It’s only been a short time since the Project Token Creation Tool was released on GalaSwap, but some big things have been happening.
Since opening up the floodgates to new tokens on GalaSwap, 70 new tokens have been created on GalaChain. Over 420,000 total $GALA has been burnt in the token creation process, and we’ve seen some people really dive into new tokens on GalaSwap!
We just wanted to pop in today to highlight that one new token on GalaChain hit over $1m in market cap after only a few weeks! $WEN!
This was snipped on July 3rd, around 2pm PT on galacoins.xyz!
“$WEN is initially a memecoin based on a famous joke about delays. Within a few days, I started leveraging my knowledge of Galachain’s tools to decentralize the holdings and gamify the trading. Now it aims at becoming a token with utility, the first of which is to access to features on galacoins.xyz”
Lukabylie, $WEN
WEN?
$WEN is a token created by a community member you may know as Lukabylie on Discord. They also happen to be the owner of galacoins.xyz!
WEN was first created at the beginning of June, but it’s taken off within the community with amazing speed! As of the time of writing this article, $WEN is showing a $600k market cap on galacoins!
More Than a Memecoin
As promised, here is the Litepaper for $WEN! It goes through the basics of coin creation on Gala, the specifics of our coin and most importantly our vision and what we already built to achieve. Share it & tell us what you think! https://t.co/mE0xHMM7Ga
We here at Gala are absolutely thrilled to see the community embrace a grassroots token like this. What’s even greater to see is that it’s not just the meme that’s making WEN desirable… just a few weeks in and the team is already providing actual utility for holding WEN!
Add in the robust transparency that they have diligently performed with distributions and allocations, and it’s pretty clear why the community has placed so much trust in $WEN!
“We are thrilled with the community’s interest in the token and in galacoins.xyz. What I’m personally surprised about is the magnitude of the interest and support our project received. With that in mind, we intend to expand on galacoins.xyz and create new projects if possible.“
We could not be happier to see WEN gaining steam in the ecosystem. GalaChain is a place for creativity and ingenuity, and we want people to build their projects here and leverage the power of this chain to achieve success.
Congratulations to the $WEN team on early success! Thanks for being a part of GalaChain!
Each day, new tokens are being submitted by the community. Some are connected to in-development projects at various stages, some are linked to guild membership and others are just meme tokens that are deserving of a quick and hearty belly laugh.
WEN: Because Waiting is the New Hype! Introducing WEN, the token for those who know the struggle! Inspired by legendary delays in the ecosystem, WEN is here to make waiting worthwhile. Embrace the joke, join the fun, and let’s turn the wait into something great. With WEN, you’re not just able to have a coin—you have the community’s laughter. Because hey, good things come to those who wait… and wait… and wait!
-Token description submitted with Founder’s Node vote
The creator of WEN Coin has gone even further by integrating GalaSwap API into a WEN Coin tracking site called GalaCoins… Check it out!
This fun meme token is a great example of how the GalaSwap Project Token Creation Tool can be used, whether yours is a serious project, a big idea or nothing more than a humorous prank.
Burning $GALA for Ecosystem Health
By creating community tokens like WEN Coin (and dozens of others already approved), creators are supporting a healthy GalaChain ecosystem by demonstrating the chain’s power.
Every token submitted for Founder’s Node vote requires a non-refundable $100 $GALA fee (burned), plus an additional amount of $GALA set aside by the creator as a burn allowance, to be burned once the token is approved.
Rewards for Gala Founder’s Nodes
All tokens created via the Project Token Creation Tool must be approved by popular vote in the Gala Founder’s Node ecosystem. When new tokens are submitted, node operators have 24 hours to decide if the new token is worthy of being added to the ecosystem. So far, all submitted tokens have been approved.
Here’s to a new wave of epic and tradable meme tokens on GalaChain!
