Gala Games does away with 21 billion GALA tokens

Gala Games has taken the opportunity of coming out with its declaration that it has done away with nearly 21 billion GALA tokens. At the present point in time, the overall value of this is over the amount of $637 million. This is following its V2 token airdrop. The tokens were part of its reserves, and the decision was taken because of probable speculation that it may be a scrap-and-leave situation. As per the information divulged by the team, the tokens in question have been duly obtained in the form of ecosystem rewards over a couple of years. In the opinion of the company, the burning of the tokens will clear the air on its intentions so that there is no lessening in the pricing. 

As a part of the company’s plans, there would be the burning of 2 billion GALA tokens in the year 2023. Following that, a further 3.96 billion would be done away with, which incidentally is equal to the entire earnings in GALA that they have managed to obtain. The 15 billion token burn was to quell the doubts of the community regarding a scrap and leave situation being created by the entity. The full value of the tokens reached the amount of $637 million. 

According to the President of Blockchain at Gala Games, Jason Brink, their requirement of the GALA tokens should just be adequate enough to fulfill their requirements, and there is no need for a surplus reserve. In his viewpoint, the rewards in the case of Founders Node operators will be increasing in this scenario.

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As per Brink’s calculation, almost 160,000 separate wallets got their share of upgraded tokens. Gala is also undertaking the shifting of GALA V2 tokens to holders of GALA V1 tokens, the reason being a proper upgradation of the tokens was made possible through the process of issuance. In this matter, Coinbase has clarified that it would not be backing the GALA V2 airdrop. In the case of the uninitiated, Gala Games is the publisher of WEb3 games, such as Mirandus, as well as Grit and The Walking Dead: Empires. 

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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