Introducing GalaSwap: Decentralized, P2P, Now Live on GalaChain | Gala Games | February 2024
GalaSwap is now available! Exchange tokens directly on GalaChain. No bridging required!
GalaChain continues to evolve, building this ecosystem into a place where major advancements and innovations can continue into the future. Today we mark an important milestone in this journey by introducing GalaSwap to GalaChain.
Although this initial version has simplified functionality, it lays a solid foundation for a feature-rich platform for p2p exchange of tokens directly on GalaChain.
https://galaswap.gala.com/
In line with Gala’s commitment to openness and transparency, future versions of GalaSwap are planned to be fully open source. This approach not only enables community engagement and collaboration, but also ensures that the platform evolves through collective expertise and insights.
There are a few more features we’d like to implement before opening the floodgates to community developers, but this is the future we envision for Gala as a whole. We don’t want to disrupt the community, and we want to enable the visionaries of the Galaverse to take what we’ve done to the next level. At GalaChain, we create specialized tools tailored to their exact needs.
In its current form, the site allows for the exchange of seven tokens from the Gala ecosystem, but more tokens will become available over time. To facilitate rapid development of this project, $MUSIC will not be available in early versions. These tokens are on different channels of GalaChain, so they will be available in the near future after cross-channel swaps are integrated.
Our goal is to provide community trading opportunities across the expanding Gala ecosystem. The platform is designed to accommodate all future currencies developed on GalaChain, promising a continuously evolving and expanding trading ecosystem.
- $GALA
- $ETIME
- $silk
- $MTRM
- $GUSDT
- $GUSDC
- $SWETH
In this initial version, we prioritized basic functionality. This means that some advanced features, such as liquidity pools or slippage, are not currently available. However, all transactions are completely peer-to-peer, with the chain itself acting as a central order book.
GalaSwap allows you to search for offers between $GALA and supported tokens. Once you find what you want, you can pick it up and complete your order. This is a direct swap with another user, so you can only swap the amount included in the offer. If you don’t find what you want, you can create your own swap and wait for someone else to come and fill it for you!
All swaps on GalaSwap are against $GALA. This means that, for example, if you want to exchange $ETIME for $MTRM, you must first exchange Eternal Time for $GALA and then for Materium.
Gas cost is 1 $GALA for each participant. This is 1 $GALA to list a swap and 1 $GALA to initiate the other side of a listed swap.
Still confused? don’t worry!
For those unfamiliar with the concept of decentralized exchanges, it may be best to compare them from the roots of the game. GalaSwap works very similarly to the game’s traditional Trading House mechanics. Here, users can list their transactions so that all other users can search them.
If you list 1000 $GALA for 1500 $ETIME on GalaSwap, others reviewing your order will be able to see your listing and accept it if they wish. As of now, no one can give you a fractional amount like 750 $ETIME to exchange for 500 $GALA, and the tokens you list will remain yours until the swap is accepted. Once the transaction is approved, the user’s new tokens will be automatically transferred to their account. This will change in future versions.
The launch of GalaSwap on GalaChain is more than just a new product. It is a statement of intent. It symbolizes Gala’s vision for an open, decentralized, community-driven blockchain ecosystem. GalaSwap is the first step in a series of developments that will further decentralize GalaChain’s environment, making it more accessible, fair, and secure for everyone.
Other recent evidence of this community-driven approach is the GalaChain SDK and the Gala Creators portal, which makes it easier than ever for developers to build on GalaChain.
We have big plans for GalaChain and have no intention of stopping the early version of GalaSwap. In the future, we plan to add features such as API calls, developer documentation, more tokens, and eventually tokens that reward GalaSwap users.
As we celebrate this milestone, we invite you to join us on this exciting journey. Whether you are a developer, web3 enthusiast, or someone curious about the future of verifiable on-chain ownership, there is a place for you in the Gala ecosystem. Together we can create a future of empowerment and innovation.
Build for the ecosystem – Build on GalaChain.
Stay tuned for more updates and developments as we continue to push the boundaries of what is possible in the blockchain and decentralized world.
https://galaswap.gala.com/
Do you have any questions? Need an answer? Check out this support article to get started with GalaSwap!
GalaSwap Support Articles
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