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Introducing Accountless Wallets on GalaSwap

Introducing Accountless Wallets on GalaSwap

by | Sep 16, 2024 | GalaChain

Today we’re announcing a huge milestone in the evolution of GalaSwap, designed to revolutionize the way users and developers interact with GalaChain.

GalaSwap now empowers users to easily swap, create and manage GalaChain tokens through on-chain dApps without the need for a Gala account.

New Ways to Connect

GalaSwap is growing, and the broader Gala ecosystem is evolving toward greater decentralization than ever. This latest update has the potential to massively boost the GalaChain user base, opening access to the wallet features of GalaChain without requiring the creation of a Gala account.

Users can now create a GalaChain wallet and interact with GalaChain tokens using an existing Ethereum wallet, enabling a smoother experience that is more intuitive and less centralized.

For some time Gala has offered users the ability to connect an Ethereum wallet to their account, simplifying processes like bridging and interaction with Ethereum-based secondary markets like OpenSea.

Users can now establish an initial connection using their Ethereum wallets alone. By signing a transaction in Metamask, you can create a brand new accountless GalaChain wallet.

This new system will be especially beneficial for third party GalaChain creators building dApps from a variety of industries, giving them the freedom to customize their user experience more deeply and interact with their audiences without Gala (the company) acting as an intermediary. They will enjoy the power and function of GalaChain, wrapped in a user interface that they are free to customize as they see fit.

New Features

Features included in the recent update will enhance any web3 user’s experience and access to GalaChain tokens, whether or not they have a Gala account.

  • Existing Gala accounts can create a new web3 wallet via Metamask.
  • Existing Metamask users can generate a GalaChain wallet address with no Gala account.
  • GalaChain tokens can be viewed and managed within GalaSwap.

Evolution of GalaSwap

As part of this exciting development, GalaSwap will soon rebrand to GalaConnect, further emphasizing our commitment to connectivity and ease of use. As it continues to evolve with more streamlined features, this platform will serve as the new hub for all your GalaChain interactions.

Empowering Users and Developers

GalaSwap is more than just a platform for swapping tokens; it’s a gateway to freedom for our users and developers. By allowing third parties to develop their own GalaChain dApps with easy onboarding, we are fostering a more inclusive and expansive ecosystem.

For Users

  • No GalaChain Account Needed: Start interacting with GalaChain tokens immediately with your existing Ethereum wallet.
  • Complete Web3 Portfolio Management: Easily manage your digital assets with a comprehensive portfolio interface for GalaChain tokens.

For Developers

  • Easy Onboarding: Develop and deploy dApps on GalaChain with simplified processes.
  • Robust Tools: Utilize our powerful features to create innovative solutions on GalaChain.

FAQ

Is a new GalaChain wallet created when I login to GalaSwap with my Ethereum wallet for the first time?

Yes, GalaChain wallet creation is required when using the web3 wallet login option.

Can I log into Gala Games, Gala Music and Gala Film with the GalaChain wallet created via web wallet login?

No – The GalaChain wallet created in this way is only for GalaSwap. To use the core Gala platforms you will need to create an account.

If I log into GalaSwap using the same web3 wallet that is already linked to my Gala account, will it still create a new GalaChain wallet?

Yes. Even if you log into GalaSwap with a web3 wallet that is currently linked to your Gala account, a new GalaChain account will be created for use on GalaSwap.

Join the Revolution

The vision of GalaConnect is a leap forward in our mission to empower users and developers and expand the GalaChain ecosystem. By simplifying interactions and enhancing possibilities, we are paving the way for a more connected and decentralized future.

Join us as we embark on this exciting new journey as GalaSwap evolves into the new-and-improved GalaConnect. Together, we are creating a new paradigm of freedom and innovation in the blockchain world.

Get the new GalaSwap Starter Pack to start swapping right away!

Introducing a New Fee System on GalaChain

Introducing a New Fee System on GalaChain

by | Sep 16, 2024 | GalaChain

Today we’re announcing a significant update to our ecosystem— the rollout of a new gas fee system on GalaChain. As part of our ongoing commitment to enhance the efficiency, security and sustainability of our network, we are implementing gas fees for various transactions and actions across our platforms, including Gala Games, Gala Music, Gala Film and GalaSwap.

What’s Changing?

As the result of approval of this recent Founder’s Node governance vote, fees will now be applied to the following actions on GalaChain:

GalaChainToken Transactions:

  • BatchFillTokenSwap
  • BatchMintToken
  • BurnTokens
  • FulfillMint
  • FulfillMintAllowance
  • MintToken
  • MintTokenWithAllowance
  • RequestTokenBridgeOut
  • RequestTokenSwap
  • TerminateTokenSwap
  • TransferToken

User Actions (1 $GALA fee per action):

  • Minting currency from mint allowance
  • Minting NFTs from mint allowance
  • Bridging out currency (note: existing fees apply, future dynamic fees are in development)
  • Sending currency
  • Sending NFTs
  • Paying for orders by transferring funds
  • Paying for orders by burning funds

Why Introduce Fees?

The implementation of transaction fees serves multiple objectives:

  1. Ecosystem Health: By increasing the amount of burnt $GALA, we aim to ensure the long-term health and sustainability of our ecosystem.
  2. Resource Allocation: Efficient allocation of network resources encourages optimal and responsible usage, crucial as we expand the ecosystem to include greater numbers of third party developers.
  3. Spam Prevention: Deterring spam and other undesired behaviors helps maintain the integrity of individual channels and the GalaChain network as a whole.
  4. Channel Founder Incentives: Founders of new GalaChain channels will receive a portion of fees collected within their channels.
  5. Node Operator Incentives: Providing ongoing benefits for node operators supports the decentralization and robustness of GalaChain.

Referral Incentive

As approved by the Gala Founder’s Node ecosystem in THIS VOTE, all $GALA burned as gas fees qualifies for a direct referral incentive reward. The direct referrer receives 8-10% of the burnt $GALA as a mint allowance, and the 2nd degree referrer (referrer of referrer) receives 2%.

Initial Launch and Future Rollout

The initial launch of the new system will apply only to transactions on the asset channel. This means many game NFTs and $MUSIC, which are not currently on the asset channel, will not have fees at first. However, it is essential to mention that fees for these channels are coming soon, ensuring a comprehensive rollout across the entire Gala ecosystem.

Aligning with Traditional Practices

While GalaChain is a permissioned blockchain and does not use miners like Ethereum, our fee structure borrows from traditional practices to streamline operations and provide ongoing opportunities for node operators. This hybrid approach allows us to maintain the benefits of decentralization while we continue to grow, ensuring the efficiency and reliability of our network.

Looking Ahead

Our commitment to innovation and community engagement remains steadfast as we continue to develop and refine our platform.

We appreciate your support and understanding as we implement these changes to enhance the Gala ecosystem. Together, we are building a more sustainable, efficient and secure future for all GalaChain users.

Stay tuned for more updates, and thank you for being a part of our journey!