The blockchain game platform Gala Games has entered a new era as a major contract upgrade of the ecological launch. The new era of the Gala Games ecosystem brings new contracts and tokens while reducing the total batch supply.
When this goes into effect, the new GALA (v2) will be distributed 1:1 to all GALA holders as the new and improved Gala Games ecosystem token, and all support and convenience of the original GALA token will cease operate.
The V2 upgrade is almost complete! Before the script starts sending balances, we are verifying some last details on the backend – first the exchange, then everyone else. It will take some time!
— Jason Brink aka BitBender (@BitBenderBrink) May 15, 2023
To celebrate the milestone, Gala Games blockchain president Jason Brink announced on Twitter that the V2 upgrade is nearing completion as scripts prepare to send balances — first to exchanges and then to others.
While users wait for v2 tokens to drop, Brink recently released an update: GALA v2 minting is still in progress and may take a few days to complete.
The Gala Games team stated that it began burning tokens as promised to the community shortly after the major contract upgrade rolled out.
this $ Gala Contract upgrade is the beginning of a new era @GoGalaGames.
We are delivering on our commitment to the community and igniting 🔥$GALA! 🔥https://t.co/sVhsQ6xq9w#Community #burn
— Gala Games (@GoGalaGames) May 16, 2023
In line with the commitment to burn 2 billion Gala tokens throughout the year, four burns of 500,000,000 tokens will be performed.
It continues to burn an additional 3,961,582,987 GALA during the upgrade process. To completely eliminate the “dump and quit” situation, the Gala Games team said it decided to burn nearly all of its inventory.
With this in mind, it has begun burning another 15,000,000,000 tokens, the majority of its GALA reserves, meaning it will no longer control any significant portion of the token supply.
All in all, a total of 20.96 billion Galas were burned when the V2 contract went live. Meanwhile, GALA price has yet to react to the massive token burn as it is down 1.2% to $0.03 over the past 24 hours.
Source: TradingView
- Gala Games to Airdrop Version 2 Tokens to GALA Holders in May
- Huobi and Gala Games to Pay $50M to pGala Victims
board take
According to USA Today
