Gala Games has revealed plans to launch a new version of its native token, $GALA (v2), on May 15. As per the blog post, the token will be airdropped to GALA (v1) holders on a 1:1 basis. However, the v1 tokens will not hold any value after the issuance of the v2 tokens. Moreover, Gala Games is hopeful that this upgradation will help the ecosystem to grow and improve over time.
With this contract update, the protocol aims to introduce a new and more effective burn mechanism, enhance network security, and pave the way for future upgradation. These burns are often a bullish indicator, as they toy with the token’s demand and supply. The developers further stated that they would make sure the network prioritizes the use of blockchain technology on all fronts.
Gala Games Aims For a Smooth Token Transition
The developers have stated that the $GALA(v2) will be automatically transferred to the holders of GALA. The network is also collaborating with different exchanges to ensure a foolproof process. However, Gala Games has advised holders to store their tokens in a personal wallet. Gala holders are also required to remove their tokens from any liquidity pools or smart contracts before the launch date.
On the other hand, Gala Games has stated it will continue to support and reward its community through new projects. The developers are committed to coming up with an ecosystem that helps everyone. The network further stated,
“Together, we will embark on this exciting journey, strengthening the Gala Games community and solidifying our place in the world of web3 tech. Stay tuned for more updates and announcements as we draw closer to the launch of $GALA(v2). The best is yet to come.”
GALA Goes Up by Over 13% During the Last Day
In further positive news, Gala (GALA) has picked up pace in the crypto market. It has gained around 13.28% in the last 24 hours to reach $0.0483. The token now has a market cap of over $337 million and its 24-hour trading volume is over $383 million. Analysts are currently optimistic about the token’s price, as it aims for the anticipated $0.050 mark. The new token announcement will also help in the token’s price forecast.
The recent positive momentum of the token has come at a time when the entire market is colored green. Plus, gaming tokens have traded well in the market over the last 7 days, with Render Token (RNDR), Decentraland (MANA), and Axie Infinity (AXS) being the standout performers.