Daily Top Performer — Galxe (GAL)

The SPX index was barely moved as the Fed Chair Jerome Powell remained cautious of upcoming rate cuts. Key inflation data and earnings reports are expected this week. The broader cryptocurrency market was up, with Bitcoin and Ether rising by 2.42% and 2.44%, respectively in the past 24 hours.

Top crypto performer today is Galxe (GAL), with a 4.5% gain as the platform announced seamless migration from GAL to Gravity (G) tokens across platforms.

Launched in May 2021, Galxe (GAL), formerly known as Project Galaxy, is a decentralized credential data network in the Web 3.0 space. Aiming to replace centralized control of credential data, Galxe provides an open-source platform for Web 3.0 developers to access and utilize this data globally.

Recently, Galxe announced the migration of GAL tokens to a new token, Gravity (G). Users can convert their GAL to G at a 1:60 ratio through the official migration portal on the Galxe website. For self-custodial wallets on Ethereum or BNB Chain, tokens are burnt upon migration. Instructions for centralized exchanges (CEXs) will be provided, and they will handle the migration automatically. Staked GAL will automatically convert to G on July 9th, 2024, with no action required from stakers.

***

The TON Applications Chain (TAC) is building a new layer-2 network for the TON blockchain ecosystem, utilizing Polygon's technology. Announced during the Ethereum Community Conference in Brussels, this network will support EVM-compatible decentralized applications, enhancing the TON ecosystem's appeal to Ethereum developers.

TAC aims to facilitate the development of DeFi applications, gaming, and decentralized identity solutions using Polygon's Chain Development Kit (CDK) and AggLayer. The choice to leverage Polygon's tools is driven by their EVM compatibility, strong community, and expertise in liquidity and deployment support. This move aligns with a broader trend of major blockchain platforms exploring layer-2 solutions on Ethereum.

***

Spot Bitcoin ETF Flows:

Category Flow (millions)

GBTC (37.5)

Non-GBTC 132.9

Total 95.4

Bitcoin's price hovered around $57,000, buoyed by strong inflows into Bitcoin Spot ETFs and influenced by Germany's ongoing sale of seized bitcoins. Investors are keeping a close watch on Federal Reserve Chair Jerome Powell's testimony regarding potential interest rate cuts, which could impact market dynamics.