To explain what Galxe is in one sentence: "A Web3 task distribution platform, where project owners issue tasks and users complete tasks to gain potential profits. In fact, it is a platform for completing tasks in order to get airdrops."

Galxe is the most successful in this category, but now there are more and more competitors of the same kind, such as Quest3. When the cake cannot be made bigger, even the weakest competitors can eat into their own market share.

➤ What is the dilemma facing Galxe?

As far as I understand, Galxe is not afraid of competitors in this field. As a platform, the most important thing is traffic/users. Without traffic, everything is castles in the air.

Galxe's most formidable competitors come from two major exchanges, one is X Web3 wallet, and the other is Binance Megadrop and Binance Web3 wallet. The wallet businesses of these two top exchanges are doing Galxe's core business, and they continue to cooperate with various projects to release some Web3 airdrop tasks to build momentum for the wallet.

Moreover, Binance also uses Megadrop to attract traffic to Web3 wallets through its exchange listing advantage. In the current two phases of Megadrop, you can also see the task of airdrop. Such competition for traffic has brought too much pressure to Galxe, so much so that when I saw the launch of Megadrop, I was particularly pessimistic about Galxe.

In Galxe's basic situation, there are wolves in front and tigers behind. If you don't seek change, you will be in danger!

➤ How does Gaxle plan to get out of this predicament?

Not long ago, Galxe launched a wave of activities for staking $GAL tokens, and jointly with Arbitrum, Merlin, and Polyhedra provided benefits to users, which also brought a wave of price increases to the currency. However, if there is no good means to take over after the staking, then it will face huge selling pressure, which is indeed the case.

After this pledge, Galxe launched Smart Savings, another way to earn returns from staking. Unlike the above, this time it is not staking $GAL assets, but converting assets into $ETH or $USDe through cross-chain transactions to stake in EtherFi and Ethena, and providing an additional 20% annualized return after meeting the minimum deposit amount.

After these two attempts, Galxe has tested the amount of funds that users of its platform can bring and verified some of the technologies.

➤ Finally, the big thing is coming, announcing the launch of the L1 full-chain network Gravity!

Web3 experts all know that the current public chain landscape is fragmented. As the chain-issuing technology becomes more mature, L2/L3 emerges one after another, as if not launching a chain is out of date. Various projects are launching coins under the guise of launching chains to build ecosystems, such as the infamous one with ZK in its name. Of course, I understand the ambitions of these projects, and each of them wants to build their own platform and form a moat, but for now, it's a mess.

I am very optimistic about cross-chain interoperability/chain abstraction. The main reason is that under the current background, the flourishing of chains not only troubles users, but also projects. I want to find a place to store my USDT and do some mining, but I have never heard of the high-yield agreement. I have never heard of the chain, and I can’t get Gas, transfer USDT, and there is no exchange support for withdrawal. With this experience, outsiders can’t enter the market at all, and insiders have finally transferred their funds to the destination, but fund management is a more troublesome problem.

Multiple chains not only divert users and disperse funds, but also greatly waste our time.

Now that the market has developed in this way, the antonym of "division" "integration" will inevitably develop. This is one of the reasons why I am optimistic about Galxe developing its own full chain!

Secondly, Galxe itself is a platform, and its own traffic can lay a good foundation for its own full chain. According to Dune's statistics, the number of addresses has exceeded 22 million, the monthly active users are 2.8 million, and the number of project parties is more than 5,700. From these data, we can see that Gaxle not only has a large number of users, but also its ToB business is also doing very well compared with OKX and Binance.

Let me state my point of view again. I am not optimistic about nor recommend projects or platforms without foundation to develop their own exclusive chains or full chains. After all, when the threshold is very low, if you rush in without any skills, you are just getting something for nothing.

➤ Finally, let’s talk about how we can get a piece of the pie!

If you think this is a good thing after reading this article, then hoarding coins and waiting for them to rise is a good choice. I have already hoarded them. 🤣

According to the Gravity token economics announced by Galxe, the $Gal token will be split into new $G tokens as the Gas of the main network, and an airdrop share will be reserved.

Gas here is also a good thing, and the reserved airdrop share should be related to the Galxe score. However, according to the disclosed information, the airdrop with the highest weight is still staking.

This article is from the #哈皮杂谈 series. The thoughts may be more jumpy and the imagination may be a bit far-fetched, but it contains a lot of my own thoughts and understandings.

If you think it’s good, you might as well follow @BitHappy to witness its growth and get rich together!