Explore with Saros #6: Everything you need to know about Project Galaxy (GAL)
Welcome back to Explorer-with-Saros! In this episode, we will take a closer look into Project Galaxy - an amazing Web3 data credential network.
Getting to know Project Galaxy
Project Galaxy is a crypto project that facilitates the infrastructure for Web 3.0, and digital credentials specifically.
To achieve the idealogy of Web 3.0, which is decentralization, users have to be able to freely manage their own data and actively participate in Web 3.0 themselves. Project Galaxy provides the tools for developers and users to accomplish that.
Project Galaxy Business Model
Project Galaxy creates a Credential Data Network that involves both users who are willing to buy the data Project Galaxy provides and curators who are incentivized to provide such data for the network.
By contributing to Galaxy’s Credential Data Network, curators are rewarded when credentials are used in Galaxy’s Application Modules, Credential Oracle Engine, and Credential API.
Use cases of the Application Modules include:
- Galaxy OATs (On-chain Achievement Tokens).
- NFT Loyalty Programs.
- Growth Hacking Campaigns.
- Gated Community.
- Customized Governance.
- …
Use cases of Credential Oracle Engine and Credential API include:
- Credit scoring.
- Sybil attack prevention algorithms.
- …
Curators can provide their credentials in 2 types:
- On-chain: With subgraph queries or static snapshots.
- Off-chain: Via partnered data sources like Snapshot.org, Twitter, and Github.
Another feature of Project Galaxy is Galaxy ID. Galaxy ID is basically a Web 3.0 Linkedin where users can put up their digital credentials and identities. By setting up a profile on Galaxy ID, users can showcase their crypto achievements and information, which can possibly be expanded into the metaverse for more diverse use cases in the future.
Saros featured event: Sarosism NFT on Project Galaxy
Recently, we are absolutely thrilled to announce that our very first NFT line - Sarosism - will be featured on Project Galaxy Campaign.
Event time: From July 20th 20:30 to August 3rd 23:59 (UTC+7).
Minting time: August 4th 20:30 (UTC+7) on Project Galaxy Platform.
The tasks are extremely easy!
1. Visit “Sarosism NFT Chapter 1: Community” Campaign Page on the Project Galaxy platform.
2. Complete all required Gleam tasks.
3. Once the task completing duration is over, connect your wallet to Project Galaxy & Mint!
If your connecting address is among the qualified participating addresses, you will be able to press a “Claim” button to mint the NFT.
Team
- Harry Zhang: Co-founder & Project Lead.
- Charles Wayn: Co-founder & Strategy Lead.
Investors
Project Galaxy has raised $10M in a funding round co-led by Multicoin Capital and Dragonfly Capital. Some other popular ventures involved in this fundraise are Spartan, Coinbase Ventures, Alameda Research, Hashkey,...
Partners
Various projects have integrated with Galaxy NFTs, Galaxy Credentials, Galaxy ID, and Galaxy OAT, including Collab Land, Snapshot, MetaFactory, CyberConnect, Protocol Labs, Filecoin, NFT Storage.
GAL token
GAL is the central token of the project that keeps Project Galaxy operating smoothly. The GAL token will be used for governance purposes, as well as incentivizing the participation of both curators (data providers) and customers (data buyers).
- Name: Project Galaxy.
- Ticker: GAL.
- Token type: Governance, Utility.
- Max supply: 200,000,000 GAL.
Token allocation
- Community Treasury: 20%
- Team: 15%
- Marketing: 15%
- Growth Backer Round 1: 10.63%
- Growth Backer Round 2: 10.14%
- Foundation: 10%
- Advisors & Partners: 6.23%
- Ecosystem: 6%
- Coinlist Public Sale: 5%
- Early Adopter Rewards: 2%
GAL Token Release Schedule
- Ecosystem: Fully liquid at TGE.
- Early Adopter Rewards: Fully liquid at TGE. 50% will be distributed at TGE, and the rest will be distributed 6-month after TGE.
- CoinList Public Sale: 12-month equal weekly vesting starting at TGE.
- Growth Backer Round 1: 3-month cliff starting at TGE, followed by a 3-year equal quarterly vesting.
- Growth Backer Round 2: 12% vesting at TGE, followed by a 3-year equal quarterly vesting.
- Advisors & Partners: 12% vesting at TGE, followed by a 3-year equal quarterly vesting.
- Marketing: 20% vesting at TGE, followed by a 3-year equal quarterly vesting.
- Foundation: 18% vesting at TGE, followed by a 3-year equal quarterly vesting.
- Team: 3-month cliff starting at TGE, followed by a 5-year equal monthly vesting.
- Community Treasury: 12% vesting at TGE, followed by a 5-year equal monthly vesting.
GAL Token Use Cases
Currently, the GAL token has 4 use cases:
- Governance: Enable token holders to take part in governance activities.
- Application Module fee: GAL will be used to pay the fees that occurred from Application Modules.
- Galaxy Oracle Engine and Galaxy Credential API cost: Developers pay GAL to query credential data.
- Curating Digital Credentials: GAL will be used as the exchange currency for a curation system (which is under development).
Final thoughts
We hope that after this post, you have gained a better understanding of Project Galaxy, an intriguing Web3 credential data network on Solana, and how you can earn Sarosism NFTs via Project Galaxy Campaign Page.
“Explore with Saros” will be back with more featured projects and amazing teams. Stay tuned!
Disclaimer: The information provided is given only for educational purposes, and it should not be considered as financial advice. Saros is not liable for any financial losses or other damages incurred as a result of utilizing the aforementioned initiatives, platforms, or cryptocurrencies.
About Saros Finance
Saros Finance is the ultimate DeFi platform native to Solana, with trading, staking, and yield farming services. Built by Coin98 Labs, Saros Finance aims to adopt millions of users to DeFi.