Galaxis Launching on Arbitrum
We are thrilled to share the exciting news that Galaxis is now launching on Arbitrum! Furthering our promise to become a multi-chain community-building platform, now we are available on the Arbitrum network.
What is Arbitrum
Arbitrum uses the optimistic rollup technology to batch transactions, execute them off the main Ethereum chain, and store the confirmation on the main chain. Arbitrum is an Ethereum Level 2 chain with a typical gas price of around 0.1 Gwei, meaning that transactions are both fast and usually cost well under one dollar to execute.
The Chainlink CCIP Bridge
Building upon Chainlink’s CCIP bridging technology and Arbitrum’s EVM compatibility, the Galaxis team have found it no problem to migrate the Galaxis contracts and community bridge so that we could start testing on Arbitrum to realise the benefits of Arbitrum’s fast inexpensive transactions.
The CCIP bridge not only allows tokens to be transferred between chains but also allows a Galaxis LaunchKey (issued on ETH mainnet) to be used to create a community on Arbitrum using the cross-chain messaging capability to send verifiable messages from one chain to another.
Galaxis is looking forward to helping Arbitrum-based projects get closer to their communities with the complete suite of Galaxis community engagement tools.
Launching Galaxis Communities on Layer2
When Galaxis launches a community on a Layer 2 like Arbitrum, the efficiency of the rollup, coupled with the dramatically lower transaction fees unlocks opportunities that would be cost-prohibitive on Ethereum Mainnet.
Galaxis Traits Registries, Reward Communities, Increase Engagement
Most notable of these are the Galaxis Traits Registries, where we store the visual and functional attributes of each non-fungible token. Preparing these registries involves significant on-chain storage (i.e. cost) but facilitates a host of opportunities, such as special redeemable rewards, forges and stickerbooks, which can be used to reward communities and increase engagement.
Keeping visual traits on chain means that your NFT can change its appearance over time as you interact with it, but in a way that can be seen to be fair and correct.
Digital and Physical Redeemables
Utility traits allow the community to offer perks such as digital (or even physical) redeemables to a certain randomly selected number of token holders where the random selection is provably fair using Chainlink’s verifiable random number sources. Recent drops have included receiving physical bonus art, having an autographed NFT and even the chance of a 1 on 1 Zoom meeting with renowned artists.
About Arbitrum
About The Arbitrum Foundation
The Arbitrum Foundation, founded in March 2023, supports and grows the Arbitrum network and its community with secure scaling solutions for Ethereum.
Arbitrum One
Arbitrum One is a leading Ethereum Layer-2 scaling solution developed by Offchain Labs. An Optimistic Rollup, Arbitrum One provides ultra-fast, low-cost transactions with security derived from Ethereum. Launched in August 2021, the Arbitrum One mainnet beta is EVM-compatible to the bytecode level and has 60%+ TVL in the L2 segment. 400+ DeFi and NFT projects are live in the ecosystem to date. In August 2022, Arbitrum One upgraded to Nitro tech stack, enabling fraud proofs over the core engine of Geth compiled to WASM.
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About Galaxis
Galaxis is a web3 platform that provides a framework to build, grow and govern decentralized communities, empowering content creators, individuals, businesses or anyone to create sustainable communities without any 3rd parties. Galaxis is one of the very first bricks of self-sustaining economies. Using transparent technology combined with real-life values, Galaxis took out the speculation factor from the web3/NFT space and created a safe and value-based place for those who are ready to embrace the future of doing business and monetization of great ideas.
