Why is Project Galaxy (GAL) crypto’s campaign drawing attention?

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Highlights 

  • Project Galaxy (GAL) is a Web3 data network.
  • GAL is the native utility token of Project Galaxy.
  • Galaxy has 8,459 token holders, with a market capitalization of US$258.18 million.

While most digital assets were on a downward slide on Tuesday morning, the Project Galaxy (GAL) crypto was drawing attention for a different reason.

 

On Tuesday, Galaxy announced a new campaign titled, ‘How to Web3 on BNB Chain’, in collaboration with BNB Chain and Coinmarketcap. The learn-to-earn campaign has nine projects and protocols with over US$180,000 worth of prizes. 

However, the GAL token was down 34.47% to US$7.40 along with the wider decline of the crypto market, which fell 5.09% to US$1.46 trillion at 5:08 am ET. Bitcoin (BTC) fell to US$31,571.92 on Tuesday from its all-time high of around US$69,000 in November 2021. 

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Each of the Galaxy projects will host a lesson on the “Coinmarketcap earn program”, followed by a quiz. Users can earn rewards, which are OAT NFT badges, by taking additional homework.

OAT stands for On-Chain Achievement Token. Project Galaxy will hold tutorials on how to claim OATs at the beginning of the class. The campaign will run for four weeks.

What Is Project Galaxy (GAL)?

Project Galaxy is a Web3 credential data network built on an open and collaborative infrastructure that helps developers and organizations leverage digital credential data and NFTs to create better communities and products in Web3.

Credentials are records of activities, accomplishments, reputation, etc., part of the digital identity. Some examples include borrowing records on DeFi lending protocols, on-chain voting history, etc.

Also Read: Why is Numeraire (NMR) crypto gaining attention?

Web2 behavioral data can be considered people’s credentials which companies use to send targeted ads. Behavioral credentials are expected to be more decentralized in Web3 and DAO.

Thus, Project Galaxy provides new users with the infrastructure to build digital credentials.

Its infrastructure supports curating of credentials with multiple data sources. Curators can contribute data from seven different chains with snapshots for on-chain credentials. They can also provide data from platforms, such as Twitter, Github, Discord, etc., or offline events.

Also Read: Why Ampleforth Governance Token’s (FORTH) trading volume surged 2000%?

Data Source: coinmarketcap.com

Also Read: What is WAX (WAXP) blockchain and how is it eco-friendly?

GAL Token:

GAL is the native utility token of project Galaxy. It is used for paying fees for Application Module, Galaxy Oracle Engine, and Galaxy Credential API.

It has 8,459 token holders, with a market capitalization of US$258.18 million.

The token is available on crypto exchanges like Binance, MEXC, FTX, CoinTiger, etc.

Its trading volume was up 12.36% to US$656.06 million in the last 24 hours to Tuesday morning. Its circulating supply is 35.16 million, and the total supply is 200 million.

Also Read: Why is the crypto market down?

Bottom line:

According to Coinbase Global Inc CEO Brian Armstrong, the number of crypto users will rise to one billion from the current 200 million within a decade. But unlike Armstrong’s prediction, many people are skeptical about its use. However, given the volatility in the market, investors should apply due diligence before investing in digital assets.

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