Gala Games, one of the game-themed altcoins, announced its latest initiative called Galaswap. It has been reported that Galaswap will be a decentralized exchange.
Gala claims that the decentralized exchange it will launch can process more than 2 million transactions per second thanks to the horizontal scaling approach of the layer-1 chain and that 43,000 user-operated nodes currently support the network.
GALA price seems to have reacted positively to this development. Following the announcement of the development, the price of the altcoin experienced a sudden increase of over 7%.
According to Jason Brink, Gala's Head of Blockchain, the decentralized cryptocurrency exchange will empower users to navigate in a faster and more fluid environment. In his statement published on X, Brink gave details about the new stock exchange as follows:
“The Galaswap system is based on an order book that is very similar to centralized exchanges but is actually on-chain. You get a similar concept to liquidity pools, but much more tightly controlled. You either accept a price and trade or you don't. There's really no concept of a true slippage at the moment.
What this means is that the tokens don't leave your wallet until an exchange occurs, you don't put them into a single exchange address or anything like that.”
*This is not investment advice.