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!?
Following last week’s launch of $GSWAP, the official token of GalaChain’s official decentralized exchange protocol, we have more exciting GalaSwap news.
Our engineers have completed implementation of $MUSIC, Gala Music’s official token onto the GalaSwap platform, essentially making $MUSIC tradable within the GalaChain ecosystem. While the intentions to add this token were announced with GalaSwap’s V1 launch earlier this year, we did not know how long its implementation would take. We’re pleased to announce that our GalaChain engineering team has exceeded expectations and $MUSIC is now fully tradable on the platform.
Login with your Gala account now at GalaSwap.Gala.com to start trading $MUSIC and getting $GSWAP.
How to Get $MUSIC
$MUSIC is the lifeblood of our rapidly growing decentralized world of music, on a mission to empower artists and fans like nothing else in the world.
With one of the latest Gala Music platform updates, it’s now easier than ever to get some $MUSIC of your own, whether or not you’re an NFT owner. Community is everything in the new world of web3 music; Fans make it possible for artists to keep making music, artists make it possible for fans to become superfans, and community is the empowering tie that binds us all together.
According to the Whitepaper, 25% of generated $MUSIC is currently reserved as a reward for users who support the ecosystem in various ways. You’ll find a specific list of the rewarding actions here.
Listen for Rewards
Each day, the number of unique tracks you listen to equates to a point value that represents your share in the day’s $MUSIC reward distribution for ecosystem supporting actions.
By sharing your Gala referral link with your friends, you’ll qualify for rewards when they take certain specific actions to empower themselves and support the ecosystem. Easily share your favorite songs and artists on social media– Whenever someone creates an account as a result of your share, they’ll be automatically connected to you, giving you a shot at some additional $MUSIC reward points!
Host the Music
Become a powerful force in the Gala Music ecosystem by operating a Jukebox Node to generate regular $MUSIC rewards for hosting NFT tracks on the platform. Whenever a hosted track is listened to, rewards are generated for the artist who created it, the collector who owns it, and the Jukebox Node operator who provided the computing power to host it!
Becoming the owner of NFT tracks from your favorite artists is a simple and consistent way to share in daily $MUSIC rewards based on how many times your track was played in a 24 hour period. To unlock these rewards, just pair your NFT track with one of the active Jukebox Nodes on the network for no additional cost.
$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.
