GalaSwap Introduces Project Token Creation Tool for Custom Tokens - Blockchain.News

GalaSwap Introduces Project Token Creation Tool for Custom Tokens

GalaSwap launches a tool allowing users to create custom tokens by burning $GALA and seeking community approval.

  • Jun 07, 2024 10:12
GalaSwap Introduces Project Token Creation Tool for Custom Tokens

GalaSwap, a key player in the crypto ecosystem, has unveiled a new feature aimed at empowering its community: the Project Token Creation Tool. According to Gala News, this innovative tool allows users to create their own custom tokens on GalaChain by burning $GALA and submitting them for a community approval process.

Create Your Own Tokens

With the Project Token Creation Tool, GalaSwap users can create a variety of tokens, from meme coins to utility tokens, by burning $GALA tokens. This straightforward process enables users to bring their unique ideas to life. Once a token is created, users can grant mint allowances for their tokens to any address on GalaChain.

Founder’s Approval Process

To ensure the quality and integrity of the tokens, each new submission will undergo a 24-hour approval vote by Founder’s Node operators. This process is designed to prevent the creation of spammy or abusive tokens, maintaining the standards of the Gala community.

Rewards for Founder’s Node Operators

Founder’s Node operators play a crucial role in this new feature. All approved tokens will reward these operators with a portion of each newly created token. This reward system acknowledges their essential role in supporting the DePIN (Decentralized Physical Infrastructure Network) and maintaining Gala’s ecosystem integrity.

The rewards will be distributed as mint allowances in the subsequent distribution cycle following the token's creation. The reward share for each Founder’s Node will depend on its activity time over the previous 24 hours, following the same point system used for daily $GALA distribution.

For the first 90 days, all active Founder’s Node operators will automatically be enrolled in the reward program. Post this period, operators can choose to pay a subscription fee to continue participating in the reward program for created tokens.

How It Works

  1. Submit Your Token: Use the Project Token Creation Tool on GalaSwap to submit the details of your new token for approval. Users must pay a non-refundable fee of $100 in $GALA and decide on a Burn Allowance amount.
  2. Approval Vote: Founder’s Node operators review and vote on the token within a 24-hour period.
  3. Token Generation Event: Upon approval, the token is created on GalaChain, and 2.5% of the new token is distributed to Founder’s Node operators as rewards.
  4. Token Listing: The token becomes available on GalaSwap, visible under the “My Tokens” tab. Users can then grant mint allowances to any GalaChain wallet.

Join the Innovation

GalaSwap invites all users to explore the Project Token Creation Tool and submit their tokens for approval. This feature not only enhances the ecosystem but also demonstrates GalaSwap's commitment to providing innovative tools and opportunities for its community.

For more information, visit Gala News.

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