GALA/USDT: Convert and Swap Gala V1 (GALA) to Tether (USDT)

Gala V1, also known as GALA, is the official ecosystem token of the Gala web3 ecosystem. This ecosystem is powered by a layer-1 blockchain, GalaChain, which was initially designed to support the Gala entertainment ecosystem, including Gala Games, Gala Music, and Gala Film. However, GalaChain has since expanded to welcome external developers and projects from various industries, providing open-source resources to simplify the development process. GALA serves primarily as a utility and gas token for transactions on the blockchain. The core of GalaChain is powered by its DePIN (Decentralized Physical Infrastructure Network) of Founder’s Nodes, whose operators earn daily GALA rewards for actively providing resources to the ecosystem.

Gala V1 operates on the GalaChain, a layer-1 blockchain that powers the Gala ecosystem. Developers can use the GalaChain SDK and Creator Portal to create custom tokens, smart contracts, reward opportunities, and node networks for their communities and projects. The GalaChain is powered by many independent node networks, with the Gala Founder’s Node network at their core. All new GALA entering circulation is distributed daily to active Founder’s Node operators, incentivizing community members to provide computing power to the Gala ecosystem. When GALA is used as gas in the ecosystem, it is burned, reducing the circulating supply.

Gala V1 aims to empower users and creators across multiple industries throughout the world. By leveraging open-source tools like the GalaChain SDK and Creator Portal, developers can extend the benefits of web3 to their users and communities. They can create custom tokens, smart contracts, reward opportunities, and node networks for their communities and projects. Assets built on GalaChain can also be bridged to other blockchains, such as Ethereum and Binance Smart Chain. Furthermore, GALA serves as a utility and gas token for transactions on the blockchain, and is also used as a reward for Founder’s Node operators.

Gala V1 was founded in 2019 by Zynga co-founder Eric Schiermeyer, a leader in the development of social and blockchain gaming. The San Francisco-based company has over 350 full-time employees as of early 2024. Gala V1 was unique in that it did not execute an ICO or other initial issuance event for the GALA token. Instead, new GALA entering the circulating supply is issued exclusively to Founder’s Node operators as rewards for powering the decentralized ecosystem. The company has put extensive resources and development toward building a chain that’s easier to use and more accessible for external development, making it a key player in the web3 world.

Tether (USDT) is a digital currency platform that was launched in 2014 with the aim of facilitating the use of traditional fiat currencies in a digital format. It seeks to provide a more modern approach to money, disrupting the conventional financial system. Tether has made strides by enabling customers to transact with traditional currencies across the blockchain, without the typical volatility and complexity associated with digital currencies. Tether's USD₮ token is a digital dollar, powered by blockchain technology, and is pegged 1:1 to the USD. This stablecoin provides individuals and organizations with a robust and decentralized method of exchanging value while using a familiar accounting unit.

Tether operates as digital tokens built on several leading blockchains, including Algorand, Avalanche, Bitcoin Cash’s Simple Ledger Protocol (SLP), Ethereum, EOS, Liquid Network, Omni, Polygon, Tezos, Tron, Solana, Kava, and Statemine. These transport protocols consist of open-source software that interfaces with blockchains to allow for the issuance and redemption of Tether tokens. Every Tether token is backed 100% by Tether's reserves, and Tether publishes a record of the current reserve assets, maintaining transparency.

Tether's unique feature is that its value is guaranteed to remain pegged to the U.S. dollar. This property makes Tether a safe haven for crypto enthusiasts during periods of high volatility, as they can park their portfolios in Tether without having to completely cash out into USD. Additionally, Tether provides a simple way to transact a U.S. dollar equivalent between regions, countries, and even continents via blockchain, without having to rely on a slow and expensive intermediary, like a bank or a financial services provider.

Tether, initially known as Realcoin, was launched in 2014 by Brock Pierce, Reeve Collins, and Craig Sellars. Brock Pierce is a renowned entrepreneur who has co-founded several high-profile projects in the crypto and entertainment industries. Reeve Collins was the CEO of Tether for the first two years of its existence and has co-founded several successful companies. Craig Sellars has been a member of the Omni Foundation for over six years and has worked in several other cryptocurrency companies and organizations. Over the years, Tether has faced controversies regarding the validity of their USD reserves, at times disrupting USDT’s price. Despite these challenges, Tether has continued to grow and expand its operations.