Purpose
This article explains the GalaChain gas fee system and how it affects actions across the Gala Ecosystem.
Assumptions Made
This article assumes the reader understands the information in the following articles:
What is "Gas" and How Does it Work?
Summary
As of September 2024, the following transactions or actions require gas fees to complete on GalaChain:
Transactions
- BatchFillTokenSwap
- BatchMintToken
- BurnTokens
- FulfillMint
- FulfillMintAllowance
- MintToken
- MintTokenWithAllowance
- RequestTokenBridgeOut
- RequestTokenSwap
- TerminateTokenSwap
- TransferToken
User Actions
- 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
It is important to note that each channel will have different fees associated with the transactions/actions that occur in them. The initial launch of the this system will apply only to the asset channel. This system will apply to all channels in the near future though.
The rollout of this system serves a number of purposes:
- Ecosystem Health: By increasing the amount of burnt $GALA, we aim to ensure the long-term health and sustainability of our ecosystem.
- Resource Allocation: Efficient allocation of network resources encourages optimal and responsible usage, crucial as we expand the ecosystem to include greater numbers of third party developers.
- Spam Prevention: Deterring spam and other undesired behaviors helps maintain the integrity of individual channels and the GalaChain network as a whole.
- Channel Founder Incentives: Founders of new GalaChain channels will receive a portion of gas fees collected within their channels.
- Node Operator Incentives: Providing ongoing benefits for node operators supports the decentralization and robustness of GalaChain.