GalaChain is continually evolving as we build this ecosystem into a place where major advancements and innovations will continue long into the future. Today, we mark a significant milestone in this journey with the introduction of GalaSwap on GalaChain.
This initial version, while streamlined in features, lays a solid foundation for a feature-rich platform where tokens can be exchanged p2p, right on GalaChain.
Open Source Commitment
In alignment with Gala’s commitment to openness and transparency, future versions of GalaSwap are planned to be entirely open source. This approach not only allows community engagement and collaboration but also ensures that the platform evolves through collective expertise and insights.
We have a few more features that we’d like to implement before opening the floodgates to our community developers, but this is the future we envision for Gala overall. We don’t want to hold the community back, and we want the visionaries across the Galaverse to be able to take what we’ve done to the next level… creating specialized tools that fit their exact needs on GalaChain.
GalaSwap
This site in its current form allows swaps for seven tokens in the Gala Ecosystem, but more tokens will be available over time. To expedite development on this project, $MUSIC will not be available in the initial version. As this token is on a different channel of GalaChain, it will be available after cross-channel swaps are integrated in the near future.
Our goal is to offer our community trading opportunities throughout the expanding Gala Ecosystem. The platform is designed to accommodate all future currencies developed on GalaChain, promising a continually evolving and expanding trading ecosystem.
- $GALA
- $ETIME
- $SILK
- $MTRM
- $GUSDT
- $GUSDC
- $GWETH
We’ve prioritized basic functions in this initial version, meaning that some more advanced features like liquidity pools or slippage are not currently available. However, all transactions will be totally peer to peer, with the chain itself serving the role of a central order book.
On GalaSwap you can search offers between $GALA and supported tokens. Once you find what you’re looking for, you can snag it right away and fill the order. As this is a direct swap with another user, you can only swap the amount that is part of the offer. If you don’t find what you’re looking for, you can create your own swap and wait for another person to come along and fill that!
It’s important to note that all swaps on GalaSwap are for $GALA. This means that if you want to trade $ETIME for $MTRM, for instance, you’ll first have to swap your Eternal Time into $GALA before trading it for Materium.
Gas costs will be 1 $GALA to each participant – that’s 1 $GALA to list a swap, and 1 $GALA to initiate the other side of a listed swap.
Still confused? No worries!
For those that are not familiar with the idea of decentralized exchanges, it may be best to draw a comparison from our roots in gaming. GalaSwap will work very similarly to a traditional Trading House mechanic in a game, where users can list their trade to be searched by every other user.
If you list 1000 $GALA for 1500 $ETIME on GalaSwap, anyone else looking through orders will be able to see your listing and accept it if they want. At this moment, no one will be able to trade you a partial amount like 750 $ETIME for 500 $GALA, and the token you listed is still yours until a swap is accepted. Once a trade is accepted, the users’ new tokens will be automatically transferred into their accounts. This will change in future versions.
The Future is Open and Decentralized
The launch of GalaSwap on GalaChain is more than just a new product; it’s a statement of intent. It symbolizes Gala’s vision of a blockchain ecosystem that is open, decentralized, and community-focused. GalaSwap is the first step in a series of developments that will further decentralize the landscape of GalaChain… making it more accessible, equitable, and secure for all.
Other recent testaments to this community focused approach include the GalaChain SDK and the Gala Creators portal, making it easier than ever for developers to build on GalaChain.
We have big plans when it comes to GalaChain, and we have no intention of stopping with this initial version of GalaSwap. In the future we plan to add features like API calls and developer documentation, more tokens, and eventually a token specifically to reward users of GalaSwap.
Join the Revolution
As we celebrate this milestone, we invite you to join this exciting journey. Whether you’re a developer, a web3 enthusiast, or someone curious about the future of verifiable ownership on-chain, there’s a place for you in the Gala ecosystem. Together, we can shape a future where empowerment and innovation go hand in hand.
Build for the ecosystem–Build on GalaChain.
Stay tuned for more updates and developments as we continue to push the boundaries of what’s possible in the world of blockchain and decentralization.
https://galaswap.gala.com/
Have questions? Need Answers? Check out these support articles to get you started on GalaSwap!
https://support.gala.com/hc/en-us/articles/23268892595099-GalaSwap
https://support.gala.com/hc/en-us/articles/23272744043035-Creating-an-Offer-on-GalaSwap
https://support.gala.com/hc/en-us/articles/23277319920667-Searching-for-an-Offer-on-GalaSwap
