessary infrastructure to manage its extensive user base and transaction volume more efficiently, positioning it for continued growth and innovation in the Web3 space.

Source - coindesk.com