GALA (GALA)
GalaChain is a customized Layer 1 blockchain based on Hyperledger Fabric, developed by Gala. This blockchain supports near-instantaneous transactions, playing a crucial role in the Gala ecosystem by facilitating various components efficiently. The $GALA token serves as the primary token on GalaChain, used for gas fees and rewards.
Overview
Access to GalaChain is available exclusively through a Gala Games and Entertainment account across various websites within the ecosystem. As development progresses, more applications and websites are expected to integrate GalaChain. For example, a wallet application could allow users to manage their GalaChain wallet beyond existing platforms.
Allowance
| Ticker | GALA |
| Category | Smart Contract Platform |
| Website | https://gala.com/ |
| @GoGalaGames | |
| Telegram | PoweredByGala |
| https://www.reddit.com/r/GoGalaGames/ | |
| Contract Addresses | |
|---|---|
| ethereum | 0xd1...ae Copied! |
Rewards earned from running a node or other mechanisms are provided as a GalaChain Allowance. This allowance enables users to convert these rewards into on-chain tokens within their wallets at their discretion.
GalaSwap
GalaSwap is a platform on GalaChain that facilitates direct token swapping. It currently supports swaps for over nine tokens within the Gala and Ethereum ecosystems, with plans for expanding token support. The platform is designed to offer trading opportunities across the Gala Ecosystem, accommodating future currencies developed on GalaChain.
The initial version of GalaSwap focuses on basic functions. Transactions are conducted peer-to-peer, with the chain serving as the central order book. Users can search for offers between $GALA and supported tokens. If a desired swap is unavailable, users can create their own swap and wait for another user to fill it. All swaps involve $GALA, meaning users must first swap their tokens into $GALA before trading for other tokens. The gas cost for transactions on GalaSwap is set at 1 $GALA per participant.
GALA token
The $GALA token functions as the digital utility token within the Gala Games and Entertainment ecosystem, facilitating secure transactions among participants. It is transferable between users, who have full control over its use. $GALA exists on multiple blockchains, including Ethereum and GalaChain, and serves as the network fee for various operations such as channel establishment and token swapping.
Tokenomics
The $GALA token is a fair launch token, with issuance to Founder’s Nodes beginning on September 11, 2020, without a token sale or premint phase. The project was self-funded without external investment rounds. Approximately 2 billion $GALA tokens are held in reserve by the Gala Games team. On May 15, 2023, the team burned approximately 20.9 billion tokens from the total supply. This burn was valued at around $660 million at the time and was part of a commitment to transparency and sustainability within the Gala Games community. This action was announced shortly after deploying the new $GALA contract on May 15, 2023.