Gala Price (GALA)

What is Gala?

Gala is a web3 ecosystem powered by a layer-1 blockchain (GalaChain) built to power the Gala entertainment ecosystem that originally included Gala Games, Gala Music and Gala Film. More recently however, GalaChain has opened its doors to external developers and projects from any applicable industry, providing open source developer resources to simplify the process.

On a mission to empower users and creators across multiple industries throughout the world, Gala’s goal is to become the first billion user blockchain in the world. Innovators can extend the benefits of web3 to their users and communities more easily than ever before by leveraging open source tools like the GalaChain SDK and Creator Portal.

By elevating their ideas to web3 through GalaChain, developers can create custom tokens, smart contracts, reward opportunities and node networks for their communities and projects. Assets built on GalaChain can also be bridged to other blockchains, such as Ethereum, Binance Smart Chain and more. Developers who wish to learn more about getting involved with GalaChain are welcome to reach out via GalaChain.com.

The core of GalaChain is powered by its DePIN (Decentralized Physical Infrastructure Network) of Founder’s Nodes, whose operators earn daily $GALA rewards for actively providing resources to the ecosystem and enjoy governance voting rights on certain core Gala decisions. In addition to the Founder’s Node network’s foundational workload, individual projects can also create Node networks on GalaChain with more specific workloads.

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What is $GALA?

$GALA is the official ecosystem token of Gala, serving primarily as a utility and gas token for transactions on the blockchain.

Gala never executed an ICO or other initial issuance event for the $GALA token. Instead, new $GALA entering the circulating supply is issued exclusively to Founder’s Node operators as rewards for powering the decentralized ecosystem.

More in-depth information on the $GALA token and the greater Gala ecosystem can be found in the Gala Ecosystem Blueprint (PDF).

Who is the Founder of Gala?

Gala was founded in 2019 by Zynga co-founder Eric Schiermeyer, a pioneering leader in the development of social and blockchain gaming with a proven track record of success when building in new tech sectors. Joined early by leading developers in the blockchain industry and leading players in game development, Schiermeyer set the stage for Gala as a future leader in the web3 world.

As of early 2024, the San Francisco based worldwide company has over 350 full time employees. This includes the core brands of Gala Games, Gala Music, Gala Film and GalaChain, but does not include the numerous contractors and external developers contributing to the growth of the decentralized Gala ecosystem.

What Makes Gala Unique?

Several key characteristics set Gala apart from other projects in the web3 space:

1. GalaChain - To power its multiple decentralized networks, beginning with entertainment brands in games, music and film, Gala built a powerful layer-1 blockchain called GalaChain. With all the empowering features of the world’s leading blockchains, GalaChain makes room for a sustainable web3 ecosystem capable of massive growth while moving further away from centralized systems as it grows.

2. Developer Friendly - Gala has put extensive resources and development toward building a chain that’s easier to use and more accessible for external development. Using tools like the open source GalaChain SDK and the ultra-simplified Gala Creator Portal, innovators and developers can easily bring their visions to life on GalaChain.

3. Decentralized - GalaChain is powered by many independent node networks, with the Gala Founder’s Node network (50,000 total Founder’s Nodes exist) at their core. With all new $GALA entering circulation as daily distribution to active Founder’s Node operators, community members are highly incentivized to provide computing power to the Gala ecosystem. Through additional node networks such as game-specific nodes, Gala Music’s Jukebox Nodes and Gala Film’s Theater Nodes, project-specific node workloads are used to fill Gala’s computational needs while rewarding operators in unique ways.

4. No ICO - Gala was formed from a vision of decentralization and user empowerment, not a funding round or ICO. This made the company extremely unique during the ICO craze that left supporters of many (now defunct) early web3 companies holding worthless token bags. Gala was funded solely by selling products such as Founder’s Node licenses and NFTs from both upcoming and already live games such as its flagship game, Town Star (now called Common Ground World).

5. Burning Tokens - When $GALA is used as gas in the ecosystem, it is burned (from totalSupply–maxSupply is unchanged). Additionally, $GALA is burned through certain purchases and other ecosystem supporting actions.More details can be found in the Gala Ecosystem Blueprint.

6. Adaptability - Gala is committed to keeping up with the speed of web3, expanding and developing solutions as quickly as new problems become known. These expansions go beyond the creation of GalaChain as a long-term solution and strategic partnerships with various crypto exchanges, to include navigation of the ever-changing landscape of crypto regulation throughout the many countries of the world.

How Much GALA is in circulation?

The maximum supply (maxSupply) of $GALA is set to 50 billion tokens, and the daily emission rate is dynamically adjusted based on the Circulating supply. The circulatingSupply is subject to decrease (burn) when $GALA is used as gas within the Gala ecosystem or when it's expended in ecosystem-supportive activities.

The genesis of all $GALA tokens occurs as a reward for the operation of Gala Games Founder’s Nodes. This reward mechanism is structured such that it is evenly distributed, for the time being, with a 50:50 split between the Founder's Node Operators and the Conservatorial Entity. Gala, as the Conservatorial Entity, receives a portion of the distribution for their role in curating and maintaining the platform

The current emission rate of $GALA is determined by a variable daily emission formula, which takes into account the totalSupply of $GALA on the blockchain. An increase in the totalSupply (indicating more $GALA emitted than burned) results in a reduced emission rate. Conversely, when certain milestones in totalSupply are achieved, a halving event is triggered automatically. If the totalSupply dips below a previously reached halving point, the emission rate may increase to align with demand.

This interplay between emission rate adjustment and totalSupply reduction establishes a dynamic, responsive supply system. This system not only ensures long-term ecosystem rewards for the Founder’s Nodes, instrumental in supporting the ecosystem, but also imposes a balancing effect on the totalSupply, exerting a downward pressure on the token quantity in circulation.

The basic $GALA Emission Tranches are as follows:

Total Supply ≤ 25,000,000,000 = 68,493,150.6849315 $GALA distributed daily Total Supply ≤ 37,500,000,000 = 34,246,575.3424658 $GALA distributed daily Total Supply ≤ 43,750,000,000 = 17,123,287.6712329 $GALA distributed daily Total Supply ≤ 46,875,000,000 = 8,561,643.83561644 $GALA distributed daily Total Supply ≤ 48,437,500,000 = 4,280,821.91780822 $GALA distributed daily Total Supply ≤ 49,218,750,000 = 2,140,410.95890411 $GALA distributed daily Total Supply ≤ 49,609,375,000 = 1,070,205.47945205 $GALA distributed daily etc.

More in-depth information on the $GALA token can be found in the Gala Ecosystem Blueprint (PDF).

How is the Gala network secured?

According to auditor CertiK, $GALA is the most secure altcoin in the world with the number 3 leaderboard spot, with BTC as #1 and ETH as #2.

The $GALA token employs a Gnosis multisig safe, a secure arrangement ensuring that no single team member has unilateral access. This system reinforces the principle of collective oversight and enhances operational security. Furthermore, $GALA is committed to maintaining the highest standards of governance and compliance. Additionally, Gala actively collaborates with several esteemed international accounting and regulatory agencies, ensuring that $GALA consistently aligns with internationally recognized best practices.

After extensive audit, $GALA has received a Gold badge and AAA rating from Certik, the leading security-focused ranking platform that analyzes and monitors blockchain protocols and DeFi projects.

Where can you buy GALA?

The Ethereum-based $GALA token is listed on many private exchanges throughout the world, as well as many decentralized exchanges. A complete list is available in the “Markets” tab.

While $GALA is traded in large volume on numerous exchanges via the token’s Ethereum contract, the majority of the token’s utility lives on GalaChain, to which $GALA is initially emitted as Founder’s Node operator rewards and from which the token can be easily bridged to Ethereum for trade.

On GalaChain, $GALA may be traded using the ecosystem’s decentralized exchange protocol, GalaSwap.