What is the issuance and circulation of Galxe coins?

Galxe coins, minted through a DAO-controlled process, circulate within the ecosystem, facilitating governance, staking, and various utility functions.

Nov 29, 2024 at 05:15 am

What is the Issuance and Circulation of Galxe Coins?

Galxe is a decentralized network that enables the creation and issuance of digital credentials, known as Galxe OATs (On-chain Achievements Tokens). These credentials represent verifiable achievements, such as event participation, task completion, and community contributions, and are stored on the blockchain. Galxe coins are the native utility token of the Galxe network, used for various purposes within the ecosystem.

Issuance of Galxe Coins

Galxe coins are issued through a process called minting. Minting involves creating new Galxe coins and adding them to the circulating supply. The minting process is controlled by the Galxe DAO (Decentralized Autonomous Organization), which oversees the issuance and distribution of Galxe coins.

• Step 1: DAO Proposal

  The process of issuing Galxe coins begins with a proposal submitted to the Galxe DAO. The proposal outlines the purpose of the issuance, the number of coins to be minted, and the distribution method.

• Step 2: DAO Vote

  DAO members vote on the proposal. If the proposal passes with a majority vote, the minting process is initiated.

• Step 3: Minting

  The Galxe network mints the specified number of Galxe coins and adds them to the circulating supply. The minted coins are then distributed to the designated recipients according to the distribution method outlined in the proposal.

Circulation of Galxe Coins

Once minted, Galxe coins circulate within the Galxe ecosystem. They are used for various purposes, including:

• Governance: Galxe coin holders have voting rights in the Galxe DAO, allowing them to participate in decision-making that affects the network.
• Staking: Galxe coins can be staked to earn rewards and support the network. Staking involves locking up Galxe coins for a certain period to contribute to network security and governance.
• Fees: Galxe coins are used to pay transaction fees on the Galxe network. These fees cover the cost of processing transactions and maintaining the network.
• Utility: Galxe coins can be used to purchase OATs, participate in campaigns, and access exclusive features and perks within the Galxe ecosystem.

Monitoring Circulation

The circulation of Galxe coins is monitored through various metrics:

• Circulating Supply: This represents the number of Galxe coins that are currently in circulation and can be freely traded.
• Total Supply: This represents the maximum number of Galxe coins that can ever be minted.
• Market Cap: This represents the total value of all Galxe coins in circulation, calculated by multiplying the circulating supply by the current market price.
• Trading Volume: This represents the amount of Galxe coins that are bought and sold on exchanges or decentralized platforms over a specific period.