Galaxy token (GAL) to migrate to Gravity token (G) on July 9

IconCryptoNewsTerminal Staff03 Jul, 2024

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Galaxy token (GAL) to migrate to Gravity token (G) on July 9

Galaxy (GAL), the Web3 on-chain rewards platform, announced via its official blog that "in accordance with the approval of the governance proposal, the GAL token will migrate to the G (Gravity) token on July 9 (local time)." G is the native and governance token of Galaxy's Layer 1 omnichain Gravity, with an initial supply of 12 billion (10 billion ERC-20 and 2 billion BNB Chain). Upon completion of the migration, the existing GAL tokens will be burned and swapped for G at a ratio of 1:60. Galaxy aims to bridge traditional finance and decentralized finance to allow for more inclusive and accessible Web3 experiences. Its Gravity Network is designed to support multiple virtual machines and leverage a shared security and consensus mechanism, offering a cost-efficient and interoperable blockchain environment. After the migration, GAL will be supported for one year, during which time the team will work to phase out GAL and transition to G, allowing ample time for users to complete the swap. The migration is expected to bring several benefits, including increased scalability, security, and interoperability within the Galaxy ecosystem.

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