Cryptocurrency News

Binance Announces Project Galaxy (GAL), a Web3 Credential Data Network, as the Next Launchpool Project

By April 28, 2022 No Comments

Key takeaways:

  • Project Galaxy (GAL) is the latest Binance Launchpool project
  • GAL is a native token of Project Galaxy, a Web3 platform that helps developers leverage credential data to build more secure products and services
  • Binance users will be able to earn GAL by participating in BNB, CAKE, and BUSD farming pools

Earn GAL by staking BNB, CAKE and BUSD in Binance’s latest Launchpool

Leading cryptocurrency exchange Binance has announced Project Galaxy (GAL) as the newest addition to the Launchpool platform. Binance users will have the opportunity to use their Binance USD (BUSD), Binance Coin (BNB), and PancakeSwap (CAKE) holdings to earn staking rewards in the form of Project Galaxy’s native GAL tokens. 

Project Galaxy is a Web3 credential data network that helps developers leverage credential data and NFT-powered blockchain ownership mechanics to build better and more secure communities. Project Galaxy allows Web3 teams to aggregate credential data, or in other words, authorization data, across different on-chain and off-chain sources. In addition, the data can be utilized via Project Galaxy’s set of tools that include Application Modules, Credential Oracle, and Credential API.

As the platform’s native utility and governance token, GAL can be used as a voting vehicle behind Project Galaxy DAO’s community proposals. In addition, GAL can be used to pay for fees charged on the utilization of credential data. Last but not least, GAL can be staked to increase the platform’s security and to participate in revenue streams generated by each credential data set.

How to Earn GAL by Staking BNB, CAKE, and BUSD on Binance?

Out of the total supply of 200 million GAL, 1.5% or 3 million will be allocated to the Launchpool pools that open on April 29. The staking program will remain open for 30 days and will finish on May 28. A solid majority of the entire token allocation reserved for the Launhcpool will be distributed among BNB participants (70%), while CAKE (20%) and BUSD (10%) users will collectively receive about a third of the total allocation.