In recent years, the narrative of Web3 has been continuously evolving, from decentralized finance to RWA, AI, and the industry's focus is constantly changing. Now, "chain abstraction" as the focus of a new narrative is attracting more and more attention. The core of chain abstraction is to eliminate the barriers between users and the complexity of the blockchain, making cross-chain operations and asset transfers simpler and more intuitive.

On September 16, the "FAT Awards 2024" annual ceremony was grandly opened at the Conrad Hotel in Singapore. "FAT" is a list ceremony and summit forum brand founded by Odaily Planet Daily in 2020, aiming to commend the leaders and innovators of Web3 and the encryption industry, and focus on value paradigms and consensus moments. In 2024, as the encryption industry is changing rapidly and the narrative is recognized by the mainstream world, fresh narratives are emerging, the ecosystem is flourishing, and high-quality projects are being launched one after another. Odaily Planet Daily has once again launched the FAT list selection and held an offline ceremony.

One of the highlights of this event is the keynote speech by Charles Wayn, co-founder of Galxe & Gravity, "Embracing the decentralized future of Galxe," which delves into Gravity and unveils a new chapter in chain abstraction and decentralized future.

As a leader in the Web3 market, Galxe has gradually established a user-centered ecosystem through its innovative Quest product, with over a million daily active users. In the rapid development of Web3, Galxe has a unique position within the ecosystem, aggregating upstream and downstream resources to distribute them, and its growth trajectory has a clear convergence with the initial Cex. However, in the future competition between parallel EVM chains and non-EVM parallel chains, the launch of the Gravity public chain will lead users to what heights? Charles stated that Galxe is building a comprehensive Web3 ecosystem to promote the decentralized future and achieve the widespread adoption of technology. Galxe will expand to provide users with diversified services, including Galxe Quest, Passport's full-chain KYC solution, Galxe Score based on user reputation, and Galxe Compass, which uses AI to provide trend discovery and participation recommendations.

Galxe recently launched the L1 public chain Gravity, an innovative solution created by Galxe to address the challenges of cross-chain transactions. Its wider adoption undoubtedly injects unlimited potential into Galxe, and Gravity provides a secure and robust architecture through built-in cross-chain transactions, effective verification, and high-performance execution. Its uniqueness lies in its intent-based transaction model, allowing users to complete transactions without delving into technical details while significantly reducing gas fees.

Galxe will also use Gravity as the infrastructure of its ecosystem to support various applications and services. Galxe's token GAL was upgraded to G token in July this year, becoming the universal token of the Gravity and Galxe systems, with broader practicality.

Galxe integrates multiple ecosystems, including EVM and non-EVM, possibly more than any cross-chain bridge or centralized exchange can integrate.

In his speech, Charles Wayn elaborated on the potential of chain abstraction and pointed out, "Gravity is not only a new L1 public chain, but also a key step for Galxe to promote the decentralized future. Through chain abstraction, we hope to not only improve the user experience but also bring about the widespread adoption of Web3 technology." Charles emphasized that Galxe's vision is to simplify the way users enter and participate in Web3 by providing a range of innovative tools and services, while offering a secure, efficient, and user-friendly experience. Galxe is building a more inclusive and easy-to-participate Web3 ecosystem, breaking down the complexity barriers of existing blockchain technology and lowering the user threshold.

What many people do not know is that Galxe has also been building chain abstraction and account systems. After announcing the launch of Galxe's Gravity chain, it may become the largest blockchain by transaction volume, with a monthly transaction volume of approximately $100 million.

The following is the full text of Charles's on-site speech, edited and organized by Odaily Planet Daily, enjoy~

I am Charles Wayn, co-founder of Galxe, and today my theme is Galxe—Embracing the decentralized future. We have been advancing several projects and have established a large distribution channel network.

Now, Galxe is not just a task platform; it provides services to users in different fields. Galxe Quest is one of the most active platforms for users, with 800,000 to 1 million daily active users using Galxe Quest to find different Alpha information.

We have also launched the full-chain KYC solution Passport, aimed at providing customers with anti-bot options. Users need to go through full-chain KYC before accessing certain projects, and some projects require users to have a Galxe Passport to access their blockchain networks.

Galxe Score is based on user reputation, and we currently have 280,000 verified holders. In addition, there is Galxe Compass for trend discovery, and we capture emotions through internal AI to provide participation recommendations.

We currently have over 1 million daily active users, who have interacted with the community through Galxe, accumulating over 28 million interactive wallets. In the past three years, we have had over 6,000 partners on Galxe.

Earlier this year, we started building a platform or community tool for everyone. We are redefining the relationship that brings the world into Web3, as this is what we have been doing for the past four years and what we want to continue to push forward in the future.

When we talk about the future and widespread adoption, the fragmentation of chains today is hindering the widespread adoption of Web3. There are currently over 100 different blockchains, with more chains being launched. This situation affects the user experience. For example, if we want to teach our grandparents how to use blockchain, we need to deal with different infrastructures and blockchains, which prevents us from achieving the best experience. This is the problem we want to solve through Galxe. In Galxe Quest, we have integrated 34 blockchains, and how can users seamlessly operate Quest on different chains? We have proposed a solution called Gravity. Currently, Gravity is in the alpha stage, and by the first quarter of next year, we will launch a test version based on the Rust and EFT execution engine. Currently, Gravity ranks third in total transactions. Although people are used to measuring the success of chains by TPS, we believe that user activity is more important.

What is unique about Gravity? It has built-in intent-based cross-chain transactions, effective verification, high-performance execution, and a secure and robust architecture.

What is "intent"? We believe that intent is the specific goal of the user, allowing users to complete transactions without considering details. We are trying to build a network and integrate it into Gravity as part of the network.

This contains three steps: making a request - I want to use Ethereum to buy cryptocurrency, others can execute this operation, and then a validator comes to judge whether this person can complete this intent. For example, if you want to buy Ethereum based on the Solana network, even if you are not an Ethereum user, you can complete these transactions through the intent network.

In addition, Gravity introduces cost-effective zero-knowledge proof verification, which can reduce about 70% of gas fees. At the same time, Gravity also has high-performance execution capabilities, achieving a throughput of 1Gb/s using AptosBFT and Reth, with a latency of less than one second. Testing will be conducted in the first quarter. More importantly, Gravity will provide Layer 1-level security with the Restaking feature of Babylon.

In different implementations, the gas fee case shows that through Gravity, we can reduce gas fees to 3400Gas. In addition, it is fully compatible with EVM.

Use cases of the Gravity chain include cross-chain asset management, cross-chain identity verification, and more. For example, building a portfolio on Gravity will be a powerful use case. We announced Gravity at the end of August, and starting from the fourth quarter, the priority of the ecosystem is to ensure that all important Galxe Quests participate in building the ecosystem. Currently, Gravity has over 60 applications in areas such as data, DeFi, infrastructure, wallets, and more.

Gravity supports most wallets, and Galxe will serve as a super app, while Gravity is used to enhance the online infrastructure of applications. In Galxe Quest, we have a total of 28 million interactive wallets, with over $100 million in monthly transactions, making Gravity one of the top five active blockchains.

We are making everything fully chain-based, especially for applications that are ready for full-chain integration. For example, we can conduct full-chain token lottery activities, where anyone can participate in online lotteries and send transactions, helping us reduce a lot of bot behavior, while also having giveaway activities.

We have close to 1 million users verified through Galxe Passport. We also have the Galxe scoring system, with 285,000 users, and the identity protocol is the underlying infrastructure of the verification system. We have 221 million credential holders, who have been approved and verified through the Galxe online identity protocol.

In terms of the timeline, we will launch the mainnet in the first quarter of next year.

This is the theory we want to emphasize from top to bottom: from Quest and Compass helping you use Web3 more easily, to Alva helping you learn how to become a Web3 investor, and then Passport, the scoring system, and finally the identity protocol.

Galxe also has its own token, called GAL token, which has now been upgraded to G token. It is the universal token of the Gravity and Galxe systems, with more practicality. It is the payment token for Galxe Quest, used for GAL staking airdrops, as well as the gas fee for Gravity and the native token of the consensus layer, and it is also the governance token for both.

Regarding Alva, everyone can go and check it out. It is built on ChatGPT 4o and aims to enhance your Web3 knowledge. When Bitcoin rises by 10%, you can ask Alva what to do. Now, when a new token is listed, Alva can give you all the information about that token in less than 10 seconds. This is a real-time knowledge platform based on AI, designed for Web3 traders and researchers. We recently added an extension feature, which you can use on blogs, and when you hover over Ethereum, it will give you relevant insights. It also has a detailed profile feature, showing all the user's interaction information, community participation, and their financial information.

Earlier this year, we developed smart savings, for example, if you want to do a Quest on Savannah but don't have the gas fee for Savannah - smart savings will be a solution, similar to a prepaid gift card system, and it is still expanding. We hope to turn it into a high-yield on-chain checking account. You can start from here whenever you need to pay any fees.

Funds deposited in smart savings can bring high returns. So far, there have been 1.8 million transactions and 140,000 users. You can see the ratio of users to TVL, and you will find that most users are not wealthy, but ordinary users who deposit assets here to experience DeFi savings, which can help them pay various fees later.

You can see the returns they hold, which provide 10% instant liquidity for the amount you deposit, while you have to wait 35 days to withdraw the entire amount. But this has provided users with a high-yield on-chain checking account experience and can be used to purchase services on Galxe.

This is what we are building today. We are committed to bringing the whole world into Web3 and are very excited about the future and widespread adoption of the entire chain. Thank you all!

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