Galxe is the most widely visited SocialFi network, mixing value with content creation. The project recently announced a new native blockchain, drawing more attention.
Galxe aims to scale its future adoption through Gravity, a recently launched blockchain. The network will build cross-chain infrastructure while establishing new Layer 1 technology.
The Galxe project uses its already established technologies for Web3 credentials to grow its main business areas. Galxe is developing various types of SocialFi, which link a Web3 identity and content to tokenized earnings. Additionally, Galxe offers quests, tasks, and hiring within a tokenized ecosystem.
All Galxe products will run on the new Gravity blockchain, which predicts up to 60M monthly transactions. Gravity will carry the Galxe Quest, Compass, Passport, Score, Identity Protocol, and the Alva AI assistant.
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Gravity is compatible with other chains, allowing users to use account abstraction and a single identity to get verified. With Gravity, users can easily monitor their balances and funds on multiple chains and use optimized transaction batching and gas sponsorship programs.
The usability of Galxe in the past months was reflected in the market price. GAL is growing more slowly than other assets, mostly due to its low trading volumes and thin liquidity in Binance. GAL traded at $3.74, up more than 100% year-on-year.
How Galxe Dominates the SocialFi Market
SocialFi is a type of Web3 use case in which blockchains try to build social networks and tokenize content. SocialFi trends include social networks like Farcaster and quest platforms like Layer3. Actively traded projects also include Friend.Tech. The exact list of projects remains unknown, but so far, Galxe remains the leader.
Galxe also led SocialFi in wallet growth in the past year and in growing its NFT ownership. Galxe estimates as many as 20M participants based on wallet activity. However, it may be difficult to estimate real engagement, as SocialFi apps are often riddled with bot activity.
Galxe drew attention through its highly active network, even with bot action and fake accounts. Users request that other Web3 credentials be used to tighten up multi-accounting and possibly remove bots.
The bot-driven action was taken to gain more value from the incentives on Galxe, which included valuable NFT.
Galxe also gained an early head start because it used its platform to gather credentials and build allow lists for other projects. Galxe tasks were a staple during initial token offerings in the past few years.
Galxe Quest App Interacts with 3.3M Addresses
The Galxe ecosystem includes several applications, which fit not only the SocialFi, but also Web3 identity and passport narratives. In May, Galxe continued to grow through its relatively active quest app usage.
Galxe Quest interacted with 3.3M unique addresses, still lower than the March peak of 6.4M addresses but higher than in previous bear market months. Galxe reached more than 21M unique wallets, working in partnership with 5,601 startups in the Web3 space.
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Other sources of activity on Galxe include the Web3 identity app and ranking. Nearly 1M users also minted a Galxe Web3 passport. The applications reveal that Galxe has the tools to solve bot problems and ensure real activity on blockchain social media.
SocialFi still relies on traditional social media for part of its traffic. Social networks with tipping have either sat empty or depended on bot activity. The current crop of SocialFi Web3 projects is the second attempt to build blockchain-based social media. During the first crypto boom of 2017, Steemit created a platform of tokenized rewards for content. The platform had an outsized influence on early whales and depended on bot-driven tipping.
Cryptopolitan reporting by Hristina Vasileva