Welcome to GalaSwap, your go-to platform for direct token swapping on GalaChain. With GalaSwap, you can seamlessly exchange $GALA and other network tokens such as $MTRM, as well as new community project tokens created through the GalaSwap Project Token Creation Tool.
Not only can you exchange tokens easily without leaving GalaChain, but you’ll also receive $GSWAP every time you create or accept a swap!
This guide will walk you through the steps to start swapping tokens, creating offers, and finding the best swaps available.Visit galaswap.gala.com to begin your journey.
Getting Started with GalaSwap
First, login at GalaSwap.gala.com with your Gala account credentials. Even if you’re logged in at one of the platform sites already, you’ll need to login to GalaSwap specifically because it is a separate platform.
Creating an Offer on GalaSwap
Navigate to the Create Offer Page
Go to the main swap page and click Create Offer, or click the Create Offer button under the account icon in the top right corner.
Fill in the Offer Details
Offering: Select the token type and amount you want to offer.
Wanted: Select the token type and amount you want in return.
Gas Fee: The amount of $GALA required to create the offer.
Switch Button: Swap the offering and wanted tokens if needed.
Finalize and Create the Offer
Once you’ve entered the necessary details, click Create.
Enter your GalaChain wallet’s Transfer Code.
Your offer is now created and can be viewed on the main swap site under Active Offers. You’ll be notified when your swap is accepted.
Searching for an Offer on GalaSwap
Log In and Search
On the main swap page, fill in the Offering and Wanted fields.
Click the Search button to find matching offers.
Review and Accept Offers
When you find an offer, you will see:
You Give: The total amount of the token you will give.
Exchange Rate: The rate of the swap.
You Receive: The total amount of the token you will receive.
Gas Fee: The $GALA required to accept the offer.
If the swap is acceptable, click Swap.
Enter your GalaChain Wallet’s Transfer Code.
The swap will be initiated, and you will see a Swap Succeeded prompt upon completion.
What if agreements could execute themselves automatically when certain conditions are met, without the need for intermediaries or manual processing?
It’s actually possible. This is the essence of smart contracts. A smart contract is a self-executing contract with the terms of the agreement directly written into code. These contracts run on blockchain networks, ensuring transparency, security and automation.
How Do Smart Contracts Work?
To understand smart contracts, let’s break down their functionality step-by-step. Then we’ll explore some different kinds of smart contract examples within the GalaChain ecosystem.
Code as Contract: The terms of a smart contract are written in code. This code defines the rules and penalties of the agreement, just like a traditional contract, but in a digital form that can be executed automatically.
Blockchain Execution: Smart contracts are deployed on a blockchain, a decentralized and immutable ledger. This ensures that once a smart contract is created, it cannot be altered.
Automatic Execution: When predefined conditions are met, the smart contract executes itself. For example, if a smart contract is set to release payment once a product is delivered, it will automatically transfer funds when delivery is confirmed.
Transparency and Trust: All transactions and contract terms are visible on the blockchain, providing transparency. Since the contract executes automatically, there’s no need for trust between parties; the code enforces the agreement.
Smart Contracts at Work within Gala
In the Gala Games ecosystem, smart contracts are at the heart of various gameplay mechanics and economic structures. Here are some examples:
Collect & Exchange NFTs: Smart contracts govern the ownership and trading of NFTs, ensuring that players can securely own, sell, and trade unique in-game assets. This includes items, characters and land within the game world. These contracts handle the transfer of ownership, enforce scarcity and ensure authenticity.
Rewards Mechanics: Gala Games use smart contracts to implement their unique reward economies, automating the distribution of rewards to players based on their in-game activities and achievements. Rewards can include $GALA and other tokens as specified in the game’s litepaper.
Node Governance: Gala Founder’s Nodes perfectly demonstrate one of the most important aspects of smart contracts: Community governance. Every Founder’s Node receives a single vote for its operator in every issue presented to the Founder’s Node ecosystem for governance.
The Gala Music platform leverages smart contracts to revolutionize the music industry, including examples like:
Reward Distribution: Smart contracts automate the daily distribution of $MUSIC to artists, producers, collectors and listeners based on the economic details outlined in the Gala Music Whitepaper.
NFT Music Ownership: Musicians can mint their tracks as NFTs, which are governed by smart contracts. These limited quantities and uniquely identified NFTs can be sold or traded, allowing artists to monetize their work directly and securely.
Fan Engagement: Smart contracts can be used to create exclusive content or experiences for fans. For example, fans who lock their $MUSIC to support an artist directly can unlock levels of benefits like early sale access and special discounts, all governed by smart contracts.
In the Gala Film ecosystem, smart contracts facilitate new ways of financing, distributing, and engaging with film content:
Decentralized Funding: The future of Gala Film will show filmmakers how through the use of smart contracts they can receive support for their film projects, such as funding and resources. We call this the “Pitches” program – It will be implemented following the $FILM token official launch.
Content Distribution: Smart contracts can manage the distribution of video content, ensuring that Gala Film content is served by a truly decentralized network powered by Theater Nodes and their operators.
Interactive Viewer Experience: Smart contracts make it possible to create interactive and immersive viewer experiences such as unlockable content. For example, viewers can collect shards from Mystery Boxes to complete Expansions, opening new exclusive content.
Why are Smart Contracts Important?
Smart contracts are a revolutionary innovation with several key benefits:
Automation
By automating the execution of contracts, smart contracts reduce the need for intermediaries, such as lawyers or brokers, speeding up processes and reducing costs.
Security
Smart contracts use blockchain technology, which is highly secure. The decentralized nature of blockchain makes it difficult for hackers to alter or tamper with the contract.
Transparency
All terms and transactions of a smart contract are recorded on the blockchain, providing complete transparency. This helps in building trust between parties.
Accuracy
Since smart contracts are written in code, they are executed with precision and accuracy, eliminating human errors that can occur in traditional contracts.
Efficiency
Smart contracts streamline processes by eliminating the need for manual intervention, reducing administrative overhead and speeding up transaction times.
Real-World Applications of Smart Contracts
Financial Services
Smart contracts are transforming the financial sector by enabling decentralized finance (DeFi) platforms. These platforms offer services like lending, borrowing, and trading without traditional intermediaries.
Supply Chain Management
In supply chain management, smart contracts can automate the tracking of goods, ensuring transparency and reducing fraud. For example, a smart contract can release payment once a shipment is verified and delivered.
Real Estate
Smart contracts can automate real estate transactions, from listing to final sale. This reduces paperwork and speeds up the process, ensuring that all terms are met before transferring ownership.
Insurance
Insurance companies can use smart contracts to automate claims processing. When a claim meets the predefined conditions, the smart contract can automatically release payment to the policyholder.
Gaming and Entertainment
Platforms like Gala Games use smart contracts to manage in-game assets and transactions. $GALA, the native token of the GalaChain ecosystem, facilitates these transactions, ensuring security and transparency in the gaming world.
The Future of Smart Contracts
As smart contract technology continues to evolve, we can expect to see even broader applications and advancements. Here are a few trends to watch:
Interoperability
Future developments will focus on enabling smart contracts to operate across different blockchain networks, enhancing their functionality and reach.
Legal Integration
Smart contracts could be integrated into traditional legal frameworks, providing a hybrid model that combines the benefits of automation with the assurance of legal oversight.
Scalability
Efforts are underway to improve the scalability of blockchain networks, allowing them to handle a larger volume of smart contracts without compromising speed or security.
AI and Smart Contracts
Integrating artificial intelligence with smart contracts could enhance their ability to manage complex agreements and adapt to changing conditions in real time.
Conclusion
Smart contracts are a groundbreaking innovation that is transforming the way we execute agreements. By leveraging blockchain technology, they offer a secure, transparent, and efficient method for automating transactions and enforcing agreements. As we move further into the era of Web3, smart contracts will play a crucial role in creating a more decentralized, transparent, and automated world.
Stay tuned for more blogs in our explainer series, where we’ll dive deeper into the fascinating world of Web3 and its key concepts!
Announcing the epic release of “Sit Next To Me” featuring Guapdad 4000, the latest track from hip hop legend Money B, now available as a limited edition Gala Music NFT track. This reward enabled release is limited to only 100 copies and is now live in the Gala Music store.
Known as Web3 Money B on social media, Money B is a founding member of the multi-platinum, Grammy-nominated hip hop group Digital Underground.
With iconic contributions to hip hop such as “The Humpty Dance,” “Kiss U Back,” and “Same Song,” and collaborations with Tupac Shakur on “I Get Around,” Money B has solidified his place in music history. His foray into the Web3 space is a natural evolution of his innovative and forward-thinking approach.
Money B’s partnership with Gala Music underscores his commitment to embracing new technologies and platforms.
“My decades-long relationship with Gala Music’s president, Leila Steinberg, reinforces my belief that this partnership is destined for greatness. Gala Music provides the perfect platform for me to interact directly with Digital Underground fans, gamers, and web3 users alike—communities to which I deeply belong. The platform allows me to reward my global supporters with exciting incentives like $MUSIC tokens, exclusive remixes, and other innovative collectibles. This aligns perfectly with my ethos as an early adopter of new technologies.”
About “Sit Next To Me”
“Sit Next To Me” is a vibrant collaboration featuring the dynamic Guapdad 4000. This track exemplifies Money B’s signature style and lyrical prowess for an unforgettable listening experience.
100 NFTs are available as of 1pm PT on June 25th, 2024. This is a rare opportunity for collectors and fans to own a piece of hip hop history, and one that we imagine will pass by quickly.
Unlock $MUSIC Rewards
Tracks on Gala Music paired with an active Jukebox Node are eligible for daily $MUSIC rewards based on platform popularity. By owning “Sit Next To Me,” NFT collectors get the unique ability to share in the track’s platform success, generating $MUSIC rewards on a daily basis!
Stay Tuned
This release marks the beginning of Money B’s partnership with Gala Music. Stay tuned for more upcoming Money B releases (including some Gala Music exclusives!) and secure your copy of “Sit Next To Me” today while you still can!
Listen to “Sit Next to Me” NowJoin us in celebrating a legendary artist in the web3 space as together we unlock the future of music, with more freedom and empowerment for listeners and artists alike! Follow Money B on Twitter and Instagram for more updates.
Those were the days, weren’t they. You’d spend all week or month just dreaming about what you’d do with that allowance money when it finally came in. Even if you were flat broke, you knew that allowance was coming, and you couldn’t wait to blow it all on candy, arcade tokens, or fireworks. At the risk of revealing my age, we had some pretty awesome priorities with our allowance in my day.
Mint Allowances on GalaChain
GalaChain is making allowances cool again. When you have a GalaChainAllowance, that item or those tokens are as good as yours. You can even think of them as being reservedfor you until the exact moment when you’re ready to mint them.
This system we call Mint Allowances today is the evolution of the Treasure Chest system we used to use, back when everything we created was minted on Ethereum and GalaChain was only a distant vision. We created a way to reserve tokens for minting, allowing the owners to mint whenever was convenient for them. Back then, this minting event came at a cost, but thanks to GalaChain, minting tokens from a GalaChain Allowance is now free.
When you purchase a Gala item, it’s typically minted directly to you immediately, fulfilling the purchase. However, when you receive various tokens as rewards, your inventory will generally show them as a GalaChain Allowance, meaning that you can mint the tokens at your leisure. They’re set aside to be yours, but they’re not technically yours until the minting event.
I’m cooking up some savory rewards in that Common Georgia Cookery from The Walking Dead: Empires. It’s a GalaChain Allowance (not yet minted).
Other Kinds of Allowances
The idea of allowances also lends itself well to in-game activity. You can give various dApps (such as individual Gala Games) permission to use a certain amount of your tokens. This is why you’re sometimes asked for allowance permission when you launch some of our games. This is a convenient and secure way that allows you to spend your tokens in the game without returning to the store every time.
On GalaSwap, if you decide to create a project token using the Project Token Creation Tool, you’ll be asked to allocate a “Burn Allowance” of $GALA in a quantity of your specification. Upon Founder’s Node approval of your new token, the Burn Allowance will be burned and its value used to establish the initial trade value of your new token on GalaSwap.
That’s about all there is to it! Now, when you see Allowances in your Gala account, you’ll know that you’re ready to mint and doing a great job collecting Gala rewards!
Every two weeks, members of the team come together for a live Common Ground World Town Hall, hosted on our Gala Games YouTube channel. We invite all players and community members to tune in, participate in the live chat, and stay informed about the latest developments in Common Ground World (CGW), our beloved farm simulation game formerly known as Town Star.
Event Details
When: First and third Friday of every month at 8 AM PT
Live Updates: Get the latest news and updates straight from the team.
Community Interaction: Engage with fellow players and team members in the live chat.
AMA Session: Submit your questions for the AMA portion of the Town Hall using this form.
New NFT Releases
We’re thrilled to announce the release of new NFTs for CGW. These unique items will enhance your gameplay experience and offer exciting new opportunities for your virtual farm.
Small Seaweed Farm (Rare): Available today at 11 AM PT
Wishing Well (Rare): Available tomorrow at 11 AM PT
In addition to the new releases, we’re upgrading and offering special discounts on some of our older NFTs. These upgrades come with significant price reductions and will be available for 48 hours starting today at 11 AM PT.
We’re committed to keeping our community informed and engaged. Don’t miss out on the live Town Hall event, the latest updates, and the chance to grab these exclusive NFTs. Whether you join us live or catch the replay, there’s always something new and exciting happening in the world of CGW.
