Binance listed GAL for trading in its innovative zone at an ATH profit percentage of 2100% at 12:00 PM (UTC) today.
Gal is the token name for Project Galaxy and has amassed a trading volume of over $500m in the last 24 hours.
The project was listed on the Binance launchpool on the 29th of April. Users were allowed to stake their BNB, USDT, BUSD, or CAKE into separate pools to farm GAL over 30 days.
GAL opened for trading on Binance’s innovation zone with four trading pairs; GAL/BTC, GAL/BNB, GAL/BUSD, and GAL/USDT.
What Is The Binance Launchpool and How Do I Earn GAL?
Binance is the world’s leading cryptocurrency exchange and trading platform. Founded by Chanpeng Zhao in 2017 and is headquartered in the Cayman Islands; Mahé, Seychelles.
The Binance platform has several features integrated into it that allow users to trade, stake, swap, loan, or borrow crypto assets.
The Binance launchpool, like every other crypto launchpool in existence, is a platform where individual investors can stake their crypto tokens to farm (earn) tokens of new projects for free.
It’s like a public venture capital fund system, consisting of many different investors with zero or few barriers to entry.
Everyone can have a stake in the pool. What is required to stake is that users have crypto assets that are accepted in the pool. e.g to stake in the GAL/BNB pool, users must have BNB (Binance native token).
Individual users don’t have to worry about bringing a specified large amount to qualify for farming tokens on the Binance Launchpool. This is because each investor would earn rewards that are equal to their percentage stake in the pool.
You earn rewards for your stake in tokens of the new project you’re farming. e.g The user that stakes in the GAL/BNB pool, would earn rewards in GAL tokens. Rewards are automatically paid to users’ spot wallets.
Binance’s Report On Gal (Project Galaxy)
Project Galaxy is a web3 credential data network that records on-chain and off-chain user activities and helps developers, DAOs, brands, and NFT creators to reward loyal users or build a quality user database.
It is an open and collaborative infrastructure helping Web3 developers and projects to leverage digital credential data and NFTs to build better products and communities.
Its utility token (GAL) has a total supply of 200,000,000 GAL and a 35,161,333 GAL circulating supply.
1.5% (3,000,000) of the total supply is to be sent out in rewards to those who stake in the Binance Launchpool in the order below:
BNB: 2,100,000 GAL in rewards (70%)
CAKE: 600,000 GAL in rewards (20%)
BUSD: 300,000 GAL in rewards (10%)
The Farming Period ends on 2022-05-28 at 11:59 PM (UTC). This means that users have 26 days more to participate.
GAL has two smart contract addresses, one for the ERC-20 network, and the other for the BEP-20 network.
Binance Launchpool’s 30th Project(GAL) Roadmap
Upon opening for trading on the Binance exchange, GAL is also listed on ten other crypto platforms: Kucoin, MEXC Global, Huobi, BitMart Exchange, Pancakeswap, Gate.io, Coinbase, Bybit, and Hashflow.
Here are the milestones the Web3 platform is looking to achieve in the remaining part of this year:
1. Galaxy DAO launch governed by GAL token holders.
2. Discord bot for auto discord AMA participants’ credential creation
3. Campaign geofencing feature
4. Galaxy website UI upgrade
1. Application modules dashboard v2 launch
2. Credential oracle launch
3. Credential data tag system launch
1. Permissionless credential and campaign creation
2. Private credential data support
3. Snapshot.org OAT campaign plugin
People trust Binance projects because it’s detailed and thorough. No project on Binance is chosen without a careful review and vetting process.
Web3 is also still in its early stage, and Binance shows support for this phase of ownership and value transfer of the Blockchain.