TL;DR
- $GSWAP is here for GalaSwap users in multiple ways and promotes GalaChain trade health.
- Get $GSWAP when you complete a trade with $GALA on GalaSwap.
- 1 $GSWAP for every 1 USD of $GALA swapped.
It seems like only yesterday that we launched GalaChain, creating a user-empowering web3 haven focused on speed, scalability and security. By providing builders with streamlined tools like the GalaChain SDK and the Gala Creator Portal, we’re making it easier than ever for innovators to empower their communities, bringing their ideas to life in the full color of web3.
Shortly after we hit the ground running with the new open vision of GalaChain, we released the first version of GalaSwap, GalaChain’s built-to-grow trade platform. With a plethora of early updates under our belt, such as token additions, partial swaps and API release for external applications, GalaSwap is growing rapidly.
Today we’re dropping a major update, designed to allow users to participate in a program not only for using the GalaSwap platform, but using it in a way that promotes ecosystem health and Gala’s long term vision of an open source web3 future.
$GSWAP
$GSWAP is a new kind of DEX token with a program that perfectly suits GalaChain.
Anatomy of a GalaSwap Trade
Whenever a swap is placed or accepted on GalaSwap, the initiator of the transaction is required to spend $GALA as a fee. Currently, this fee is set to 1 $GALA for all swap transactions (placement or acceptance).
With the addition of $GSWAP, each trade will also result in $GSWAP being distributed to the user who accepted the swap.
Issuance of $GSWAP
$GSWAP is generated whenever a swap is accepted on GalaSwap. This will be on the current fair market value of $GALA, as taken from 3rd party centralized exchanges. The total USD fair market value of the $GALA portion of the swap will indicate how much $GSWAP will be distributed.
If a user accepts a swap for 1000 $GALA and fair market value at the time is reported as $.05/$GALA, then 50 $GSWAP is generated and distributed to that user.
Each day, 50% of the $GSWAP issued the previous day will be issued to the following Gala managed accounts:
- 40% to the $GSWAP Gala company wallet, to be used as designated by Gala.
- 20% to the Referral program , to be used to incentivize those who bring tokens onto GalaChain.
- 20% to the Marketing wallet, to be used for the marketing of GalaSwap
- 20% to the Market Maker Subsidy wallet, to be used to subsidize maker fees and incentives
Soon we hope to add bridging for $GSWAP, but for the moment the token is only being rolled out on GalaChain.
$GSWAP Live
$GSWAP is live right now! There’s never been a better time to explore GalaSwap!
Thank you for your ongoing support of the ecosystem. We hope this new GalaSwap program promotes healthy and sustainable growth of the GalaChain economy.
Now get out there and collect some $GSWAP!
