Blockchain gaming and entertainment firm Gala (aka Gala Games) announced Tuesday that it has launched GalaSwap, a new decentralized exchange (DEX) built on the firm’s own proprietary network, GalaChain.
Gala claims that the DEX can handle upwards of 2 million transactions per second due to the layer-1 chain’s horizontal scaling approach, with some 43,000 user-operated nodes currently supporting the network. The firm also claims lower fees than decentralized exchanges on general purpose chains like Ethereum and Solana.
“For a long time blockchain has needed a way for people to exchange value trustlessly and at scale. Centralized exchanges serve this function in some regard, but GalaSwap will empower users as they navigate a faster and more fluid environment,” Gala President of Blockchain Jason Brink told Decrypt’s GG.
The exchange currently supports trading between Ethereum-based tokens within the Gala ecosystem. An upcoming update will introduce trading for NFTs, starting with Gala’s own NFTs before expanding with broader compatibility.
GalaSwap aims to boost adoption of the DEX and its recently launched chain with the addition of token rewards. Users can earn GalaSwap tokens with each trade on the exchange, plus a referral model enables further earnings opportunities.
Brink added that reward tokens can help “make conducting your everyday business a rewarding experience for users at any scale, from the average user making a couple trades to best-in-class market makers making millions of transactions.”
The #GalaSwap system is based on an on-chain order book, much like a CEX but actually on chain. You get a concept similar to liquidity pools, but it is much more tightly controlled…you accept a price and swap or you don’t. There isn’t really the native concept of slippage at… https://t.co/6sL8RelvrR
— Jason Brink aka BitBender (@BitBenderBrink) February 26, 2024
Gala is the firm behind such games as Champions Arena, Legacy, and Spider Tanks. The firm also has launched film and music divisions as it broadens its overall Web3 entertainment scope. Gala launched its GalaChain software development kit (SDK) at the start of February to onboard other builders onto its new layer-1 network.
Like most crypto gaming tokens, GALA is up substantially in recent weeks. At a current price of $0.033, per CoinGecko, GALA has jumped 45% in the last 30 days alone.
Editor’s note: This article was written with the assistance of AI. Edited and fact-checked by Andrew Hayward.
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Source: https://decrypt.co/219279/gala-launches-galaswap-dex-galachain-token-rewards
