GalaChain Introduces New Gas Fee System to Enhance Ecosystem
GalaChain has announced the introduction of a new gas fee system designed to enhance the efficiency, security, and sustainability of its network, according to Gala News. This update will impact various transactions and actions across the Gala ecosystem, including Gala Games, Gala Music, Gala Film, and GalaSwap.
What’s Changing?
The new fee system, approved by a recent Founder’s Node governance vote, will apply to several actions on GalaChain. These include:
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, the system aims to ensure the long-term health and sustainability of the ecosystem.
- Resource Allocation: Efficient allocation of network resources encourages responsible usage, especially as the ecosystem expands to include more third-party developers.
- Spam Prevention: Deterring spam and other undesired behaviors helps maintain the integrity of the GalaChain network.
- Channel Founder Incentives: Founders of new GalaChain channels will receive a portion of the fees collected within their channels.
- Node Operator Incentives: Providing ongoing benefits for node operators supports the decentralization and robustness of GalaChain.
Referral Incentive
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 second-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. This means many game NFTs and $MUSIC, which are not currently on the asset channel, will not have fees initially. However, fees for these channels are expected soon, ensuring a comprehensive rollout across the entire Gala ecosystem.
Aligning with Traditional Practices
Although GalaChain is a permissioned blockchain and does not use miners like Ethereum, its fee structure borrows from traditional practices to streamline operations and provide ongoing opportunities for node operators. This hybrid approach maintains the benefits of decentralization while ensuring the efficiency and reliability of the network.
Looking Ahead
GalaChain remains committed to innovation and community engagement as it continues to develop and refine its platform. The introduction of gas fees is a significant step towards building a more sustainable, efficient, and secure future for all GalaChain users.