Gala Games has announced that they will be issuing a new token to replace the existing $GALA token on May 15, 2023.
This upgrade is expected to increase security and prevent incidents like the one that occurred on November 4, 2022, where $GALA lost 30% of its value within one hour due to a whitehat attack from p.Network.
Additionally, the new token will feature an updated token burning system, I hope this shall increase the value of the token in the future. Let's keep an eye on the updated utility and applications.
One big note is the snapshot only consider $GALA held in ERC-20 wallets on Ethereum Network, so it means that other tokens that are not on the Ethereum Network will not be included. I would think it shall comprise of
- $GALA in a smart contract
- token received through bridges such as pGALA created by third parties not affiliated with Gala
In order to receive the $GALA(v2), we should transfer any $GALA in custodial wallets (such as on CEX) into ERC-20 wallets such as Metamask before the snapshot by May 15 19:00 UTC Show Less
