GalaSwap, a key player in the cryptocurrency ecosystem, has unveiled a new feature to empower its community: a 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 it to a community approval process.
Create your own token
The project token creation tool allows GalaSwap users to burn $GALA tokens to create a variety of tokens, from meme coins to utility tokens. This simple process allows users to bring their unique ideas to life. Once the token is created, users can mint the token to any address on GalaChain.
Founder’s Approval Process
To ensure the quality and integrity of the tokens, each new submission is subject to a 24-hour approval vote by Founders Node operators. This process is designed to prevent spam or malicious token creation and maintain the standards of the Gala community.
Rewards for Founders Node Operators
Founder’s Node operators play an important role in this new feature. Every token approved rewards its operator with a portion of each newly created token. This rewards system supports the Decentralized Physical Infrastructure Network (DePIN) and recognizes its essential role in maintaining the integrity of Gala’s ecosystem.
Rewards will be distributed as mint allowances in subsequent distribution cycles after token creation. Each Founders Node’s share of rewards will depend on the number of hours of activity in the previous 24 hours, following the same points system used for daily $GALA distribution.
During the first 90 days, all active Founders Node operators will be automatically enrolled in the rewards program. After this period, operators may choose to pay a subscription fee to continue participating in the rewards program for generated tokens.
How it works
- Token Submission: Use GalaSwap’s project token creation tool to submit the details of your new token for approval. Users must pay a non-refundable fee of $100 in $GALA to determine the Burn Allowance amount.
- Approval Vote: Founders Node operators review and vote on tokens within 24 hours.
- Token creation event: Once approved, tokens will be created on GalaChain, and 2.5% of the new tokens will be distributed as rewards to Founder’s Node operators.
- Token Listing: The tokens will become available on GalaSwap, which will appear 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 tokens for approval. This feature demonstrates GalaSwap’s commitment to not only enhancing the ecosystem, but also providing innovative tools and opportunities to the community.
For more information, see Gala News.
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