Gala Games, a blockchain gaming platform, has reached a new phase as a significant contract improvement to the ecosystem goes live.
The Gala Games ecosystem enters a new era with a new contract, a new token, and a significant decrease in the overall supply. As soon as this takes effect, all support and utility for the previous GALA token will also end, and the new GALA (v2) will be distributed 1:1 to all GALA holders as the updated Gala Games ecosystem token.
As part of the celebration, Jason Brink, VP of blockchain at Gala Games, said on Twitter a short while ago that the V2 update was almost finished and that the script was getting ready to transmit balances, first to exchanges and then to everyone else.
Brink has provided an update: GALA v2 minting is still happening and may take a few days to finish. Users are still waiting for the v2 token drop.
Massive burns triggered
The Gala Games team said that as promised to the community, as soon as the significant contract upgrade was online, it started a big burn.
It made the first four burns, each burning 500,000,000 Gala, in accordance with its promise to burn two billion Gala tokens this year.
It then went on to burn a further 3,961,582,987 GALA in the march for upgrades, which is equal to all of the GALA money it has ever collected.
The Gala Games team claims it chose to expend almost all of its reserves in order to completely neutralise the “dump and exit” scenario.
In light of this, it started a burn of another 15,000,000,000 GALA, which accounts for the vast bulk of its GALA reserves, indicating that it would no longer have significant influence over the token supply.
This adds up to a total of 20.96 billion Gala burnt during the launch of the V2 contract. The enormous token burn has not yet had an impact on the price of GALA, which is down 2.46% over the past day to $0.03.
