$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.
As the GALAthon Hackathon event at GDC 2024 is only a couple days away, anticipation around the cryptosphere is growing, not just for the innovative projects it will unveil but also for the esteemed panel of judges it has attracted. We’re pleased to announce that Nirun Fuwattananukul, CEO of Binance TH by Gulf Binance, is joining the lineup. His leadership and vision have been pivotal in expanding the impact of one of the world’s leading cryptocurrency exchanges within the Thai market and beyond.
Nirun Fuwattananukul: A Vanguard of Cryptocurrency and Blockchain
Nirun Fuwattananukul, serves as the Director – Southeast Asia at Binance, leveraging his extensive background in finance and business operations. Prior to his current role, he held notable positions at Ascend Money, McKinsey & Company, and UBS, demonstrating his expertise in strategic management and financial analysis. Nirun Fuwattananukul earned his Master of Business Administration (MBA) from INSEAD in 2014, following a comprehensive education that includes engineering studies at the National University of Singapore and professional development courses at Stanford University’s Stanford Center.
Possessing a diverse skill set encompassing Portfolio Management, Financial Modeling, Investments, Equities, and Strategy, Nirun Fuwattananukul is recognized for his valuable contributions to the industry. His leadership and insights have been instrumental in driving growth and innovation within the Southeast Asian market, reflecting his commitment to excellence and continuous professional development.
A Unique Lens on Blockchain Utility and Adoption
As a judge for the GalaChain Hackathon, Nirun Fuwattananukul’s criteria for standout projects are informed by his leadership role in Binance Thailand and his keen interest in the advancement and adoption of blockchain technology. Participants should be aware of his expectations, which include:
Identifying Exceptional Projects and Builders: Nirun is on the lookout for projects that not only showcase innovation and technical excellence but also have the potential to make a significant impact within the blockchain space. He is keen to provide support to exceptional builders and projects that demonstrate a clear vision and the ability to execute it.
Gaining Insights into the Latest Developments and Innovations: With a finger on the pulse of the GameFi sector, Nirun values entries that bring fresh perspectives and novel solutions to the table. He is particularly interested in projects that can offer insights into the latest developments and emerging trends in the GameFi space, signaling the future direction of blockchain gaming.
Investigating and Establishing Connections within the Global Web3 Gaming Ecosystem: Understanding the importance of connectivity and collaboration in the rapidly evolving web3 ecosystem, Nirun looks for projects that not only excel on their own merits but also contribute to the broader community. Entries that demonstrate an ability to forge meaningful connections and foster a sense of community within the global web3 gaming ecosystem will stand out in his evaluation.
Bridging Innovation with Impact: Nirun Fuwattananukul’s Vision
Nirun Fuwattananukul’s participation as a judge is evidence of Gala’s alignment with the broader goals of blockchain innovation—to create technologically advanced solutions that are impactful, accessible and transformative. His expertise underscores this event’s commitment to projects that embody the spirit of inclusivity, utility and scalability.
As teams are revving their engines and preparing ideas for the hackathon, they are encouraged to consider Nirun’s holistic approach to web3. This is an unparalleled opportunity to present solutions that not only push the boundaries of what’s technologically possible but also address real-world challenges to pave the way for mass adoption.
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!
Editor’s Note: Jared Dillenger, Gala’s Head of Influencer Marketing and KOLs, wrote this article following the recent community and influencer event at the Coins.ph Philippines headquarters. We always enjoy opportunities to connect with some of our most valued supporters who share our excitement for the future of GalaChain.
As the head of influencer marketing and KOLs at Gala Games, I recently had the pleasure of organizing a community event that brought together the vibrant supporters of Gala Games in the heart of BGC, Taguig City. It was an evening filled with engaging conversations, exciting announcements, and a whole lot of fun.
Bringing the Community Together
The event was designed to be relaxed and enjoyable, allowing our community members to connect and share their enthusiasm for Gala Games. We took the opportunity to introduce the community to the concept of the Gala Music Ecosystem and emphasized the importance of getting talented artists, particularly Filipino musicians, on board. The response from the community was incredibly positive, and we were thrilled to see so many individuals eager to contribute to this initiative.
Encouraging Engagement
During the event, we encouraged our community members to actively participate in Gala Games’ growth by inviting others to join through the referral program. This not only fosters a sense of involvement but also contributes to the expansion of our community, which is vital for the success of Gala Games.
Exciting Announcements
A few upcoming projects were announced throughout the course of the evening and the anticipation was palpable. Announcements included sneak peeks at GalaSwap, the GalaChain-built decentralized exchange platform that has (since the event) been released in its initial version.
A Festive Atmosphere
The event featured a delightful spread of food and drinks, creating a convivial atmosphere where attendees could mingle and connect. The inclusion of a photo booth added a playful element, allowing everyone to capture memorable moments throughout the evening. Moreover, the music played by the DJ at the event was particularly special as it was exclusively sourced from the Gala Music App itself.
Memorable Venue and Content Creation
Held at the Coins.Ph headquarters in BGC, Taguig, the venue provided the perfect backdrop for our event. The stunning lights and inviting setup added to the overall charm of the evening, creating a visually captivating environment. Additionally, we took the opportunity to create content during the event. My video team and I conducted interviews, capturing the essence of the event and providing a behind-the-scenes look that our community members could enjoy and share.
