As a researcher with a background in blockchain technology and experience in observing the evolution of decentralized platforms, I find Galxe’s announcement of creating its own layer-1 smart contract platform, Gravity, an intriguing development. With their user base growing significantly over the past three years, counting 20 million users and 100 million monthly transactions, it is understandable that they are seeking a more efficient and scalable solution to manage cross-chain interactions between the supported blockchains.
In Austin, Texas, I, an analyst, report that Galxe (GAL), the Web3 infrastructure and digital credential network, announced on Wednesday their plans to develop a layer-1 smart contract platform named Gravity. They intend to migrate all their current products onto this new blockchain.
As an analyst, I’d rephrase it as follows: Starting in June, we will initiate the first phase of our network, which is built using Arbitrum Nitro technology, to publicly trial cross-chain settlements in a transparent manner. Our ultimate goal is to launch the complete Gravity Mainnet by the second quarter of 2025. This ambitious project stems from our team’s recognition that our user base has surged, currently standing at 20 million users and handling over 100 million transactions monthly. In order to effectively manage cross-chain interactions between the 34 blockchains we support, it is essential for us to adopt a more efficient and scalable solution.
In their statement, the team explained that previous approaches didn’t meet the necessary intricacy and expansiveness, leading Galxe to create Gravity as an alternative solution.
The network is planned to employ Reth as its execution layer and consensus mechanism, referred to as Jolteon (AptosBFT), for achieving near-instant transaction confirmation and high throughput. Additionally, it will support compatibility with the Ethereum Virtual Machine (EVM).
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2024-05-30 00:12