GalaChain Proposes New Transaction Fee Structure for Gala Channels

A
new
governance
proposal
has
been
introduced
by
GalaChain,
aiming
to
implement
a
new
transaction
fee
system
for
its
core
channels.
This
initiative,
as
reported
by

Gala
News,
seeks
to
enhance
the
sustainability
of
the
GalaChain
ecosystem
while
offering
lower
fees
compared
to
other
blockchains.

Lower
Transaction
Fees

The
new
fee
structure
will
significantly
reduce
the
costs
associated
with
minting
and
transferring
items.
For
instance,
while
transferring
a
token
on
Ethereum
might
cost
over
$2,
the
same
transaction
on
GalaChain
would
cost
only
2-4
cents,
depending
on
the
current
value
of
$GALA.
This
predictable
and
stable
fee
system
is
expected
to
be
well-received
by
the
GalaChain
community.

Batch
Transactions

GalaChain
allows
for
large-scale
batch
transactions,
such
as
mass
minting
of
tokens,
with
a
single
fee.
For
example,
minting
200
NFTs
on
Ethereum
would
cost
around
$400
in
gas
fees.
On
GalaChain,
the
same
operation
would
require
only
1
$GALA,
demonstrating
the
chain’s
cost-effectiveness.

Autonomy
for
Third-Party
Channels

The
proposed
fee
structure
will
apply
only
to
Gala’s
basic
asset
channel,
leaving
third-party
channel
operators
free
to
set
their
own
fee
models.
This
ensures
that
independent
operators
can
maintain
control
and
flexibility
over
their
economic
strategies.

Incentives
and
Ecosystem
Benefits

The
new
fee
system
includes
several
incentives:

• 
  Channel
  Founder
  Incentives:
  Founders
  can
  set
  fees
  for
  their
  channels,
  receiving
  a
  portion
  of
  the
  collected
  fees.
• 
  Node
  Operator
  Incentives:
  A
  share
  of
  transaction
  fees
  will
  be
  allocated
  to
  node
  operators,
  rewarding
  their
  role
  in
  maintaining
  the
  network.
• 
  Referral
  Incentive:
  A
  portion
  of
  $GALA
  burned
  as
  gas
  fees
  will
  be
  rewarded
  to
  referrers.
• 
  Prevention
  of
  Abuse:
  The
  fee
  system
  aims
  to
  discourage
  abuse
  by
  increasing
  costs
  for
  high-volume
  transactions.

Implementation
and
Voting

The
proposal
is
currently
up
for
a
governance
vote
among
Founder’s
Node
operators.
If
approved,
the
new
fee
structure
will
be
implemented
immediately.
The
voting
period
is
one
week,
requiring
a
simple
majority
(51%)
for
approval.
Each
Founder’s
Node
gets
one
vote
to
decide
whether
the
new
fee
system
should
be
adopted
to
support
the
long-term
health
of
the
Gala
ecosystem.

This
proposal
marks
a
significant
step
towards
improving
the
efficiency,
security,
and
sustainability
of
GalaChain.
It
also
provides
additional
incentives
for
channel
founders
and
node
operators,
which
could
contribute
positively
to
the
ecosystem’s
long-term
health.

Image
source:
Shutterstock