Empower Your Crypto Experience with GalaSwap’s Project Token Creation Tool
GalaSwap, a prominent figure in the crypto landscape, has introduced an exciting feature tailored to empower its users: the Project Token Creation Tool. This tool, as per Gala News, allows you to design your custom tokens on GalaChain by burning $GALA tokens and submitting them for community approval.
Create Your Unique Tokens
By utilizing the Project Token Creation Tool, GalaSwap users can craft a diverse range of tokens, ranging from meme coins to utility tokens, by burning $GALA tokens. This user-friendly process enables you to breathe life into your creative ideas. Once your token is created, you can allocate mint allowances to any GalaChain address.
Founder’s Node Approval Mechanism
Every new token submission goes through a meticulous 24-hour approval vote by Founder’s Node operators to uphold token quality and integrity. This process serves as a safeguard to prevent the creation of spammy or abusive tokens, thus preserving Gala’s community standards.
Rewards for Founder’s Node Operators
The Founder’s Node operators play a pivotal role in this feature’s success. Every approved token will grant these operators a share of each newly generated token, acknowledging their critical support for the DePIN and Gala’s ecosystem integrity.
These rewards will be distributed as mint allowances in the subsequent distribution cycle following the token’s creation. The reward allocation for each Founder’s Node will be based on their activity level in the previous 24 hours, following a similar point system used for daily $GALA distribution.
For the initial 90 days, all active Founder’s Node operators will automatically participate in the reward program. After this period, operators have the option to pay a subscription fee to continue engaging in the reward program for token creations.
Guidelines for Participation
- Submit Your Token: Utilize the Project Token Creation Tool on GalaSwap to submit essential details about your new token for evaluation. Users must pay a non-refundable fee of $100 in $GALA and define a Burn Allowance amount.
- Approval Process: Founder’s Node operators will assess and vote on the token within a 24-hour timeframe.
- Token Generation Event: Upon approval, the token will be minted on GalaChain, with 2.5% of the new token distributed as rewards to Founder’s Node operators.
- Token Listing: The token will be listed on GalaSwap, visible under the “My Tokens” section. Users can then allocate mint allowances to any GalaChain wallet.
Be Part of the Innovation
GalaSwap welcomes all users to explore the Project Token Creation Tool and submit their tokens for evaluation. This feature not only enriches the ecosystem but also showcases GalaSwap’s dedication to delivering innovative tools and opportunities for its community.
For additional details, please visit Gala News.
Image source: Shutterstock
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