Today we are going to talk about a web3 project in a new field, which is the web3 task platform. I believe many people have been exposed to it, especially those who are short sellers. This project is Galxe, which is also the leader of the web3 task platform. Its current market value is only 100 million US dollars, ranking 180 + around.

Introduction to web3 task platform

The main business of the web3 task platform is to provide tasks such as following social accounts of project parties, answering questions, on-chain operations, and task bounties. After completing the tasks, users can receive points, NFT, and token rewards. The Web3 task platform serves as an introductory education for Web3 and serves as a link between users and project parties. Web3 task-based platforms began in 2020 when Web 2 social media marketing service provider Gleam.io began to provide services for the web3 industry. Later, web3 task-based platforms also emerged in large numbers. After two or three years of development, Web3 task-based tools have emerged. It has hundreds of projects and is becoming the new traffic center of the crypto world.

How users leverage the web3 task platform

The general user experience of the web3 task platform is relatively good. Some platforms are more interesting and the operation is relatively simple and easy. Therefore, new web3 users can get started with on-chain operations, learn basic knowledge of the web3 industry and understand learning projects or Community.

For senior web3 practitioners, through the Web3 task management platform, you can contact and learn about multiple types of projects and communities on the same platform. Some platforms also have classification and filtering functions for projects or communities. Users can save a lot of time and energy and search for to high-quality projects that interest you.

For users who earn income from airdrops, they can obtain corresponding rewards by completing tasks on the web3 task platform, such as NFT, POAP, airdrop qualifications, token rewards, etc. The cost and risk of investment are relatively low, and it is an airdrop aggregation with advanced functions. type of website.

In addition, users can accumulate proof of their own on-chain and off-chain activities by completing tasks on the web3 task platform, which is conducive to building their personal Web3 identity and building their personal web3 reputation.

How project parties use the web3 task platform

Project parties can attract users on the platform to participate by publishing tasks and giving rewards to achieve publicity purposes. For new projects that are in the early stages of development and do not have a high number of fans, relatively better marketing effects can be achieved with the help of the traffic effect of the Web3 task management platform. For mature projects, parties can do more activation and retention activities, as well as new acquisition activities.

Publishing tasks on the web3 platform is relatively simple, timely and effective. Project parties can quickly complete a significant Web3 operation activity and increase the number of users and usage of their projects and products.

Many Web3 task platforms have user on-chain and off-chain data analysis functions. Projects can screen out real users based on the task platform data and issue rewards to prevent airdrops to invalid users and prevent witch attacks, and achieve precise delivery of precise marketing. .

Using the Web3 task platform, projects can launch multi-project joint marketing activities with other projects or communities on the platform.

The Web3 task platform has a beautiful, multi-dimensional and refined data dashboard display panel. Project parties can understand the effectiveness of their activities (conversion rate), whether the user portraits reached are accurate (activity), and activity tasks. Whether the settings are reasonable (completion rate of each task), etc. Operation strategies can be dynamically adjusted.

 

galge

Galxe, formerly known as Project Galaxy, is currently the largest Web3 task platform. As of June 24, 2023, it has cooperated with more than 2,700 project parties/communities, launched more than 10,000 tasks, and has more than 11 million Galxe ID users. Galxe allows project parties to issue NFTs on the platform. Users who meet the conditions can obtain Mint qualifications. Project parties can also provide customized services through the platform's data certificates. Users can see the tasks released by various projects on the platform, and can look for potential airdrops, participate in community activities, and discover new projects.

Galxe has built its own digital identity certificate, Galxe ID, and marked OAT from the chain. Through the analysis of on-chain data, it labels different users with various labels. For each Quest, a Credential set will also be generated and exported as a whitelist to third parties for application (such as Token distribution).

Most of the tasks launched by Galxe are specific project tasks, mainly following the project party's Twitter, retweeting, joining Discord, on-chain interaction, etc. The rewards users receive for completing tasks are mainly OAT (on-chain achievement NFT) and other NFTs, some of which can be sold. The tasks are many and cumbersome, so it is not suitable for introductory education on Web3, but it is suitable for airdrop hunters and advanced players to accumulate on-chain interaction records. The business model of the platform is biased towards B and is a traffic platform.

Galxe also has a real-person authentication module: Galxe Passport. Users can mint an SBT after providing KYC information. This is also Galxe's anti-witch measure. Galxe Credentials are user interaction credentials, which are automatically granted to users by reading user on-chain and off-chain interaction records.

Galxe ID

With Galxe credentials, we will be able to build a Web3 DID system that not only gives you a multi-chain identity, but also allows others to know more about you through your past achievements/credentials. Projects like Cyberconnect, Unipass, and Salad Venture are already using Galxe Credentials in their products, and we look forward to exploring this more in the future.

Galxe consists of the following main components working together:

Credential Data Infrastructure: Galxe’s infrastructure enables curators to provide credentials from multiple data sources, including:

On-chain credentials: Contribute data from 7 different chains via subgraph queries or wallet snapshots

Off-chain credentials: Contribute data through Galxe’s integrated data sources such as Twitter, Github or Discord

Application modules: Galxe provides several application modules to help Web3 projects build better products and more engaging communities.

Galxe OAT (On-chain Achievement Token): A solution that distributes NFT badges to the community as a record of participation.

Galxe NFT: Enables communities to leverage vouchers and gamified NFT activities to better reward and engage users.

Galxe Vote: Enables communities to leverage vouchers and voucher-based NFTs on Snapshot to build customized governance systems.

Galxe Credential API: Developers can leverage credential data from their off-chain applications to build Web3 LinkedIn, guilds, voting infrastructure, Sybil attack prevention algorithms, and more.

Galxe Credential Oracle: Developers can query credential data from smart contracts to customize on-chain use cases such as credit scoring, liquidity mining promotion, permission lists for INOs or IDOs, etc.

Galxe ID: Galxe ID leverages Galxe Credentials and acts as a Web3 LinkedIn. Galxe ID can be a user's universal username, representing their multi-chain identity in Web3.

Project financing status

The project has raised US$10.16 million through 2 rounds of equity financing. Equity investors will receive 20.77% of the total tokens. The project also raised $15 million through a public sale on Coinlist, selling 5% of the total GAL token supply at $1.5/GAL.

Token governance

GAL is Galxe’s native utility and governance token and is used for the following functions:

Governance: GAL token holders can vote on governance proposals for the Galxe DAO.

Pay the fee: Developers who aim to leverage Galxe's credential data will be paid using the GAL.

Curation Credentials: Curators are incentivized to stake GAL tokens to demonstrate the value of the credential data. Each voucher data will include a revenue stream that will be prorated among voucher stakeholders.

The first issuance time is 2022-05-05, with a maximum supply of 200,000,000 GAL. The current circulation volume is 84,890,333 GAL, with a circulation rate of 47.7%. The current currency price is around US$1.2, and the peak price was US$17 when it was listed on the exchange that day. Then in terms of token distribution, you can see that the team took a lot of 15+20+15=50% which is a bit exaggerated.

 

In conclusion, Galxe is the leading project in the field of web3 tasks. We need to pay attention to the leading projects in each field. At present, its user volume is also acceptable. The only problem is that the currency holding ratio of the project is a bit high. The exchange has been smashing the market since then, and the linkage between the token and its task itself is relatively poor.