A few days ago, I saw that the well-known Web3 task platform Galxe was preparing to build a Layer1 blockchain Gravity with a full-chain abstract design. At that time, I felt that it was very necessary for Galxe to build a public chain, and the probability of doing so was relatively high.
Why do I say so?
1. Current pain points of Web3
Let me first talk about the background. Galxe has been running as a task platform for two or three years, and has received more than 10 million US dollars in financing, and has been listed on all major exchanges. Before the coin was issued, many people did interactive tasks on it and later received millions of airdrops. Many of the current airdrop bloggers started at that time, and many users also paid attention to the Galxe platform at that time.
As for the current situation, many newcomers will ask me that there are many tasks on Galxe, what is the use of the points on it? Why do many Dapps not recognize it?
Now the pain point is that users are doing a lot of interactions, but they don’t know why they are doing so, and they can’t see the results in the short term. There are also many listed projects that do not recognize Galxe platform users. These DAPPs are distributed on various chains, and new users have to prepare the gas fees of many different chains. Each chain is setting obstacles for users and increasing the entry threshold for users.
Now there are all kinds of L1, L2, L3, various infrastructures and modular Dapps, and they are all on different chains. For new users, this is a very high threshold; for old users, this is a waste of money. For example:
In the ETH system, you need to prepare ETH as Gas.
On SOL, you need to prepare $SOL as Gas.
On Polygon, you need to prepare $matic as Gas.
On AVAX, you need to prepare $avax as Gas.
On Sui, you need to prepare $sui as Gas.
On BTC, $btc is required as Gas.
There are many more, so I won’t list them all.
Too many fragmented modules have led to more decentralized liquidity, applications, and users, which not only brings too much complexity to users, but also makes it very embarrassing for developers. If they choose a single chain, they are actually fixing themselves in a niche market.
Is there a platform that can integrate various DAPPs like a portal website, and allow users to access all DAPPs with one account and only one gas fee? Users don’t need to worry about how to switch between public chains in the background, they can just click the mouse to access them smoothly?
This requires chain abstraction.
2. About chain abstraction?
Just like the Olympic spirit of "higher, faster, stronger", the capital market also pursues its own spirit of "faster, cheaper, newer". Whichever plan is better than the previous one, the funds will flow to that direction, the rules of the game will be formed there, and someone will make money there.
We have encountered too many solutions over the years. They are constantly changing, each time cheaper and more innovative, such as the infrastructure favored by capital:
When L1 cannot be expanded, the industry creates Rollup;
When Rollup splits liquidity, the industry creates cross-chain bridges;
When there are too many cross-chain bridges, the industry aggregates them all;
There are too many aggregators, so the industry built Intents (the chain abstraction concept mentioned in the article "Collaborate with Paradigm" released by Paradigm last year);
Intents are not clearly explained, so the industry created the intent interpretation layer (chain abstraction subdivision);
Each of the above iterations will make a group of project owners, VCs, secondary markets, and investors rich…
Why does every iteration of web3 make people rich?
Because blockchain needs users. Without users, what is the point of doing these iterations? Without users, who are we providing abstractions for?
1. What is chain abstraction?
Chain abstraction is to solve the interpretability problems such as cross-chain communication, asset transfer, and cross-chain smart contract calls between different chains by building a universal all-purpose smart contract.
Translated into adult language:
Chain abstraction means that users are unaware of the underlying facilities and chains. Users only need to click on Dapps and do not need to know the existence of chains. This is chain abstraction. It removes all obstacles for users, and users only need to be serious users.
Our current blockchain has a very high threshold, which is very similar to the early Internet. Players need to enter various commands to access it, and later they also have to remember various URLs. The emergence of navigation websites later solved this problem.
Web3 will also develop in this direction, that is, on-chain interactions will become simpler and simpler, until users are no longer aware of blockchain and don’t even know they are using it.
When this step is reached, several unicorns will emerge in the industry, monopolizing the vast majority of on-chain user traffic, breaking the current competitive landscape between chains and Dapps, and siphoning the value dividends of the entire cryptocurrency circle.
2. Chain abstraction will become the ultimate traffic portal, holding the entire Web3 hostage
Assume such a scenario, in the next year, there will be a user entrance that has been verified by the market and is absolutely safe. The on-chain interaction process is extremely simplified and can meet most of the on-chain needs of users. There is no need to purchase various procedures. When interacting, just "click". Is the emergence of such a window that cannot perceive the existence of the blockchain at all subversive?
This window will become the entrance for most users to enter the on-chain world and the traffic entrance for the entire blockchain. Doesn’t it have great potential?
If this is formed, it means that the TVL war, the competition between chains, and the competition for DEX share will lose their current significance, because users do not need to know what DEX is or what chain is. They only need to prepare a little platform fee to be able to use it smoothly. As for the cross-chain interaction behind it, it has nothing to do with users, and users do not need to know about it. It is the backend of the platform. The platform only needs to continuously optimize the backend.
Galxe's Layer1 blockchain Gravity, which is based on a full-chain abstract design, does just that. It builds a Web3 portal. Users only need to hold $G coins as handling fees to navigate through all items on the website.
How did he do it? Can he reach this level?
3. About Galxe’s Gravity
How does Galxe's Gravity become the portal of web3?
Let’s first take a look at what Galxe does.
1. About Galxe
Galxe is the task platform with the most users on web3 and the platform with the best interactive experience. Its product line and fluency are among the best among the six mainstream task platforms.
After about 3 years of development, we now have 8 very mature product lines.
The number of active addresses on the chain has reached: 21,924,209;
On-chain monthly active users: 2,807,115;
A total of 5,691 projects launched 54,813 tasks on Galxe;
Network traffic is greater than Uniswap, Opensea, or Etherscan, with over 1 million users visiting the Galxe website every day.
Galxe spans 34 different chains, far more than any cross-chain bridge or CEX integration. Before the chain abstraction mainnet is launched, users can use Galxe’s smart balance feature to deposit funds into a vault and use the balance to pay for gas fees for Galxe smart contracts to trade on multiple chains without the need for bridging.
Currently, only Galxe, Coinbase and TON can achieve this traffic.
It can be said that Galxe has users, technology, and chain abstraction, and the launch of Gravity is the finishing touch.
2. About Galxe’s chain abstraction platform Gravity
Galxe launched Gravity to combine its existing core products, address the existing user scale and complexity of blockchain, and provide an integrated, simple and seamless web3 portal platform for its 20 million users and developers.
According to the official website: Gravity also simplifies multi-chain asset management, cross-chain transaction settlement and user-friendly transaction processes, so that users do not need to deal with complex underlying technologies.
The direct understanding is: prepare to use $G coins as on-chain gas fees, and complete all operations on the platform with one coin, without the need to know blockchain technology.
Gravity Key Features
User experience: Gravity uses chain abstract wallets, and one account can run all public chains;
Security: The POS mechanism will be adopted to pledge the native token $G coin, and security will be guaranteed through re-staking protocols such as Babylon and EigenLayer;
EVM compatibility: Will be compatible with all EVMs;
Technical aspects: Gravity will integrate the fastest execution layer Reth and AptosBFT consensus algorithm to improve throughput.
3. Gravity Time Node
Gravity will be implemented in two phases:
Gravity Alpha Mainnet (testnet): June 2024, powered by the Arbitrum Nitro technology stack, mainly used for backend testing of cross-chain settlement.
Gravity Mainnet: A restaking-driven PoS Layer 1 blockchain that uses Reth as its EVM execution engine.
(IV) About Tokens
Galxe’s previous token was $GAL, with a total supply of 200 million and a circulation rate of 57.76%.
After Gravity comes out, $GAL will be converted into $G coins, $G will be increased to 12 billion, and the exchange ratio between $GAL and $G coins will be 1:60;
With so many additional tokens, the token distribution will inevitably be re-determined, and this is our opportunity.
5. Our Opportunities at Galxe
Gravity was launched in two phases and also diluted the token by 60 times, which may be to attract more users.
We can see from the Galxe community that part of the $G coin quota is used for airdrops, and the allocation mechanism is still unknown. In the future, it should be necessary to pledge in order to obtain airdrops.
However, during the testnet stage, the project should distribute airdrops through points tasks, which is the best way to seize the market and build a foundation.
Summarize
Galxe's launch of the chain abstraction L1 blockchain Gravity is very necessary and relatively easy to implement.
First, Galxe can integrate existing partners, allowing them to acquire more users and help them grow;
The second is to launch new currencies and integrate existing product lines, so that the existing 20 million users can get a second chance to receive bonuses;
The third is to eliminate many obstacles on the blockchain through chain abstraction, and take advantage of the web3 portal to allow more newcomers to enter without any barriers.
Chain abstraction has become a race track for capital competition. In the next year, the market will see a mature, market-proven, and absolutely safe user entry window like Galxe. By extremely simplifying the on-chain interaction process, it can meet the needs of most users. This window will become the entrance for most users to enter the chain and the traffic entrance for the entire blockchain.
