When was GALA coin issued? Learn about the origin of GALA coin in one article

GALA coin, conceptualized in 2018 as a reward token for the Gala Games ecosystem, has evolved into a versatile utility token with multiple roles including rewards, governance, staking, and forming the foundation of the Galaverse virtual universe.

Oct 26, 2024 at 11:08 pm

The Genesis of GALA Coin: Unraveling its Origins

1. Conception and Launch

GALA coin, a native token for the Gala Games ecosystem, was conceptualized in 2018 by Eric Schiermeyer, Bing Gordon, and Michael McCarthy. The trio aimed to revolutionize the gaming industry by decentralizing it and giving players more control over their in-game experiences.

On September 29, 2020, GALA coin was officially launched through an initial coin offering (ICO). The ICO raised approximately $19 million, marking the beginning of GALA's journey in the crypto space.

2. Initial Gameplay and Ecosystem

Upon launch, GALA served primarily as a reward token for players within the Gala Games ecosystem. It could be earned by participating in various games, tournaments, and quests. The coin was also used for governance purposes, allowing GALA holders to vote on key decisions affecting the platform.

3. Expansion and Partnerships

Over the years, Gala Games has expanded significantly, attracting developers and players alike. Numerous notable partnerships have been forged, including collaborations with Ubisoft, Trackmania, and Hollywood film studios. This expansion has led to the creation of a diverse catalog of games and increased adoption of GALA coin.

4. Utility and Value Proposition

The utility of GALA coin is multifaceted. It serves as:

Reward: Players earn GALA for participating in games and tournaments.
Governance: GALA holders can vote on platform decisions, including game development, tournaments, and ecosystem updates.
Staking: GALA can be staked to earn passive income and participate in the network's consensus mechanism.
Foundation of the Galaverse: GALA is the backbone of the "Galaverse," a virtual universe where players can interact, socialize, and explore various experiences.

5. Market Performance

GALA's market performance has fluctuated over time. It experienced significant growth in 2021, reaching an all-time high of over $0.83. However, market volatility has led to periodic corrections and price fluctuations. Currently, GALA is trading around $0.10, ranking among the top 100 cryptocurrencies by market capitalization.

Disclaimer:info@kdj.com

The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！

If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.

Fear & Greed Index

Trade Now

Biggest Gainers

GOHOME

$319.0472

163.23%

Trade Now
SOS

$0.1947

62.36%

Trade Now
ZRO

$2.2951

32.26%

Trade Now
PIN

$0.9543

25.92%

Trade Now
DEVVE

$0.7398

23.44%

Trade Now
BNX

$1.0265

23.39%

Trade Now

Latest Crypto News

S&P 500 Index SPY closed up +2.13%
2025-03-15 14:50:54
Stellar (XLM) Struggles for Relevance While BinoFi (BINO) Gains Huge Market Traction
2025-03-15 14:50:54
Rexas Finance (RXS) is Proving to Be a Game-Changer by Tokenizing Real-World Assets
2025-03-15 14:50:54
Bitcoin (BTC) Dominance Holds the Key to the Start of Altseason
2025-03-15 14:45:54
Bitcoin (BTC) Has Dropped Over 29% From Its January All-Time High of $109,000
2025-03-15 14:45:54
The Crypto Market Today (March 15) Showcased Notable Rising Trajectories
2025-03-15 14:45:54

Related knowledge

What is Ethereum’s Slashing mechanism and how to punish malicious behavior?

Feb 20,2025 at 03:08am

Key PointsOverview of slashingDifferent types of slashing in EthereumIncentives and consequences of slashingIdentifying and reporting slashed validatorsOngoing discussions and potential improvementsEthereum's Slashing Mechanism: Punishing Malicious BehaviorEthereum's slashing mechanism is an essential tool for ensuring network security and punishing mal...

What is the verifier node of Ethereum and how to become a verifier?

Feb 19,2025 at 06:00pm

The Verifier Node of Ethereum: A Comprehensive GuideKey Points:What is a Verifier Node?How to Become a Verifier NodeResponsibilities and Rewards of a Verifier NodeMinimum Requirements for Becoming a Verifier NodePotential Difficulties in Running a Verifier Node1. What is a Verifier Node?A Verifier Node is an independent entity on the Ethereum network th...

What is Ethereum’s staking, and how to participate and earn money?

Feb 19,2025 at 04:37pm

Key Points:Understanding Ethereum's Staking MechanismSteps to Participate in StakingBenefits and Rewards of StakingSecurity and Risk ConsiderationsTechnical Requirements and Hardware OptionsPotential Challenges and Troubleshooting TipsFAQs on Ethereum StakingWhat is Ethereum's Staking?Proof-of-Stake (PoS) is a consensus mechanism used in blockchain netw...

What is Ethereum’s DAO (Decentralized Autonomous Organization) and how does it work?

Feb 20,2025 at 03:12am

Key PointsDefinition and Structure of a DAOGovernance and Decision-Making in DAOsBenefits and Use Cases of DAOsChallenges and Limitations of DAOsWhat is Ethereum's DAO (Decentralized Autonomous Organization) and How Does It Work?Definition and Structure of a DAOA Decentralized Autonomous Organization (DAO) is an innovative governance and management fram...

What is Ethereum's multi-signature wallet and how to improve security?

Feb 20,2025 at 02:18pm

Key Points:Understanding the Concept of a Multi-Signature WalletBenefits and Drawbacks of Multisig WalletsRequirements for Setting Up a Multisig WalletStep-by-Step Guide to Generating a Multisig WalletImplementing Strategies for Enhanced Security1. Understanding the Concept of a Multi-Signature WalletA multi-signature (multisig) wallet in the Ethereum e...

What is Ethereum's oracle and how to provide data for smart contracts?

Feb 21,2025 at 01:30am

Key Points:Understanding the concept of oracles in EthereumExploring different types of oraclesDetailed guide on how to provide data for smart contractsAddressing potential challenges and considerationsWhat is Ethereum's Oracle?Oracles are crucial components in the Ethereum ecosystem, enabling smart contracts to access real-world data and off-chain even...