G Token

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Introducing G: One Token, Two Ecosystems

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Jul 4, 2024

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Gravity

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One token, two ecosystems.
One token, two ecosystems.

With the approval of proposals GP-25 and GP-30 by the Galxe DAO community, we’re migrating the Galxe (GAL) token to Gravity (G), unifying and streamlining the experience across both ecosystems. This upgrade focuses on enhancing the user journey, integrating the token seamlessly across our Layer 1 and the Galxe ecosystem, and simplifying the ticker for easier recognition. G will serve as the universal token, providing utility in governance, transactions, and incentives across the entire ecosystem.

In this article, we will break down everything you need to know about G token and the migration of GAL to G, including its utilities, token specifications, and how to ensure a safe and seamless migration on g.xyz/GAL-G-Portal.

What is G Token?

G is the native token on Gravity and the utility token for both Gravity and the Galxe ecosystem. G powers transactions as the gas token and will soon secure the network through staking. As the primary utility token across both ecosystems, G drives governance decisions, incentivizes growth, and facilitates payments.

G Utilities

Beyond migrating the existing utilities from GAL, G will expand its range of applications to serve all users within our ecosystems. Here are the key functionalities of G:

  • Staking: Stake G to actively participate in governance, secure the network, and contribute to the long-term sustainability of both the Gravity and Galxe ecosystems. Additionally, G stakers gain convenient access to exclusive rewards from applications built by Galxe.

  • Governance: G DAO is governed by G holders. Acting as a transparent, secure, and decentralized framework, G DAO fosters unity and progress among its members.

  • Transacting: As the native gas token of Gravity Chain, G is used for executing and paying for all onchain transactions.

  • Payments: As the utility token in the Galxe ecosystem, G is used to pay fees for applications built by Galxe, including Galxe Quest, Galxe Passport, Galxe Score, Alva, and more.

G can also be used on Galxe Shop, Galxe Earn, and other Galxe products and features. Learn more about all the utilities here.

G Token Specifications

G token will be available as the native token on Gravity Alpha Mainnet and as an ERC20 token on Ethereum, BNB Chain, and Base. The details for G token are outlined below.

As the Native Token

  • G is the native token of Gravity Alpha Mainnet

As ERC-20 Token

  • Token Name: Gravity

  • Token Symbol: G

  • Initial Total Supply: 12,000,000,000 G

  • Decimal: 18

  • ERC-20 Contract Address: 0x9C7BEBa8F6eF6643aBd725e45a4E8387eF260649

  • Currently Available Networks:

  1. Ethereum: Initial supply: 10,000,000,000 G

  2. BNB Chain: Initial supply: 2,000,000,000 G

  3. Base: Initial supply: 0 G (Note: G tokens will be bridged from other networks to the Base network)

Learn more about G token here.

How to Migrate From Galxe (GAL) to Gravity (G)

As we transition from Galxe (GAL) to Gravity (G), we aim to make this process as effortless as possible for you. Here is what to expect:

  • Self-Custodial Wallet: If you hold GAL in your personal wallet (e.g. MetaMask) on Ethereum or BNB Chain, there will be an official migration portal for you to complete the migration. Upon submission, your existing GAL tokens will be burned, and you will receive G at a ratio of 1:60 on the same chain. For example, if you migrate 100 GAL on the Ethereum network, you will receive 6,000 G on the Ethereum network. Depending on which network you are holding your GAL (Ethereum or BNB Chain), a gas fee will be required to complete the migration process on the Migration Portal.

  • CEX (Spot): We are working directly with supported centralized exchanges (CEXs) to ensure any GAL in your wallet is automatically migrated to G. This means you don’t need to perform any manual migration for your GAL on supported CEXs. As a precaution, please check with your CEX for specific details. If you are unsure whether your CEX will perform the migration, you can opt to withdraw your GAL onchain and perform a manual migration on the migration portal. Check the full list of supported CEXs here.

  • CEX (Derivatives): If you have open derivatives positions (including perpetual swaps, options, and futures), please check with your CEX on the details of the migration process, as Galxe is not responsible for this procedure.

  • GAL Staking: All GAL staked on our GAL Staking platform will be converted to G automatically after July 19th, 2024, and no action is required from stakers.

  • Staking/Lending Platforms (Other than Galxe): If you have GAL staked or lent on any platforms other than Galxe, you will need to cancel the staking/lending to perform a manual migration from GAL to G. This migration can be completed on the migration portal.

Upon completing the onchain migration, your existing GAL tokens will be burned, and the new G tokens will be sent to your wallet at a 1:60 GAL to G ratio. If you do not see the G tokens in your wallet after completing the migration process, you can add G as a custom ERC-20 token to your wallet on Ethereum or BNB Chain using the contract address: 0x9C7BEBa8F6eF6643aBd725e45a4E8387eF260649.

The migration portal (g.xyz/GAL-G-Portal) will be available to all users on July 9th, 2024, and will remain live for at least one year to ensure GAL holders have sufficient time to complete this process. If you have not migrated your GAL after this window, you will still retain your GAL, but the existing utilities of GAL will be fully transitioned to G.

To learn more about how to migrate GAL to G, read this article on our help center. If you encounter any issues during the migration process, please contact us on Discord at discord.gg/GravityChain.

About Galxe

Galxe is a decentralized super app and web3’s largest onchain distribution platform. Through its robust infrastructure and product suite of modular AI, digital identity, and blockchain technologies — Quest, Passport, Score, Compass, and Alva — Galxe supports the development of advanced, user-friendly web3 applications with an emphasis on secure and self-sovereign digital identity management. The recent introduction of Gravity, a layer 1 omnichain leveraging Galxe’s infrastructure, enables developers to tap into Galxe’s 20 million users and create new products that help onboard the world to web3.

About Gravity

Gravity is a Layer 1 blockchain designed for mass adoption and an omnichain future. Its approach abstracts the technical complexities of multichain interactions, integrating advanced technologies like Zero-Knowledge Proofs, state-of-the-art consensus mechanisms, and restaking-powered architecture to ensure high performance, enhanced security, and cost efficiency. Gravity serves the 20 million users in Galxe’s ecosystem, delivering a seamless and inviting experience to web3’s largest onchain distribution network.

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© 2024 G Interactive Foundation.

All rights reserved.