Proposal to Upgrade Galxe’s ($GAL) Liquidity Pair for Farm Rewards from v2 to v3

Upgrade of Galxe’s Liquidity Pair for Farm Rewards from v2 to v3

We are proposing to shift Galxe’s Farm rewards from the current GAL-BNB v2 LP to the new GAL-BNB v3 LP.

We believe that transitioning to the GAL-BNB v3 pair will further incentivize the liquidity for the GAL token, and support healthy trading volumes for PancakeSwap. As a result of the concentrated liquidity model, the same amount of liquidity in v3, compared to v2, can support significantly larger trades.

For example, for a $500 trade, with a liquidity of $200,000 in the pool, v3 is about 8x more efficient than v2. (Assuming the v3 liquidity was added across a price range of +/- 25% of the current GAL price.)

To ensure a smooth transition between v2 and v3 pairs, there will be an overlap of one day where there will be incentives directed towards both farms. This will occur on 5 May 2023.

After 0900 UTC on 5 May 2023, only the v3 pair will receive incentives, so users are encouraged to migrate in advance of this time.

The New Farm:

The proposed new Farm will have doubled emissions for the first 7 days. For example, if the v2 farm emits 10 CAKE per day, the proposed v3 farm will emit 20 CAKE per day for the first 7 days and 10 CAKE per day thereafter.

Other differences are the change of the liquidity pair and moving from the v2 farm to the v3 farm.

Previous v2 Farm:

• Stake GAL-BNB LP, earn CAKE
• 0.5x multiplier
• 24 CAKE per day

New v3 Farm (0.25% fee tier):

• Stake GAL-BNB LP, earn CAKE
• 1.2x multiplier (2.4x multiplier for the first 7 days)
• 48 CAKE per day for the first 7 days and 24 CAKE per day thereafter

In the future, the farm will be re-adjusted to a 0x multiplier unless the following metrics are comparable with other 1.2x multiplier farms: average daily volume, 14-day volume, unique token holders on BNB Chain, and there are no fundamental token issues or concerns related to users’ safety and security.

Key timelines

• Launch of GAL-BNB v3 farm: Approx. 0900 UTC on 5 May 2023
• Sunset of GAL-BNB v2 farm: Approx. 0900 UTC on 6 May 2023

How to migrate?

Please remember to shift your LP to the new farm before the v2 farm sunsets.

Please refer to the following link for migration instructions

What is Galxe?

Galxe helps developers and organizations leverage NFTs and digital credential data to build better products and communities in Web3.

What is $GAL?

From the team: “Galxe aims to build a permissionless, open, and collaborative credential data network. The GAL token is an essential component of such infrastructures as it functions as the governance token, incentivizes user participation, and serves as the primary payment token of the Galxe ecosystem.

The use cases of GAL are as follows:

• Governance: GAL token holders can vote on Project Galaxy DAO’s governance proposals
• Paying for Fees: Developers who aim to utilize Galaxy’s credential data will be charged in GAL
• Curating Credentials: Curators are incentivized to stake GAL tokens to signal a credential data sets value. Each credential data set will include a revenue stream that will be split between credential stakeholders pro-rata”

⚠️⚠️⚠️BEWARE OF FOOD POISONING⚠️⚠️⚠️

The official GAL token contract address on Binance Smart Chain is:

https://bscscan.com/token/0xe4Cc45Bb5DBDA06dB6183E8bf016569f40497Aa5

​Any other GAL token will be a scam. Always verify the token address before buying tokens. If you receive a GAL token airdrop from another address, it’s probably a scam, and we advise you to ignore it.