Galxe (GAL)

Community Growth and Engagement

Galxe helps projects build and grow Web3 communities by connecting them with millions of users through reward-based loyalty programs. It offers tools to create campaigns that reward users for completing tasks, boosting user participation and brand awareness.

Credential Data Network

Galxe provides a credential infrastructure where users earn digital credentials based on their on-chain and off-chain activities. These credentials can be used by projects to verify user achievements, manage promotions, and create gated access to exclusive content or events.

Digital Identity and Verification

Galxe Passport acts as a universal Web3 identity, securely storing users' identity information. It simplifies verification across multiple Web3 apps and services, enabling seamless and privacy-preserving identity management.

Governance and Utility Token

The GAL token is used for governance within the Galxe DAO, allowing holders to vote on platform changes. It also powers the ecosystem by paying for application fees and rewarding contributors who provide valuable credential data.

Developer Tools and Custom Use Cases

Galxe offers modules and APIs for developers to build on-chain achievement tokens, NFT loyalty programs, credit scoring, sybil attack prevention, and customized governance systems. This makes it a flexible platform for various Web3 projects.

Data-Driven Marketing and Analytics

Galxe Starboard provides analytics and automation tools that help projects turn marketing efforts into actionable insights, aligning incentives with real impact to grow their communities efficiently.

Pros

• Galxe is a leading Web3 growth platform that connects projects with millions of users through reward-based loyalty programs and incentivized quests.
• It offers a no-code solution for community engagement, making it easy for projects to build and grow their Web3 communities.
• Galxe supports secure and self-sovereign digital identity management via its Passport feature, allowing users to control their data across applications.
• The platform includes modular AI, digital identity, and blockchain technologies, enabling advanced Web3 applications.
• Galxe has a large user base (over 30 million users) and supports cross-chain functionality with lower minting fees compared to some competitors.
• It provides opportunities for data curators to earn income by contributing to its credential data network.
• The introduction of Gravity, a Layer 1 omnichain, enhances scalability and developer access to Galxe’s ecosystem.

Cons

• Some users find the platform a bit confusing, especially newcomers, due to its many features and complex ecosystem.
• The GAL token has recently migrated to a new contract (Gravity), which may require users to adjust to new systems.
• As with many crypto projects, price volatility can be significant, and the token has experienced price declines in recent periods.
• The platform’s questing and credential system might require some learning curve for users unfamiliar with Web3 concepts.

Overall, Galxe stands out as a powerful Web3 infrastructure and community growth tool with strong digital identity features, but it may feel complex for beginners.

Founders of Galxe

• Charles Wayn: Co-founder with a background in digital identity and blockchain, previously involved with DLive and other tech ventures.
• Harry Zhang: Co-founder and project lead, formerly COO of DLive and experienced in blockchain and decentralization.
• Xinlu C: Co-founder involved in the founding team since 2021.

These three started Galxe in 2021, building it as a leading Web3 credential data network.

Institutional Investors

Galxe has raised funding from about 30 institutional investors. Some notable ones include Dragonfly Capital, Multicoin Capital, Jump Capital, Sky9 Capital, HashKey Capital, Spartan Group, Manta Network, Lattice Capital, Republic, Matrixport Ventures, and Alameda Research.

Funding Rounds

Galxe raised a total of around $10 million over multiple rounds, including a significant ICO round of $25.2 million in February 2022 and a Series A round. These rounds attracted a mix of venture capital and crypto-focused investment firms.

Founders and Leadership

The company was founded by Charles Wayn, Harry Zhang, and one other co-founder, who have helped secure these investments and guide the project’s growth.

For more details, visit Galxe's official website or their Crunchbase profile.

Halal Status of Galxe

Galxe is generally considered halal by some Islamic finance sources because it operates as a decentralized Web3 infrastructure platform without involving interest (riba) or prohibited activities. It focuses on digital identity and credential management, which aligns with ethical use cases.

Reasoning

• Galxe does not rely on interest-based lending or gambling.
• It provides real-world utility through Web3 credential and identity services.
• Some Islamic finance platforms rate it as "comfortable" or compliant with Shariah principles.

Answer: Yes, Galxe is considered halal by many Islamic finance assessments due to its ethical and utility-driven nature.