Gala Games Burns About 600 Million USD GALA V1 Tokens After Launching New Token

Key Points:

• In an announcement made this week, Gala Games stated that they had destroyed 21 billion GALA tokens, which had a value of about $637 million at the time of the destruction.
• Since there is a good chance that GALA would be dumped heavily after the v2 token is issued, the GameFi project has made the decision to burn a big quantity of GALA in order to allay the concerns of GALA holders. The reason for this decision was given by the GameFi team.

The GameFi Gala Games project said that it had destroyed 21 billion GALA v1 tokens after the “makeover” that involved the release of new tokens. 

This was done in an effort to lessen the pressure of old tokens being sold off in the future. In an announcement made this week, Gala Games stated that they had destroyed 21 billion GALA tokens, which had a value of about $637 million at the time of the destruction. 

Accordingly, the undertaking has carried out three separate destructions in the year 2023: the first time with a cost of 2 billion GALA, the second time with a cost of 3.96 billion GALA, and the most recent addition at a cost of 15 billion USD. The Gala Games’ token GALA treasury was also “virtually exhausted,” according to the project’s description of the aftermath of the fires.

Because there is a good chance that GALA and Gala Games would be dumped heavily after the v2 token is issued, the GameFi project has made the decision to burn a big quantity of GALA in order to allay the concerns of GALA holders. The reason for this decision was given by the GameFi team.

This new version token will be dispersed to current GALA holders at a ratio of 1:1. GALA v2 was formally released into circulation on May 15. After the v2 instance has been established, this indicates that the v1 instance will no longer be operational. After the upgrading of smart contracts was finished, the CEO of the company, Jason Brink, stated on May 17 that almost 160,000 distinct wallets were given GALA v2 after the project was finished. Otherwise, in order to guarantee the reception of new tokens. Coinbase could not provide a clear explanation for their decision to make this change.

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