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GalaSwap: April Updates

GalaSwap: April Updates

We’ve been thrilled to see how much the GalaChain community has enjoyed the ability to easily swap tokens on chain using GalaSwap.

As we said when we first released GalaSwap, we originally prioritized getting it in users’ hands as quickly as possible. This means that we’ve got lots of updates we plan to implement, and the next round is here!

https://galaswap.gala.com/

Partial Swaps

Starting with this update, you’ll no longer need to fulfill an entire swap to accept it. Likewise, this makes it so it isn’t ‘all or nothing’ for those listing swaps. 

When searching for a swap, you’ll now see a checkbox labeled “Selected Amount”. Using this checkbox, you may accept a percentage of the swap being offered.

You’ll be able to customize the amount of the given swap that you fill, and the rest will remain as an available swap.

You can use this in addition to other full swaps as well to get exactly what you need, without having to try and get an optimal combination of swaps for the exact amount of tokens. you’re looking for.

New API Functionality

We’ve added new API integrations into GalaSwap to allow developers to easily access the GalaSwap API. 

This will open the door to new developments, as builders on GalaChain can now integrate API for GalaSwap functionality authenticated directly through a user’s keys.

GalaSwap itself doesn’t have a monopoly on token exchanges within the GalaChain ecosystem. We built this tool because it was functionality that we thought everyone needed for the good of GalaChain. The end goal is always to make it more useful to those building on and using GalaChain!

Much More Ahead

GalaSwap is still in the early days. There will be a lot more coming – more tokens, more ways to swap and more use for GalaChain devs! 

For now, we hope that these few updates make your swaps a little easier. We’ll be back soon with new features!

https://galaswap.gala.com/

GalaSwap: April Updates

New Features Come to GalaSwap

Trade on GalaSwap

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!

Introducing GalaSwap: Decentralized, P2P and Now Live on GalaChain

Introducing GalaSwap: Decentralized, P2P and Now Live on GalaChain

GalaChain is continually evolving as we build this ecosystem into a place where major advancements and innovations will continue long into the future. Today, we mark a significant milestone in this journey with the introduction of GalaSwap on GalaChain. 

This initial version, while streamlined in features, lays a solid foundation for a feature-rich platform where tokens can be exchanged p2p, right on GalaChain.

https://galaswap.gala.com/

Open Source Commitment

In alignment with Gala’s commitment to openness and transparency, future versions of GalaSwap are planned to be entirely open source. This approach not only allows community engagement and collaboration but also ensures that the platform evolves through collective expertise and insights.

We have a few more features that we’d like to implement before opening the floodgates to our community developers, but this is the future we envision for Gala overall. We don’t want to hold the community back, and we want the visionaries across the Galaverse to be able to take what we’ve done to the next level… creating specialized tools that fit their exact needs on GalaChain.

GalaSwap

This site in its current form allows swaps for seven tokens in the Gala Ecosystem, but more tokens will be available over time. To expedite development on this project, $MUSIC will not be available in the initial version. As this token is on a different channel of GalaChain, it will be available after cross-channel swaps are integrated in the near future.

Our goal is to offer our community trading opportunities throughout the expanding Gala Ecosystem. The platform is designed to accommodate all future currencies developed on GalaChain, promising a continually evolving and expanding trading ecosystem.

  • $GALA
  • $ETIME
  • $SILK
  • $MTRM
  • $GUSDT
  • $GUSDC
  • $GWETH

We’ve prioritized basic functions in this initial version, meaning that some more advanced features like liquidity pools or slippage are not currently available. However, all transactions will be totally peer to peer, with the chain itself serving the role of a central order book.

On GalaSwap you can search offers between $GALA and supported tokens. Once you find what you’re looking for, you can snag it right away and fill the order. As this is a direct swap with another user, you can only swap the amount that is part of the offer. If you don’t find what you’re looking for, you can create your own swap and wait for another person to come along and fill that!

It’s important to note that all swaps on GalaSwap are for $GALA. This means that if you want to trade $ETIME for $MTRM, for instance, you’ll first have to swap your Eternal Time into $GALA before trading it for Materium.

Gas costs will be 1 $GALA to each participant – that’s 1 $GALA to list a swap, and 1 $GALA to initiate the other side of a listed swap.

Still confused? No worries!

For those that are not familiar with the idea of decentralized exchanges, it may be best to draw a comparison from our roots in gaming. GalaSwap will work very similarly to a traditional Trading House mechanic in a game, where users can list their trade to be searched by every other user. 

If you list 1000 $GALA for 1500 $ETIME on GalaSwap, anyone else looking through orders will be able to see your listing and accept it if they want. At this moment, no one will be able to trade you a partial amount like 750 $ETIME for 500 $GALA, and the token you listed is still yours until a swap is accepted. Once a trade is accepted, the users’ new tokens will be automatically transferred into their accounts. This will change in future versions.

The Future is Open and Decentralized

The launch of GalaSwap on GalaChain is more than just a new product; it’s a statement of intent. It symbolizes Gala’s vision of a blockchain ecosystem that is open, decentralized, and community-focused. GalaSwap is the first step in a series of developments that will further decentralize the landscape of GalaChain… making it more accessible, equitable, and secure for all.

Other recent testaments to this community focused approach include the GalaChain SDK and the Gala Creators portal, making it easier than ever for developers to build on GalaChain.

We have big plans when it comes to GalaChain, and we have no intention of stopping with this initial version of GalaSwap. In the future we plan to add features like API calls and developer documentation, more tokens, and eventually a token specifically to reward users of  GalaSwap.

Join the Revolution

As we celebrate this milestone, we invite you to join this exciting journey. Whether you’re a developer, a web3 enthusiast, or someone curious about the future of verifiable ownership on-chain, there’s a place for you in the Gala ecosystem. Together, we can shape a future where empowerment and innovation go hand in hand.

Build for the ecosystem–Build on GalaChain.

Stay tuned for more updates and developments as we continue to push the boundaries of what’s possible in the world of blockchain and decentralization.

https://galaswap.gala.com/

Have questions? Need Answers? Check out these support articles to get you started on GalaSwap!

https://support.gala.com/hc/en-us/articles/23268892595099-GalaSwap
https://support.gala.com/hc/en-us/articles/23272744043035-Creating-an-Offer-on-GalaSwap
https://support.gala.com/hc/en-us/articles/23277319920667-Searching-for-an-Offer-on-GalaSwap