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.

Image
source:
Shutterstock

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