[GP30] From Galxe to Gravity - G Tokenomics Proposal

Abstract

This proposal aims to implement a strategic change in the tokenomics of the Galxe ecosystem by transitioning the current GAL token to a newly named Gravity token (symbol: G). Following the successful passing of Proposal GP25, this transition will involve converting GAL to G tokens at a 1:60 ratio, resulting in a total supply increase to 12,000,000,000 G tokens. Additionally, the G token will introduce new utilities to enhance the functionality and security of the Gravity chain.

G token will continue to be the utility token for Galxe products. Existing token utilities will be migrated from GAL to G, and additional token utilities will be introduced further.

Motivation

The transition from GAL to G tokens is motivated by a desire to expand the utility and scope of the token within the Galxe ecosystem. By renaming the token to Gravity and introducing a higher supply, we aim to improve liquidity and accessibility while also aligning the token's brand with its expanded role in the ecosystem. The added utilities of serving as a gas token and a native token for the Proof-of-Stake (PoS) algorithm will further solidify the G token's integral role in the Gravity chain, enhancing the overall value proposition for users and stakeholders.

Specification

Overview

The G tokenomics proposal outlines the following key changes and additions:

• Token Migration: Transition from GAL to G tokens at a 1:60 conversion ratio.
• Total Supply: Increase the total supply of G tokens to 12,000,000,000.
• Utilities to be migrated from GAL:
  • Utility token for Galxe Quest
    • Smart Balance
    • Space Creation Deposit
  • Payment token in Galxe product suites
  • Governance token for both Gravity and Galxe
  • Exclusive airdrop (to be upgraded from GAL Staking)
• New Utilities:
  • G token as the gas token for the Gravity chain.
  • G token as the native token for the Proof of Stake securing the Gravity chain.

Scope

This proposal covers:

• The technical steps required for the token conversion process.
• Adjustments to the total supply of tokens in circulation.
• Implementation of the G token’s additional utilities.

Success Criteria

The success of this proposal will be determined by:

• Seamless migration of all existing GAL tokens to G tokens at the specified ratio.
• Successful integration of the G token’s new utilities into the Gravity chain.
• Positive feedback and adoption from the Galxe community and stakeholders.

Timeline

• Phase 1: Preparation
  • Finalize technical aspects of the token conversion.
  • Update all relevant documentation and communication materials.
• Phase 2: Implementation
  • Execute the token migration process.
  • Integrate new utilities into the Gravity chain.
• Phase 3: Monitoring and Support
  • Monitor the transition and address any issues.
  • Provide support to the community during the transition period.

Budget:

N/A

References

[GP25] Token Symbol and Token Contract Migration - from GAL to G