Today, we are excited to announce a significant update to our ecosystem – the rollout of a new gas fee system on GalaChain. This update is part of our ongoing commitment to enhance the efficiency, security, and sustainability of our network. We will be implementing gas fees for various transactions and actions across our platforms, including Gala Games, Gala Music, Gala Film, and GalaSwap.
What’s Changing?
Following the approval of a recent Founder’s Node governance vote, fees will now be applied to the following actions on GalaChain:
GalaChainToken Transactions:
- BatchFillTokenSwap
- BatchMintToken
- BurnTokens
- FulfillMint
- FulfillMintAllowance
- MintToken
- MintTokenWithAllowance
- RequestTokenBridgeOut
- RequestTokenSwap
- TerminateTokenSwap
- TransferToken
User Actions (1 $GALA fee per action):
- Minting currency from mint allowance
- Minting NFTs from mint allowance
- Bridging out currency (note: existing fees apply, future dynamic fees are in development)
- Sending currency
- Sending NFTs
- Paying for orders by transferring funds
- Paying for orders by burning funds
Why Introduce Fees?
The implementation of transaction fees serves multiple objectives:
- Ecosystem Health: By increasing the amount of burnt $GALA, we aim to ensure the long-term health and sustainability of our ecosystem.
- Resource Allocation: Efficient allocation of network resources encourages optimal and responsible usage, crucial as we expand the ecosystem to include greater numbers of third party developers.
- Spam Prevention: Deterring spam and other undesired behaviors helps maintain the integrity of individual channels and the GalaChain network as a whole.
- Channel Founder Incentives: Founders of new GalaChain channels will receive a portion of fees collected within their channels.
- Node Operator Incentives: Providing ongoing benefits for node operators supports the decentralization and robustness of GalaChain.
Referral Incentive
As approved by the Gala Founder’s Node ecosystem, all $GALA burned as gas fees qualifies for a direct referral incentive reward. The direct referrer receives 8-10% of the burnt $GALA as a mint allowance, and the 2nd degree referrer receives 2%.
Initial Launch and Future Rollout
The initial launch of the new system will apply only to transactions on the asset channel. Although many game NFTs and $MUSIC, which are not currently on the asset channel, will not have fees at first, fees for these channels are coming soon to ensure a comprehensive rollout across the entire Gala ecosystem.
Aligning with Traditional Practices
While GalaChain is a permissioned blockchain and does not use miners like Ethereum, our fee structure borrows from traditional practices to streamline operations and provide ongoing opportunities for node operators. This hybrid approach allows us to maintain the benefits of decentralization while we continue to grow, ensuring the efficiency and reliability of our network.
Looking Ahead
Our commitment to innovation and community engagement remains steadfast as we continue to develop and refine our platform. We appreciate your support and understanding as we implement these changes to enhance the Gala ecosystem. Together, we are building a more sustainable, efficient, and secure future for all GalaChain users.
Stay tuned for more updates, and thank you for being a part of our journey!
FAQs
What actions will incur gas fees on GalaChain?
Gas fees will be applied to GalaChainToken transactions and various user actions, such as minting currency, bridging out currency, sending currency, sending NFTs, and paying for orders.
What are the objectives of introducing transaction fees?
The objectives of introducing transaction fees include enhancing ecosystem health, efficient resource allocation, spam prevention, channel founder incentives, and node operator incentives.
How does the referral incentive program work?
All $GALA burned as gas fees qualifies for a direct referral incentive reward, with direct referrers receiving 8-10% of the burnt $GALA as a mint allowance.
When will fees be rolled out to game NFTs and $MUSIC?
Fees for game NFTs and $MUSIC will be coming soon to ensure a comprehensive rollout across the entire Gala ecosystem.
What traditional practices are GalaChain fee structure aligned with?
GalaChain fee structure borrows from traditional practices to streamline operations and provide ongoing opportunities for node operators while maintaining the benefits of decentralization.
What can users expect as GalaChain continues to grow?
Users can expect ongoing innovation, community engagement, and a more sustainable, efficient, and secure future for all GalaChain users as the platform continues to develop and refine.
Credit: news.gala.com
