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$MUSIC to Our Ears: $GalaSwap Updates

$MUSIC to Our Ears: $GalaSwap Updates

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.

Discover the latest Gala Music

Share for Rewards

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!

Get a Gala Music Jukebox Node

Own the Music

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.

Read the Gala Music Whitepaper

Introducing $GSWAP – The Official Token of GalaSwap

Introducing $GSWAP – The Official Token of GalaSwap

TL;DR

  • $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.

Now get out there and collect some $GSWAP!

GalaSwap