Skip to main content

Create a New Token on GalaChain

  • Published .
  • Updated .

Introduction

Creating a fungible token on GalaSwap is a user-friendly process that allows anyone regardless of their technical expertise to launch their token easily.

This guide will walk you through the necessary steps to create a token through the GalaSwap website or GalaSwap API. The process involves submitting token details, setting a burn allowance and paying a fee, and getting approval from the Founder Nodes operator.

Prior Knowledge

To fully understand the token creation process on GalaSwap, it’s helpful to be familiar with:

  • What is Blockchain?: Read on for an overview of blockchain technology, a decentralized ledger that records transactions across multiple computers.
  • Fungible Tokens: Understanding fungible tokens and their applications. 
  • Gala Ecosystem: Overview of the Gala platform and its components. 

GalaSwap Website

To start the token creation process, go to https://galaswap.gala.com/tokens/create and sign in. 

Submit Token Information

1. Token Name: 

  • The name of your token, between 2 and 20 characters.

2. Token Symbol: 

  • A unique symbol for your token, between 2 and 8 characters.

3. Description: 

  • A brief description of your token, with a maximum of 500 characters.

4. Logo URL:

  • The image representing your token should be square, between 128-512 px wide.

5. Decimals: 

  • The number of decimal places your token will have. The default is 8, with a maximum of 18.

6. Max Supply: 

  • The total number of tokens that can exist at any point in time.

7. Max Capacity:

  •  The total number of tokens that can ever be minted.

8. Burn Allowance:

  • Set the burn allowance. If the new token is approved, this will be burned to indicate the initial price listing on GalaSwap. If the Founder's Node vote for approval fails to pass, this allowance can be returned through a request in the allowance management system.

Please note that submitting a token creation request requires $100 in $GALA(GalaChain), which is nonrefundable. 

Once this information is filled out, review the terms of service, and press Create.

Approval Process

The new token creation request will be reviewed and voted on by the Founder’s Node operators within 24 hours. You can see the ongoing vote at https://node.gala.com/#/poll/active.

You will receive an email with the results once the voting period has concluded.

Token Generation Event

If the voting for token creation is successful, the burn allowance you set is automatically burned and your token will be created on GalaChain. This is known as the 'Token Generation Event '. However, if the voting is unsuccessful, the burn allowance token is returned to you and the token isn’t created. In this case, you may need to revise your token details and resubmit for approval.

Token Listing and Distribution

Following the token approval, your token will be listed on GalaSwap, making it available for trading. You will be notified when you can initiate the initial swap.

All Founder’s Node operators will be allocated 2.5% of the newly minted tokens. You will be able to mint the remaining tokens on the My Tokens page.

GalaSwap API

For advanced users, you can follow the guide on how to create a new token using the Create Project Token endpoint.

Once submitted, the token will go through the same approval process as mentioned above and will require approval from the Founders Node operators. You can check the status of the token creation by using the Get Token Creations Job endpoint.