2023-04-18 15:38:33
Gala Games has revealed its plans to release a new version of its native token, $GALA (v2), on May 15. According to the blog post, the token will be delivered to GALA (v1) Holders in a 1:1 ratio.. However, v1 tokens will have no value following v2 tokens are issued. Additionally, Gala Games hopes that this update will help the ecosystem grow and improve over time.
With this contract update, the protocol is intended to introduce a new and more efficient burn mechanism, improve network security, and pave the way for future upgrades. These burns are usually a bullish indicator, since they play with the supply and demand of the token. The developers further stated that they will ensure that the network prioritizes the use of blockchain technology on all fronts.
Gala Games wants to ease the transition of tokens
The developers have stated that $GALA(v2) will be automatically transferred to GALA Holders. The network is also collaborating with different exchanges to ensure a foolproof process. However, Gala Games has advised Holders to keep their tokens in a personal wallet. Gala Holders must also withdraw their tokens from any liquidity pools or smart contracts prior to the launch date.
On the other hand, Gala Games has declared that it will continue to support and reward its community through new projects. The developers are committed to creating an ecosystem that helps everyone. The network further stated,
Together, we will embark on this exciting journey, strengthening the Gala Games community and cementing our place in the world of web3 technology. Stay tuned for more updates and announcements as we get closer to the release of $GALA(v2). The best is yet to come”.
GALA rises more than 13% in the last day
In other positive news, Gala (GALA) has picked up pace in the cryptocurrency market. It has gained around 13.28% in the last 24 hours to reach $0.0483. The token now has a market capitalization of over $337 million and its 24-hour trading volume is over $383 million. Analysts are currently bullish on the token price as it is targeting the anticipated $0.050 mark. The announcement of the new token will also help to forecast its price..
The token’s recent positive momentum has come at a time when the entire market is turning green. Also, gaming tokens have been trading well on the market for the past 7 days, highlighting Render Token (RNDR), Decentraland (MANA) and Axie Infinity (AXS).
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