Galxe is a collaborative credential infrastructure enabling brands and developers to engage communities in Web3.
The Galxe data network explores ideas around Soulbound tokens and Web3 identity authentication that Vitalik Buterin envisioned earlier. Notably, Galxe has delivered some remarkable results, and over 2,000 projects have partnered with Galxe to find, engage and maintain their users.
Content
- What is Galxe?
- Which projects are using Galxe?
- The GAL token
- What changes has Galxe brought about?
- Discover the top social dapps with DappRadar
What is Galxe?
Galxe is an open and collaborative credential data network accessible to all developers in Web3. With Galxe, users can curate digital credentials and contribute to the data network.
As a result, brands and projects can leverage Galxe’s permissionless NFT infrastructure to gamify their loyalty systems, conduct marketing campaigns, acquire users, and more.
Every user needs to sign in with their wallet, and claiming a reward requires a transaction. That explains how DappRadar is able to track user activity within Galxe. Let’s dive a bit deeper to discover what this all means.
Galxe recorded over 609,880 unique active wallets from mid-March to mid-April 2023, an impressive 31.5% increase. Assuming each unique wallet owner is a unique person, that means 609,880 people have used Galxe in the past month. On top of that, these users contributed over 4.22 million transactions to Galxe’s smart contracts.
While Galxe volume (the fiat value of incoming transactions) during this month decreased by -87.71%, the dapps’ total balance remained positive with a +1.69% increase.
These numbers are proof that Galxe is currently quite popular.
Galxe ID
Galxe ID is a function on Galxe that works similarly to one’s resume. It can be seen as a user’s Web3 LinkedIn or Facebook profile.
To claim your Galxe ID, go to Galxe’s website and connect your MetaMask wallet. After signing in, you can see that your blockchain behaviors are already linked to some credential tags.
As seen in the image below, our team member’s credential tags (blue buttons) show that they’re a Uniswap V3 Trader, Sushi Trader on Ethereum, OpenSea Transaction Taker, etc.
Since Galxe is an open platform, developers can plan more credentials to enrich user profiles through the Galxe ID toolkit. Additionally, developers can offer customized features to users based on their digital credentials.
Passport
As for the Galxe Passport, they are each user’s universal identity in the Web3 world, not linked to a government or association but to the Galxe protocol. It’s used to prove your personhood, as well as preserve everyone’s right to have total control over their identity and who they share it with.
Space
Space is a brand’s or a project’s verified page. This page archives all the events launched by a project through Galxe. The best thing about Spaces is that all hosts for these pages are verified; therefore, users don’t need to worry about getting scammed. More importantly, they can enjoy the rewards of participating in campaigns with peace of mind.
Every time a brand organizes an event, it contributes data to Galxe’s protocol. In the future, Galxe can use this data to generate different user personas to target users more accurately for brands.
Campaign
Web3 brands can use the Campaign feature on Galxe to organize events, invite users to participate, and reward them with special NFTs, called Galxe on-chain achievement tokens (OATs), which will give them special rewards or unlock privileges in the future.
So far, more than 2,100 projects have already utilized this feature to increase brand awareness, promote staking and governance, implement NFT-powered loyalty systems, and more. According to their official docs, by April 2023, they had launched over 10,000 campaigns.
Mintlist
Launched in April 2023, Mintlists are Galxe’s most recent feature, and it basically improves NFT minting experiences for both projects and collectors.
The goal is to help NFT projects build brand awareness before mint, with an allowlist distribution based on participation in a gamified experience. Mintlists can add other Galxy features to their strategy, using Campaigns, distributing Galxe OATs, and benefiting from the large community of Galxe ID users in the protocol.
From the collector’s perspective, it’s a great way to discover interesting NFT projects coming up that are truly committed to building a strong community from pre-launch.
Which projects are using Galxe?
Next, let’s look at some projects that have successfully run their campaigns on Galxe to have a more solid idea.
Learn-to-earn with CoinGecko
Galxe and CoinGecko wanted a fun way to educate and incentivize DeFi beginners and enthusiasts on the Web3 ecosystem. To do so, they created the ultimate DeFi course to reward users through a learn-to-earn mechanic.
The “DeFi 101” NFT Campaign included five courses, each with different tasks on various DeFi protocols. Users received badges for completing each task. Moreover, users who completed all five courses were given honor student badges.
16,730 users participated in the campaign, and each protocol grew their communities. But, most importantly, the campaign encouraged new users to learn more about the world of Web3.
P12 Genesis Soul-Bound NFT Airdrop
To reach the goal of user engagement, Project Twelve leveraged Galxe’s infrastructure to conduct an airdrop campaign entitled P12 Genesis Soul-Bound NFT Airdrop. This campaign was designed to capture off-chain gaming credentials on Steam.
The data desired included how many hours one played on Steam or whether one published a popular game on Steam. This information was then sealed into Genesis Soul-Bound NFTs that were given to all eligible players and game publishers.
Within a week, Project Twelve had more than 520,000 verified Steam gamers/developers and over 210,000 on-chain NFT holders.
The GAL token
Once Galxe’s goal is to be a collaborative credential data network that’s permissionless and open, many of its decisions are taken in a DAO (decentralized autonomous organization). To support this infrastructure, the ecosystem launched its GAL governance token.
It’s an ERC20 and BEP20 token, with a total supply of 200,000,000 tokens. At the time of writing, the GAL token price stood at $2.04.
GAL holders can use Galxe’s primary token to vote on the DAO proposals; controlling the amount of the platform fees collected and funds in the Galxe Community Treasury, for example.
Moreover, you can use GAL to pay for Platform Fees when interacting with the Galxe protocol, especially if you’re a developer looking to use the protocol’s credential data through Application Modules, Galxe Oracle Engine, or Galxe Credential API.
You can buy GAL tokens using centralized exchanges like Binance and also decentralized ones such as PancakeSwap. In addition, there is also the possibility to earn GAL tokens for free by participating in airdrops and learn-and-earn courses in partnerships across Web3.
What changes has Galxe brought about?
The Galxe infrastructure is key in refining the decentralized identity of the Web3 ecosystem participants. Since Web3 is still in its early days, user data is highly fragmented and scattered.
Many products we use do not directly employ decentralized technologies. For example, data service providers like CoinGecko and media outlets like CoinDesk don’t provide dapps themselves. Plus, the vast amount of off-chain data, including that on Twitter, Steam, and Discord, which help define our identity, are excluded from the blockchain world.
This is exactly what Galxe aims to overcome. Galxe’s infrastructure can support curating credentials through multiple data sources. Furthermore, Galxe wants to utilize this data to help teams better serve their users.
It is important to note that Galxe does not control data like a centralized organization. Instead, it is the users themselves who truly own their data. The hope is that this data could help the team better serve their users.
To that end, Galxe encourages its community to contribute to its credential data network, and curators will receive rewards when others utilize the curated credentials.
The constant and steady growth of Galxe’s user data proves that its platform is gaining popularity among users and that more projects are running campaigns on it. This, in turn, will inspire more developers to join the ecosystem to develop more valuable credentials.
Discover the top social dapps with DappRadar
Curious about the best way to socialize with like-minded people in the Web3 space? Discover some of the best and most popular social protocols with the DappRadar rankings.
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