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Bitcoin price drops back to $60,000 after a brief attempt at $61,000. This is discouraging, but if short positions opened above are profitable again, we may see a prolonged lack of risk appetite in altcoins. At some point, these need to reverse. There is good news as well; Galxe Alpha mainnet has been announced.
Galxe (GAL) News
Web3 identity data network initiative started with the goal of becoming a network and surpassed $18 in mid-2022. Then, it dropped to $0.86 last year. Now it is up nearly 200% from the bottom and has launched the alpha mainnet of its Layer 1 network Gravity. This launch will transition all of Galxe‘s products, including Quest, Compass, Passport, and Galxe Identity Protocol, to the network. The primary goal is to provide a more compatible experience for over 25 million active users.
Gravity was launched as a PoS network using the Arbitrum Nitro code library. It is EVM compatible and will support staking protocols including Babylon and EigenLayer. The G Token will be used for transaction fees here.
Of course, this is still the alpha mainnet and the full transition to the main network is projected for the second quarter of 2025.
