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Galxe (GAL), positioned as a Web3 infrastructure and digital identity network, announced on Wednesday the creation of its own layer-1 smart contract called Gravity and the migration of all its products to the new blockchain.
Developments at Galxe
Arbitrum Nitro will host the initial version of the network, which will publicly test cross-chain agreements transparently in June. The full-fledged Gravity Mainnet, featuring native staking and restaking, is expected to start operations in the second quarter of 2025.
The Galxe team explained that the reason for creating Gravity was the platform’s user base growth over the past three years. Currently, it hosts 20 million users and 100 million monthly transactions, showcasing this growth.
This situation highlighted the need for a more efficient and scalable solution to manage cross-chain interactions among the 34 blockchains that Galxe currently supports.
The team made the following statement:
Existing solutions were insufficient in supporting the necessary complexity and scale, prompting Galxe to develop Gravity.
The announcement about Gravity stated that it would be a proof-of-stake blockchain and would offer restaking simultaneously via EigenLayer and Babylon to benefit from Ethereum network security.
The team also commented on the network’s operation. They announced the use of Reth for nearly instant transaction finality and the Jolteon (AptosBFT) consensus algorithm for high throughput. Additionally, it will be compatible with the Ethereum Virtual Machine (EVM).
Galxe Passport, with approximately 1 million users, will transition from BNB Chain (BNB) to Gravity, while the Galxe Score contract will move from Polygon (MATIC) to the new chain.
Bitcoin Price Update
While these developments were happening, investors were also monitoring the Bitcoin price. BTC recovered from its low of $67,200 today, rising back to the $67,800 region.
The rise was reflected in the market cap, which returned to the $1.33 trillion region, remaining above the critical $1.3 trillion level.
However, the 24-hour trading volume told a different story. The 24-hour trading volume fell to $26 billion after an 18% drop in the last 24 hours, indicating a possible decline in interest.
