Announcing the Project Token Creation Tool on GalaSwap!
We are excited to announce a groundbreaking new feature now live on GalaSwap: The Project Token Creation Tool. This innovative addition empowers our community to create their own custom tokens on GalaChain, marking a significant step forward in the evolution of our ecosystem.
Create Your Own Tokens
With the Project Token Creation Tool, any GalaSwap user can create a custom token by burning $GALA (described below under “How It Works” in greater detail). Whether you’re aiming to launch a meme coin representing an inside joke or a utility token for an exciting in-development or live project, this tool provides a flexible and powerful way to bring your ideas to life.
Creating your own token is simple, and once approved you’ll be able to grant mint allowances for your token to any address on GalaChain.
Founder’s Approval Process
All new tokens submitted through the Project Token Creation Tool will undergo a Founder’s Node approval vote. This ensures that each token meets the standards of our community and prevents the creation of spammy or abusive tokens.
Founder’s Node operators will have a 24-hour voting period to approve or reject each submission.
Rewards for Founder’s Node Operators
All Founder’s Node operators will have a chance to receive a portion of each newly generated token. This reward system recognizes the crucial role that Founder’s Nodes play, powering the DePIN (Decentralized Physical Infrastructure Network) and maintaining the integrity of the Gala ecosystem.
Rewards for qualifying active Founder’s Nodes will be distributed as mint allowances in the next distribution following the creation of the new token. The share of these rewards per Founder’s Node will depend on the total activity time of that Founder’s Node throughout the previous 24 hour cycle. This reward structure will use the same Point system as the daily $GALA distribution for Founder’s Nodes.
For the first 90 days, all active Founder’s Node operators will be automatically enrolled in this reward program. Later, Founder’s Node operators will have the option to pay a subscription fee to participate in this created token reward program for 30 days. All Founder’s Node operators can vote on the approval of each token, whether or not they are subscribed for created token rewards.
How It Works
- Submit Your Token: Use the Project Token Creation Tool on GalaSwap to submit the details of your new token for approval.
- Pay a non-refundable fee equal to $100.00 US Dollars in $GALA(GalaChain).
- You will also choose an amount of $GALA(GalaChain) as a Burn Allowance.
If the approval vote passes, this allowance will be burned and the total value of the $GALA burned will be divided by the total supply of your new token, indicating an initial price listing on GalaSwap. In the event that the token’s creation is not approved, your $GALA(GalaChain) Burn Allowance can be revoked via request through the allowance management system.
Please note that the allowance management system is still being fine tuned and will be released in the very near future, so any unapproved token creators will face a potential delay in the ability to revoke their Burn Allowance.
- Approval Vote: Founder’s Node operators will review and vote on your token for 24 hours.
- Token Generation Event: If approved, your token will be created on GalaChain and Founder’s Node operators will immediately receive 2.5% of the new token as rewards.
- Token Listing: The token will become available on GalaSwap, and you’ll find your new tokens in the “My Tokens” tab. From here, you can grant mint allowances to any GalaChain wallet you choose.
Get Started Now!
We invite all users to explore the Project Token Creation Tool and submit their tokens for approval. This feature not only enhances our ecosystem but also demonstrates our commitment to empowering our community with innovative tools and opportunities.
Visit GalaSwap today to start creating your own custom tokens!
