Gala (GALA) enters new era as contract upgrade launches with massive burns
Gala Games, a platform for blockchain gaming, has entered a new era as a massive contract upgrade to the ecosystem launches.
A new age for the Gala Games ecosystem brings a new contract and token, along with a massive total supply reduction. As this takes effect, the new GALA (v2) will be dropped 1:1 to all GALA holders as the new-and-improved Gala Games ecosystem token, and all support and utility for the original GALA token will simultaneously cease.
The V2 upgrade is almost complete! We are verifying the last bits and pieces on the back end before the script will kick off to send balances – first to exchanges and then to everyone else. This will take some time!
— Jason Brink aka BitBender (@BitBenderBrink) May 15, 2023
Celebrating the milestone, Jason Brink, president of blockchain at Gala Games, took to Twitter some hours ago to announce the near completion of the V2 upgrade as the script prepares to send balances — first to exchanges and then to everyone else.
As users await the v2 token drop, Brink recently gave an update: GALA v2 minting is still ongoing and might take a few days to complete.
Massive burns triggered
The Gala Games team said it embarked on a massive burn as it had promised the community immediately after the massive contract upgrade went live.
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
In line with its commitment to burn two billion Gala tokens throughout the year, it first made four burns of 500,000,000 Gala each.
In the march for improvements, it proceeded to burn an additional 3,961,582,987 GALA, equivalent to the total revenue in GALA it has ever received.
To fully neutralize the “dump and exit” scenario, the Gala Games team says it decided to burn nearly the entirety of its reserves.
With this in mind, it initiated a burn of another 15,000,000,000 GALA, which represents the vast majority of its reserves in GALA, implying it would no longer control any appreciable part of the token supply.
All in all, this totals 20.96 billion Gala burned as the V2 contract launched. Meanwhile, the GALA price is yet to respond to the massive token burn, as it is down 2.46% in the last 24 hours at $0.03.