Gala Games, a blockchain gaming platform, has entered a new age with the implementation of a huge contract upgrade to the ecosystem.
A new era for the Gala Games ecosystem ushers in a new contract and token, as well as a huge drop in overall supply. As a result of this, the new GALA (v2) token will be distributed 1:1 to all GALA holders as the new-and-improved Games ecosystem token, and all support and utility for the previous token will stop.
Jason Brink, Gala Games’ VP of blockchain, appeared to Twitter a few hours ago to herald the imminent completion of the V2 update as the script prepared to distribute balances – first to exchanges, then to everyone else.
While users wait for the v2 token to be released, Brink just provided an update: Gala v2 minting is currently happening and may take a few days to finish.
Massive burns triggered
The Games team stated that it immediately began a large burn, as promised to the community, when the massive contract update went live.
In order to meet its pledge to burn two billion Gala tokens this year, it began with four fires of 500,000,000 each.
It proceeded to burn an additional 3,961,582,987 in the march for upgrades, which is comparable to the entire income in it has ever received.
The Games team claims it opted to burn virtually all of its reserves to completely eliminate the “dump and exit” situation.
With this in mind, it began a burn of another 15,000,000,000 GALA, which represents the great bulk of its holdings, meaning that it would no longer control a significant portion of the token supply.
This totals 20.96 billion burnt as the V2 contract was launched. In the meantime, the GALA price has failed to respond to the big token burn, falling 2.46% in the previous 24 hours to $0.03.
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