Gala Games, a prominent GameFi project, announced this week that they have burned a massive 21 billion GALA tokens, with a value exceeding $660 million at the time of the burn.
This marks the third token burn conducted by the project in 2023, with previous burns involving 2 billion GALA and 3.96 billion GALA, respectively. The latest addition of 15 billion GALA has further depleted the GALA treasury, leaving it “nearly exhausted,” according to the project.
The $GALA contract upgrade is the start of a new era for @GoGalaGames.
We’re making good on our commitment to our community, and lighting 🔥$GALA on fire! 🔥https://t.co/sVhsQ6xq9w#community #burn
— Gala Games (@GoGalaGames) May 16, 2023
The purpose behind this significant token burn, as explained by Gala Games, is to alleviate concerns among GALA holders, as there is a high possibility of a substantial dump in GALA’s value following the release of token v2.
On May 15th, GALA v2 was officially launched and will be redistributed to existing GALA holders at a 1:1 ratio. This means that the previous v1 version will lose its value once v2 is fully operational. Currently, GALA is priced at $0.0321, representing a 5.5% decrease in the last 24 hours.
In a notable development, Gala Games CEO Jason Brink stated on May 17th that nearly 160,000 different wallets have already received GALA v2 after the project successfully upgraded its smart contracts.
On another note, Coinbase, the largest cryptocurrency exchange in the United States, made a public announcement that they will not support GALA v2. Instead, Coinbase users are advised to transfer their GALA v1 tokens to personal wallets and follow Gala Games’ instructions to ensure they receive the new tokens. Coinbase did not provide specific reasons for this decision.
Brink, in a recent tweet, provided instructions for GALA holders to check if they have received GALA v2 tokens. Users are advised to visit etherscan.com, enter their Ethereum address, and look for the “Token Transfers (ERC-20)” tab.
How to check to see if you have received the v2 $GALA (short thread)
1.) Go to https://t.co/YfKv8LgpgM and enter in your Ethereum address you use for Ledger or whatever wallet you would like to use. Put it in the box with the red arrow. It will be a string starting with “0x” pic.twitter.com/WAYCHHVJkK
— Jason Brink aka BitBender (@BitBenderBrink) May 18, 2023
The page will display a “Bulk Mint” transaction of GALA v2, which features a logo, while the deprecated GALA v1 tokens will be without a logo. Users may need to add the token to their specific wallet solution to see it. The contract address to be added is 0xd1d2Eb1B1e90B638588728b4130137D262C87cae, and the decimal value is “8.”
Gala Games is working diligently to complete the token distribution process, and GALA holders are encouraged to follow the provided instructions to ensure a smooth transition.
Read more:
- Huobi And Gala Games To Compensate Victims Of PNetwork Hack With $50 Million
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- Gala Games To Airdrop GALA(V2) Tokens To Users