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.
GalaSwap hasn’t stopped growing and improving since its initial release earlier this year. GalaSwap is an essential tool for this ecosystem and we want to continually refine it so that anyone can use it to unlock the full decentralized potential of GalaChain.
The past few weeks have been busy and we have quite a few updates to share with you. The Project Token Creation Tool release at the beginning of June brought many new participants to GalaSwap. New people using GalaSwap in new ways leads to more opportunities to make GalaSwap easier and more useful to everyone on chain!
GalaSwap Automation
We have released our opensource swap bot – Mr. Swappy!
This bot is very basic in its standard functions, but can be fully customized to your individual needs.
The bot comes with two basic strategies it can execute. Swap Acceptor will identify and accept swaps that are offered at a rate better than current market rate. Swap Creator can be used to create liquidity for a token, by automatically creating swaps at a specified rate.
New strategies can be added using TypeScript. A debug mode is included to check any new strategies you’re trying to execute.
Please Code With Caution
While the documentation included in the repository explains how to configure, operate and customize Mr. Swappy, it should be noted that this is not recommended for users with no experience altering software or code.
Many users should be able to follow the instructions given to set up their version of Mr. Swappy. Caution, however, should be taken when giving an automated system access to your wallet. If you’re doubtful about whether you’ve configured everything correctly, don’t hesitate to reach out in the GalaChain Discord for help from other developers!
While the documentation included in the repository explains how to configure, operate and customize Mr. Swappy, it should be noted that this is not recommended for users with no experience altering software or code.
Many users should be able to follow the instructions given to set up their version of Mr. Swappy, extreme caution, however, should be taken when giving an automated system access to your wallet. If you’re doubtful about whether you’ve configured everything correctly, don’t hesitate to reach out in the GalaChain Discord for help from other developers!
Quality of Life
You may have noticed a few welcome updates in the past two weeks that make the GalaSwap experience more enjoyable overall:
There’s now a basic search function in the balance page. No more sifting through tons of tokens to find the one you’re looking for!
There’s now a “Max” button when creating a swap if you want to list an offer for the most you are able to of a certain token.
Mr. Swappy can now interact with user-created tokens. Rejoice!
We’ve updated the token name blocklist to be less limiting in some cases.
Pest Control
The bug hunters are vigilant, and they’ve taken out quite a few lurking pests the past two weeks:
Users will now see all their active offers no matter how many offers they have.
Mint allowances will now show even if you have zero balance on a particular token.
Miscellaneous
Some other general improvements made in the past two weeks:
Token authority was added to Gala on the REPS token
The Mr. Swappy code was moved from the dex-api repo to its own galaswap-bot directory on the GalaChain Github page.
Creating swaps now limits increments to 1.
Next Up…
There will be many more updates and improvements to GalaSwap, but here’s a preview of a few things that we’re working on now:
Group distribution through the Project Token Creator
More search capabilities while creating/searching for swaps
We’ll keep you updated as more improvements come through! For now, wen are you going to head over to GalaSwap and start swapping!?
$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.
This week we’re proud to share some monumental progress coming from a true trailblazer on GalaChain. Swaps and trades for Gala Music NFTs at NFTHarbor.io!
Trading on Chain
Up to this point, only games NFTs have been available on the site, but soon anyone can list Music NFTs for swaps and trades without ever leaving GalaChain!
Are you ready for the MAJOR ANNOUNCEMENT? Introducing….GALA MUSIC to NFTHarbor… Combine music and game nft's, swap, trade… Soon on NFTHarbor! pic.twitter.com/oRUUGfaCGk
We hope that this addition to NFT Harbor allows people to curate their perfect collection on GalaChain, all without the inconvenience of bridging to Ethereum. With fees on NFT Harbor set at only 1% currently on GalaChain, giving the Gala community a way to swap tracks on-chain is an amazing development for our entire ecosystem!
Bigger Discounts on Fees
You can save even more on transaction fees through NFT Harbor right now with several promotions. With the recently added ‘HODL Promotions’ on the site, users can save 40% on GalaChain fees and 20% on Ethereum fees by meeting certain criteria.
NFTHarbor news! So we mentioned a discount of 0.2%, well that was confusing to say the least…Instead of paying 0.5% you would pay 0.3% for the fee on GC…So its actually a 40% discount on GC and a 20% on ETH chain. We made some changes to reflect it better and are going to… pic.twitter.com/oNbyAqtGxe
Get this sweet deal by holding above a certain threshold of $SILK, $GALA or $ETIME in your wallet, or by holding a Cruel Fate card from Mirandus! These promotions are automatically applied to your trades when you qualify.
These discounts only apply to 3 star or higher users though, which means you’ll have to make a few trades before they open up to you. Think of this as your reputation on the site. A successful trade raises your star count, but only if you respond within a reasonable time to any bids or deals. Take too long and make the user across from the negotiating table wait around and you could wind up losing a star!
GalaChain Growth
NFT Harbor was the first external project to ever dig into GalaChain, and we are overjoyed to see their progress and the growth their project brings to GalaChain. For a long time our community dreamed of a site like this to trade items with each other within the Gala Ecosystem. In the end, a long-term community member delivered by making this amazing tool!
We can’t wait to see what comes next for NFT Harbor!
After our release of GalaSwap last week, we definitely didn’t stop to take a breather. We’ve got new features just introduced and more on the horizon!
Order Book Added
We released GalaSwap as soon as it was ready to be used rather than holding it in development, so there are lots of features coming as soon as we can get them together!
First up, many swappers commented on how a visible order book would make finding the right swap much easier. We agree entirely, so we’ve added in the ability to view the order book of available swaps. Hopefully this gives everyone more of an idea what swaps are out there as soon as they log in!
CoinGecko Price Reference
You’ll now find relative pricing information next to the swap interface. This information is sourced directly from CoinGecko’s data.
While this provides a useful reference before swapping tokens, we still encourage all users to do research on token prices from multiple sources before accepting or requesting a swap.
More Coming Soon
More features are already being built for GalaSwap, so expect to see more coming out soon. We released GalaSwap in a very minimalist form to get it out to our community as soon as possible, and we’re not going to slow that momentum by sitting on updates that we could add. If we can make it work, we’ll get it integrated into GalaSwap ASAP.
Keep your eyes peeled for the next major updates coming very soon!
