What You Need To Know About GALA V2

By Tokenize Xchange
May 16, 2023

Gala is a decentralized platform that aims to revolutionize the way we interact with NFTs (non-fungible tokens). It was launched in 2020 and quickly gained popularity due to its innovative features and user-friendly interface. In this article, we will explore the features of Gala and its upgraded version, Gala V2.

Introduction to Gala Game

Gala Games is a blockchain gaming platform that allows players to earn cryptocurrencies and non-fungible tokens (NFTs) through gameplay. It combines NFT created with the goal of building a blockchain game ecosystem, allowing players to own, trade, and buy game items. Launched in 2020, the platform is one of the earliest movers in the play-to-earn arena, by rewarding players in the form of GALA tokens for playing their games.

Gala Games was developed by a team of 200 remote employees with over 1.3 million monthly active users worldwide. The CEO of Gala Games, Eric Schiermeyer, is also one of the co-founders of Zynga – a very popular social game developer.

It is built on the Ethereum network and uses smart contracts to ensure that all transactions are secure and transparent. The platform has a user-friendly interface that makes it easy for anyone to create and manage their own NFTs.

One of the standout features of Gala is its marketplace which allows users to browse and purchase NFTs created by other users. The marketplace is divided into categories such as art, gaming, and collectibles, making it easy for users to find NFTs that interest them.

Read More About Gala Here

Gala V2

As the ecosystem continues to evolve, Gala Games announced the launch of GALA (V2) on 15th May, 2023. This upgrade to the Ethereum contract for the Gala token is set to bring improvements to the system, such as enhanced burn mechanisms, future upgradability and even security enhancements. 

Cross-chain support is a major improvement in Gala V2. This feature allows users to bring NFTs from other blockchains, such as Binance Smart Chain or Polygon, to the Gala Network. Gala users will have access to a wider variety of NFTs, and creators will have a larger audience to sell their NFTs to.

Another significant feature of Gala V2 is its governance model. The platform has introduced a community-driven governance system that allows users to propose and vote on changes to the platform. This gives Gala’s 1.3 million monthly active users a greater say in the future direction of Gala and ensures that the platform is always evolving to meet the community’s needs. 

In addition to these features, Gala V2 also includes improvements to its user interface and overall user experience. The platform has streamlined the process of creating and managing NFTs, making it even easier for users to participate in the NFT ecosystem.

Conclusion

Gala and Gala V2 are leading the way in the NFT space, offering users a user-friendly platform to create, buy, sell, and trade NFTs. With its marketplace, collections, and now cross-chain support and community-driven governance, Gala is a platform that is constantly evolving to meet the needs of its users. Whether you are an NFT creator or collector, Gala is a platform worth exploring.

 

How to buy GALA?

Below are 5 steps to easily buy GALA on Tokenize Xchange. 

Step 1: Select Trade on your dashboard. 

Step 2: Choose the market on the right of the dashboard

For example, click on SGD Markets tab, and under the tab you will see GALA/SGD 

Step 3: Choose the type of Buy

3.1. Limit Buy:

A limit order will be filled at or better than a specified price. Any quantity that is not filled rests on the continuous order book until it is filled or cancelled.

Your Balance: SGD balance left in your account.

Price per GALA: Key in the price to buy for 1 GALA in SGD.

Amount GALA: Key in the amount of GALA to buy.

Time In Force:

  • Good Till Cancelled (GTC): Your order will stay on the order book until they have been completely filled or until you manually cancel them.

3.2 Market Buy

A market order is an order that will be executed immediately and in full by buying or selling from the bids and asks in the order book.

Your Balance: SGD balance left in your account.

Market: Your order will be filled immediately at the best market price at the time of your order.

Amount: Key in the amount of GALA to buy.

Sell: Once Amount is filled correctly, you may click on “Buy GALA” to confirm your Total Bid.

>>> Read more: Market, Limit, and Stop Order: What is the difference?

Step 4: Confirm your order.

You will see a confirmation window. Check all details carefully. Please see the trading commission fee here. Click “Confirm” to proceed or “Cancel” to cancel the transaction.

For example: If you would like to buy 100 GALA, you can select Market order, enter your quantity as 0.1 and confirm your order. You will then buy 100 GALA from the market.

After confirming the order, you will see a green notification at the top of the page indicating that your order has been successfully placed.

Step 5: Finish the order

Your order will be matched automatically. You may view your order by selecting “Orders” and “Finished Orders”.

Under “Finished Orders”, you are able to view your completed orders.

How to cancel buy order

Click on “Pending Orders” to view all of your pending orders. 

Each order will show detailed information such as, Date, Market, Side, Order Type, Price, Total Units, Amount and Filled.

For orders that are still pending, you can click on “Cancel” to cancel your order.

Disclaimer

Cryptocurrencies are subjected to high market risk and volatility despite high growth potential. Users are strongly advised to do their research and invest at their own risk.