Cryptocurrency
A Beginner's guide to GALA
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In Brief
Explore our beginner’s guide to GALA, an ERC-20 utility token used in the Gala Games ecosystem.
Crypto gaming is revolutionizing the industry, letting players turn their playtime into real-world value. At the forefront of this movement sits GALA, the token that powers the innovative Gala Games ecosystem. This beginner's guide will unveil everything you need to know about GALA, from its role in the platform to its exciting potential within the ever-evolving world of play-to-earn gaming.
What is GALA?
Gala (GALA) is an Ethereum-based cryptocurrency that powers the Gala Games ecosystem. Designed to fuel transactions and interactions within the ecosystem, GALA serves as the primary medium of exchange, facilitating in-game purchases, rewards, and community engagement. With GALA, players unlock a myriad of opportunities, from acquiring digital assets to participating in platform governance.
The origin story of GALA started in 2019 with crypto veterans Eric Schiermeyer (co-founder of Zynga) and Michael McCarthy. Tired of the traditional model where players lose their in-game assets, they envisioned a revolution. They built Gala Games on the Ethereum blockchain, creating a crypto gaming platform where players not only play, but own and control their digital assets.
To fuel this innovative ecosystem, they introduced GALA, an ERC-20 utility token. Think of GALA as the lifeblood of Gala Games, allowing players to interact and participate within the platform.
Before You Get Started
Before you explore GALA in more detail, it’s important to remember that you can manage GALA using Trust Wallet.
You can download Trust Wallet as a mobile app, or you can install the Trust Wallet Extension for your desktop browser.
Understanding the Gala Games Ecosystem
Gala Games founders set out to revolutionize the gaming industry by prioritizing players. They achieve this by granting true ownership of in-game assets and fostering an economy controlled by the players themselves. It's a stark contrast to traditional games where your hard-earned items and achievements vanish when you leave the game.
Gala Games is a dynamic ecosystem that redefines the relationship between players, developers, and creators. At its core lies a commitment to decentralization, ownership, and community-driven innovation. Let's delve deeper into the key components of the Gala Games ecosystem:
Blockchain-Based Games
Gala Games hosts a diverse range of blockchain-based games, each offering unique gameplay experiences and opportunities for players to immerse themselves in captivating virtual worlds. These games leverage blockchain technology to ensure transparency, security, and true ownership of in-game assets, empowering players to monetize their gaming experiences and shape the evolution of their favorite titles.
NFT Integration
Non-Fungible Tokens (NFTs) play a pivotal role within the Gala Games ecosystem, serving as the digital keys to unlock exclusive content, collectibles, and rewards. From rare in-game items to limited edition artwork, NFTs enable players to establish ownership over digital assets, participate in decentralized marketplaces, and engage in vibrant trading communities. By integrating NFTs into its games, Gala Games pioneers a new frontier of digital ownership, where every item holds inherent value and significance.
Community Engagement
At Gala Games, community is paramount. Through forums, social media channels, and in-game interactions, players have a direct voice in shaping the direction of the platform. Gala Games fosters a culture of inclusivity, collaboration, and creativity, inviting players to contribute ideas, provide feedback, and participate in governance decisions. By empowering the community, Gala Games cultivates a sense of ownership and belonging, ensuring that every player feels valued and heard.
By embracing decentralization, ownership, and community-driven principles, Gala Games paves the way for a more inclusive, transparent, and rewarding gaming experience for players worldwide.
How is GALA Used?
As the native token of Gala Games, GALA serves as a versatile and essential asset within the ecosystem.
In-Game Purchases
GALA enables players to purchase a wide range of in-game items, assets, and virtual goods within Gala Games' blockchain-based games. From rare collectibles to powerful weapons and cosmetic upgrades, GALA serves as the primary medium of exchange, allowing players to customize their gaming experiences and enhance their gameplay through strategic acquisitions.
Participation in Events and Challenges
Gala Games regularly hosts events, challenges, and competitions where players can earn GALA as rewards for achieving milestones, completing objectives, or showcasing their skills. These events not only incentivize player engagement but also foster a sense of camaraderie and competition within the community, driving excitement and enthusiasm for Gala Games' offerings.
Governance and Decision-Making
GALA holders play a vital role in governing the Gala Games ecosystem through decentralized governance mechanisms. By staking GALA tokens, holders gain voting power to participate in governance proposals, platform upgrades, and strategic decisions affecting the future direction of Gala Games. This democratic approach ensures that the community has a voice in shaping the platform's evolution and fosters transparency and accountability in decision-making processes.
Staking and Yield Farming
GALA holders have the opportunity to stake their tokens in various liquidity pools or yield farming protocols within the Gala Games ecosystem. By staking GALA, holders can earn rewards in the form of additional GALA tokens or other digital assets, providing passive income opportunities and incentivizing long-term participation and investment in the ecosystem.
GALA Tokenomics
Total Supply: There's a finite supply of 50 billion GALA tokens.
Distribution: Initially, there was no pre-mint or allocation for GALA. Instead, 100% was distributed to Founder's Nodes, which are essentially servers that power the Gala Games network. However, in May 2023, a significant portion (approximately 20.9 billion) of GALA tokens were burned, demonstrating a commitment to long-term sustainability.
Emission Schedule: There's a halving schedule in place. Originally, a set amount of GALA was distributed daily to Founder's Nodes and the Gala Games Conservatorship. However, this amount is halved every year, aiming to control the flow of new GALA tokens into the ecosystem.
Burning Mechanism: Interestingly, some of the GALA used for transactions within the Gala Games ecosystem are burned. This helps to reduce the overall circulating supply of GALA, potentially impacting its value over time.
How to Deposit GALA to Your Trust Wallet Address
You can deposit GALA from another crypto wallet address or from a centralized exchange. Here’s how:
Select “Receive” from the home screen.
Search for “GALA” and select it.
From here you have two options. You can either:
Copy your deposit address and use that on your exchange account or other crypto wallet to send funds to.
Use the “Deposit from exchange” option to deposit crypto seamlessly from your exchange account.
Remember that in addition to GALA, Trust Wallet lets you manage and interact with 10M+ crypto assets across 100+ blockchains. Download the latest version of Trust Wallet today.
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Note: Any cited numbers, figures, or illustrations are reported at the time of writing, and are subject to change.