GALA Token V2 and Gala Games Token Burn
Gala Games completed their GALA token migration. This moves the token to a new contract which will be more compatible with Gala Games’ plans for the future, and with their upcoming GRYI blockchain. Along the way, the team also decided to burn over 20 billion tokens, severely reducing the number of tokens they control!
If you had your GALA tokens on an exchange or in your wallet, then then transition should be a seamless experience for you (though apparently there is still some issue with Coinbase). If you hold GALA v1 tokens in an LP pool, then you missed your chance to withdraw them and are now stuck with useless tokens!
The address for GALA v2 is 0xd1d2eb1b1e90b638588728b4130137d262c87cae. You can use this in Metamask to see your tokens, and in decentralized exchanges to make token swaps.
But moving forward, Gala wants to bring more utility and value to their GALA token. They have already announced that GALA token will be the underlying currency on the Gala blockchain (GYRI), used to pay transaction fees. They also recently dumped their TOWN token for the Town Star game in favor of using GALA instead.
The Great GALA Token Burn
And to show their company support for the long-term vision, the Gala Games team decided to burn a large number of GALA tokens in several transactions.
First they burned 2 billion GALA tokens which they had promised earlier in the year. In addition, they burned another 3,961,582,987 GALA tokens, which equates to the total GALA revenue the company has ever received! But that’s not it! Another 15 billion in GALA tokens accumulated by the company over the years was burned as well. They kept 2 billion tokens in a ‘strategic reserve’ wallet, and have a few other wallets with some tokens to cover operational expenses. But, the team no longer has a significant portion of the token supply, which is a huge milestone! With one fell swoop, the Gala team makes their GALA token truly decentralized throughout their community! This not only is a big leap for the GALA tokenomics, but it also helps to shutdown any remarks about rug pulls or the company dumping tokens on the market.
Gala will still receive token distributions from the Gala nodes they maintain to keep their ecosystem up and running. But those will be on the same distribution system as everyone else running Gala nodes.
All of these token burns leave use with a supply of 24 billion GALA tokens and a current market cap of about 72 million.
More About Gala Games
Gala Games is a blockchain ecosystem for web3 games. This includes in-house games, as well as partnerships with other developers. Their games in development include Spider Tanks, Mirandus, Superior, Town Star, and many others. They also purchased a mobile gaming company not long ago to get a jumpstart on expanding into the mobile market.
But Gala includes more than just games. They have also launched projects for distributing Music and Film as NFTs!
Gala Games is building their own blockchain known as GYRI, on which all of their apps and games will live in the future.
To keep up with all of the latest from Gala Games, follow them on Twitter, join their Discord, and visit their website.