Read

Edit

History

Notify

Share

GalaChain

GalaChain is a highly customized Layer 1 version of Hyperledger Fabric developed by Gala that enables near-instantaneous transactions. It is a major part of the Gala ecosystem and facilitates various Gala components without delays or high costs. The $GALA token serves as the primary token on GalaChain, used for gas fees and rewards. [1]

Overview

GalaChain is accessible solely through a Gala Games and Entertainment account on diverse websites within the ecosystem.  As developers continue to improve GalaChain, more applications and websites will incorporate its use. For instance, a wallet application could enable users to access their GalaChain wallet beyond the existing websites. [1]

Allowance

When rewards are earned from running a node or other mechanisms, they are granted as a GalaChain Allowance. This allowance enables individuals to convert these rewards into on-chain tokens within their wallets at their discretion. [2]

GalaSwap

GalaSwap is a platform on GalaChain for direct token swapping. Currently, it supports swaps for more than nine tokens within the Gala and ecosystems, with plans to include more tokens later. The platform aims to provide trading opportunities across the expanding Gala Ecosystem and is designed to accommodate all future currencies developed on GalaChain, ensuring a continuously evolving trading ecosystem. [3][4]

The initial version of GalaSwap prioritizes basic functions, with more advanced features such as liquidity pools or slippage not yet available. However, all transactions are conducted peer-to-peer, with the chain itself serving as the central order book. Users can search for offers between $GALA and supported tokens, and once found, can proceed to fill the order. If a desired swap is not available, users can create their own swap and wait for another user to fill it. [4]

All swaps on GalaSwap involve $GALA. Therefore, if a user wishes to trade a token like $ETIME for $MTRM, they must first swap their $ETIME into $GALA before trading it for $MTRM. Gas costs for transactions on GalaSwap are set at 1 $GALA per participant, meaning 1 $GALA is required to list a swap and another 1 $GALA to initiate the other side of a listed swap. [4]

GALA Token

The $GALA token serves as the digital utility token in the Gala Games and Entertainment ecosystem, aiming to facilitate convenient and secure transactions among ecosystem participants. The $GALA token is transferable between users, who have complete control over its use. $GALA exists on several blockchains, such as Ethereum and GalaChain. It operates as the network fee in GalaChain such as channel establishment, for bridging out to other chains, like , and swapping tokens. [5]

Tokenomics

The $GALA is a fair launch token and the issuance of $GALA tokens to Founder’s Nodes commenced on September 11, 2020, without any token sale or premint phase. The project was self-funded without any investment rounds. [6]

Approximately 2 billion $GALA tokens are currently held in reserve by the Gala Games team. [6]

On May 15th, 2023, the Gala Games team burned approximately 20.9 billion tokens from the Total Supply, which included all revenue previously received in $GALA and almost all reserve $GALA issued as Founder’s Node rewards. This burn, valued at approximately $660 million at the time, was part of a renewed commitment to transparency and sustainability within the Gala Games community. It was announced shortly after the deployment of the new $GALA contract on May 15th, 2023. [6]

See something wrong? Report to us.

GalaChain

Commit Info

Edited By

0xfaF91FF28393Cf9292A351DbEa5FA6DCF34538D3
yena

Edited On

June 7, 2024

Feedback

Average Rating

Based on over 1 ratings

How was your experience?

Give this wiki a quick rating to let us know!

Twitter Timeline

Loading...

Loading

Media

REFERENCES

Join the IQ Brainlist

Sign up for the IQ Brainlist to get early access to editing on the IQ.wiki site!

Join Now

Subscribe to our newsletter

The IQ Ecosystem Report will keep you updated on everything IQ.

Subscribe

IQ.wiki

IQ.wiki's vision is to bring blockchain knowledge to the world and knowledge onto the blockchain. A part of Brainfund group

https://twitter.com/IQWIKIhttps://www.reddit.com/r/Everipedia/https://t.me/everipediahttps://www.instagram.com/iqwiki_/https://github.com/EveripediaNetworkhttps://discord.gg/x9EWvTcPXthttps://www.facebook.com/iqdotwiki

IQ

What's IQ?StakingBonds

Company

About usCareersBrandingIQ GPTIQ Dashboard

© 2024 IQ.wiki Powered By BrainDAO & IQ