Gala Games says that it will burn its 21 billion Gala coins to avoid having to sell off old tokens in the future. Also, the community wanted to cut down on the number of tokens available and was worried about dump and exit situations. Also, it was thought that GALA and Gala Games might lose a lot of value after the v2 ticket was released. The value of the burned tokens was thought to be $637 million.
There were a lot of problems around the reliable Web3 game platform. It had too much of its own currency, called $GALA. So, the people of Gala were worried that the team would finally sell their holdings to make room. This mess with tokens was one reason why the price of tokens dropped by 96% in 2022.
Gala Games answered by putting out a paper called "2023 Vision Paper." The team said in the paper that they would burn two billion $GALA tokens over the course of a year. The network also wasted an extra $GALA 3,961,582,987. It's the same as all of the tokens Gala Games has made since it opened in 2019. But this didn't just make people feel better in the neighborhood. It also made its node community stronger and helped its mobile growth.
Burning Tokens Increase the Price
Supply and demand, which are economic factors, have a big effect on the price of goods, which can also be coins.
Cryptocurrency projects say that the total number of token currencies could affect the value of newly added coins. This uses up a lot of cryptocurrency, which makes the tokens worth more in the long run.
Using the rules of supply and demand, the best way to make a positive run is to reduce the number of token coins on the cryptocurrency market. Even though there aren't many token coins in circulation, their value will go up as long as people want them.
Gala Games Releases an Official Statement
After the V2 token airdrop is over, Gala Games wants its business to grow and be more stable. From the data on the blockchain, it looks like the Web3 game company burned another 15 billion tokens. Around 21 billion coins have been burned up so far.
The news was shared on Twitter by Gala Games. "The $GALA contract upgrade is the beginning of a new era for @GoGalaGames," it said on its official Twitter account on May 16. We're keeping our promise to the people in our area, and lighting".
V1 Instances Will No Longer Operational
The people who already own GALA will get this updated version of the ticket in a 1:1 ratio. GALA v2 was officially put on the market on May 15. This means that the v1 instance won't be able to be used once the v2 instances are done.
Jason Brink, the CEO of the company, said on May 17 that GALA v2 was sent to more than 160,000 different wallets when the project, which involved improving smart contracts, was done. Or, to make sure that fresh pieces are delivered. Coinbase wasn't able to explain why it was making this change.
Brink said, "At a basic level, we think the environment will be able to last for a long time. We also need to be able to live off the benefits we get from the ecosystem. We can't just have a huge pile of GALA that we can use whenever we want.
Gala Games will get all of its money for the future from the daily environment awards. It looks like the best way to help those who have it. The people in charge of Gala will do well if gamers like the games and use the site.
Gala will also save 2 billion $GALA tokens for future use. The site keeps money in a doxxed wallet, which helps the community feel good about how the money is being distributed. The tokens will do what they're supposed to do, which is to help the Gala community grow and pay out prizes.
About Gala Games
Gala Games is a blockchain-based platform for games that lets players earn virtual things by doing well in-game. Gala Games fixes a big problem that other video game players have had: they couldn't claim ownership of things they had won in the game.
On the Gala Games app, you can play real-time strategy games (RTS), multiplayer online battle arenas (MOBA), role-playing games (RPG), and other web3 games. Even though each type has a very different way of playing, all of these games give players non-fungible tokens (NFTs) and the GALA cryptocurrency as rewards.
Townstar and Spider Tanks are two well-known games on the app. NFT technology is used in both games to make player engagement better.
The Ethereum blockchain is what makes Gala Games work. For participants to be able to send and sell their tokens for less gas, the platform also worked with the Polygon network and linked to BNB Chain with the p.Network Bridge dApp.
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