GalaChain is thrilled to announce a groundbreaking partnership for our ecosystem: The first centralized exchange integration of GalaChain.
GalaChain main net is now integrated with Bitrue, one of our earliest and most trusted exchange partners. This move signals a new era for Gala users that will make the trading and management of GalaChain tokens more efficient and secure.
With Bitrue’s robust infrastructure and user-friendly platform, Gala community members can now exchange $GALA for a variety of tokens without the need for bridging to Ethereum.
While bridging $GALA to Ethereum was previously required for activity across the dozens of crypto exchanges that list the token, this Bitrue integration is essentially the first $GALA (GalaChain) listing on a centralized exchange. Instead of paying a bridge fee and moving their tokens to a different blockchain ecosystem, users can now deposit GalaChain $GALA into their Bitrue accounts, where it can be exchanged for any of the following cryptocurrencies:
USDC
USD-T
BTC
BTR
XRP
Until now, the decentralized exchange protocol at GalaConnect (formerly known as GalaSwap) has been the only way for GalaChain users to exchange GalaChain tokens with one another.
Native GalaChain Support on Bitrue
One of the most exciting aspects of this partnership is the possibility to integrate other tokens from the GalaChain ecosystem in the future. Now, all Bitrue users can essentially take advantage of a built-in GalaChain wallet on the platform. The addition of this feature to Bitrue’s streamlined exchange platform will allow for new users to discover GalaChain with unprecedented convenience.
Expanded Trading Options
Bitrue already offers Ethereum-based $GALA exchange pairings with BTC, XRP, USDT, BTR, and USDC. With this GalaChain integration, GalaChain-based $GALA can now be exchanged for any of those tokens on Bitrue.
As $GALA and the GalaChain ecosystem continue moving toward full decentralization as outlined in the GalaChain Decentralization White Paper, look for additional opportunities to exchange GalaChain tokens without leaving the chain.
Why Bitrue?
Bitrue has been a trusted partner for Gala since its early days, and their platform continues to deliver on what matters most to our community: security, versatility and ease of use. With features like Power Piggy for passive income, spot and futures trading and low transaction fees, Bitrue offers a robust environment for all types of crypto traders and holders. Their user-friendly interface, combined with advanced tools for experienced traders, makes them the perfect first exchange to offer GalaChain support.
Don’t miss this X Space with @BitrueOfficial on Thursday, November 14th, bright and early at 5am PT 👇
As we move forward with the integration, we invite you to explore the possibilities that Bitrue offers. Stay tuned for further updates on GalaChain’s Bitrue integration, as well as announcements about the plans of additional exchange partners to integrate our L1 blockchain. We’re excited to continue building partnerships that benefit our community, and this is just the beginning of more innovations to come.
GalaSwap is leveling up, undergoing a transformative upgrade and evolving into a comprehensive bridging and account management platform within the GalaChain ecosystem.
As part of the ongoing “GalaConnect” upgrade, we’re now thrilled to unveil new features that expand the capabilities of GalaSwap far beyond simple GalaChain token swaps. This update introduces direct bridging functionality between GalaChain and Ethereum, with an emphasis on user experience and flexibility. With the new GalaSwap, users can now move assets seamlessly across networks, interact with both their GalaChain and Ethereum wallets, and enjoy enhanced bridging status tracking—all from a single platform.
New Features in the Latest GalaSwap Update
1. Cross-Chain Bridging with Dynamic Fees
GalaChain to Ethereum Bridging: Users can now bridge their assets from GalaChain to Ethereum, enjoying dynamic bridge fees that adjust based on network conditions.
Ethereum to GalaChain Bridging: Bringing assets back from Ethereum to GalaChain is straightforward and transparent, ensuring users can manage their portfolios with ease.
2. Status Monitoring and Block Explorer Integration
Once a bridging transaction is initiated, users can track the status of their transactions through a dedicated status page. This page offers direct links to both Ethereum and GalaChain block explorers, enabling users to verify their transactions independently.
3. Accountless and Account-Based Bridging Support
Accountless Bridging: Users without a Gala ecosystem account can use their existing Ethereum wallet to bridge assets. The system will intelligently default the recipient address to the corresponding wallet on the other blockchain, simplifying the process.
Account-Based Bridging: For those with a Gala account, additional options become available. When bridging from Ethereum to GalaChain, users can connect their Ethereum wallet to access the GalaConnect suite, making the process even more streamlined.
4. Enhanced Bridging Costs and Dynamic Pricing
As part of this upgrade, the bridging fee structure will be revised, and users can expect a temporary surge to 3.5x the existing rate (of which ~70% is burned from supply). This adjustment reflects the dynamic nature of cross-chain transactions and supports the growing infrastructure of GalaSwap as it scales to meet increased demand.
A Unified Platform for All Your GalaChain Interactions
This major update marks a pivotal step in our journey to enhance GalaChain’s functionality. With the introduction of direct bridging capabilities, GalaSwap is being reimagined as GalaConnect—a robust platform for managing and transacting GalaChain assets without the need for a centralized Gala account.
Users will benefit from the flexibility of using both traditional account-based interactions and new accountless connections through Ethereum wallets, broadening the possibilities for web3 developers and casual users alike. Whether you’re looking to bridge, manage or simply view your assets, GalaSwap will offer the tools to do so efficiently.
Why This Matters for the Gala Ecosystem
The latest update to GalaSwap is a significant leap toward decentralization of the Gala ecosystem. By providing seamless bridging and accountless wallet integration, we are removing barriers for both existing and new users, making it easier than ever to engage with GalaChain.
As we continue to evolve, the GalaSwap platform will serve as the central hub for all interactions within the Gala ecosystem, laying the foundation for future growth and innovation. In the near future, GalaSwap will also be renamed GalaConnect in one of the key moves of this multi-phase upgrade.
This change also aligns with our broader strategy of leveraging GalaChain’s capabilities to support industries beyond entertainment and gaming, making it a powerful tool for developers across sectors.
Get Ready to Experience GalaSwap’s Transformation
As we prepare to roll out these new features, we invite all users to explore the enhanced GalaSwap platform and take advantage of its new capabilities. This upgrade is a testament to our commitment to building a decentralized, user-friendly ecosystem where everyone can thrive.
Join the Discord community and follow us on social media and stay tuned for more updates as we continue to build the future of decentralized technology together.
$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!
