Galxe (GAL) Token Migration to Gravity (G), Here's How to Convert!

Bittime - Galxe (GAL) announces token migration Galxe ke token Gravity (G). This token migration has been approved by the community via proposal GP-25 dan GP-30. This migration process aims to simplify and unify the user experience in the two ecosystems.

Timetable Token Migration Galxe ke Gravity

The migration process will begin on July 9, 2024, with an initial supply of 12 billion G tokens. Users who own GAL tokens can complete the migration through the official migration portal at a ratio of 1:60, which means every 1 GAL token will be exchanged for 60 G tokens. G will be available as an ERC-20 token on the Gravity Alpha, Ethereum, BNB Chain, and Base mainnet networks.

Nantinya, token G will serve as a multi-purpose token, playing an important role in governance, transactions and incentives. Token migration Galxe to Gravity is expected to increase adoption and utility of the token across the ecosystem.

Gravity (G) Token Specifications

The G token will be available as a native token on the Gravity Alpha mainnet and as a token ERC-20 on the Ethereum, BNB Chain, and Base networks. Following are the detailed specifications for the G token.

• Nama Token: Gravity
• Ticker: G
• Total Initial Supply: 12 Billion G
• Decimal: 18
• ERC-20 Contract Address: 0x9C7BEBa8F6eF6643aBd725e45a4E8387eF260649

Currently available networks:

• Ethereum: Initial supply 10 Billion G
• BNB Chain: Initial supply 2 Billion G
• Base: Initial supply of 0 G (G tokens will be bridged from other networks to the Base network)

Token Migration Process Galxe ke Gravity 

To ensure the migration process runs smoothly, here are the steps that Galxe (GAL) token holders must follow.

1. Personal Wallet: If you hold GAL tokens in a private wallet (e.g. MetaMask) on the Ethereum network or BNB Chain, you can use the official migration portal to complete the migration. Token GAL existing ones will be burned and you will receive G tokens at a ratio of 1:60 on the same network. A gas fee will be required to complete this migration process.
2. CEX (Spot): Galxe in collaboration with OC supported to ensure GAL in your wallet will be automatically converted to G. So, you don't need to do manual migration for GAL on supported CEXs. The full list of supported CEXs will be announced soon.
3. CEX (Derivatives): If you have open derivative positions (including perpetual swaps, options, and futures), you can check the details of the migration process with OC because Galxe is not responsible for this procedure.
4. Staking GAL: All GAL staked on the GAL staking platform will be automatically converted to G after July 9, 2024, and no action is required from stakers.
5. Other Staking/Lending Platforms: If you have GAL Which di-stake or loaned on a platform other than Galxe, you must cancel staking/borrowing to carry out manual migration from GAL to G via the migration portal.

After completing the on chain migration, the token GAL existing ones will be burned, and new G tokens. If you don't see the G token in your wallet after completing the migration process, you can add G as a token ERC-20 custom to your wallet on Ethereum or BNB Chain using the contract address: 0x9C7BEBa8F6eF6643aBd725e45a4E8387eF260649.

Also read: What is Galxe? This is the complete explanation!

Advantages of Gravity (G) Tokens

In addition to migrating existing utilities from GAL, G token will expand its application scope to serve all users within the Galxe and Gravity ecosystems. Here are some of the main functions of the G token.

1. Staking: Stake G to actively participate in governance, secure the network, and contribute to the long-term sustainability of the Galxe and Gravity ecosystems. G token stakers also get exclusive access to rewards from applications built by Galxe.
2. Governance: G DAO is governed by G holders. As a transparent, secure, and decentralized framework, G DAO encourages unity and progress among its members.
3. On-Chain Transactions: As the native gas token of Gravity Chain, G is used to execute and pay for all on-chain transactions.
4. Application Fee Payment: As a utility token in the ecosystem Galxe, G is used to pay the costs of applications built by Galxe, incl Galxe Quest, Galxe Passport, Galxe Score, Alva, and others.

The migration of the Galxe (GAL) token to Gravity (G) is a strategic move aimed at improving user experience and simplifying the ecosystem. With wider utility and higher adoption, prices Galxe is expected to experience a significant increase. 

To ensure that they can enjoy the full benefits of the Gravity (G) token, GAL token holders must immediately prepare for the migration process which will begin on July 9, 2024.

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