Gala Games to release improved version of GALA token “GALA (v2)” in May 2023

GALA cryptocurrency upgrade

Gala Games, which develops an ecosystem for Web3 (distributed web) games, plans to upgrade the crypto asset (virtual currency) GALA on the 18th and automatically distribute new “GALA (v2)” tokens to existing holders. Announced.

This upgrade is accompanied by improvements to the smart contract of the existing cryptocurrency GALA, which is issued on the token standard ERC20 of the Ethereum blockchain. GALA (v2) will be token dropped at a rate of 1. However, after the upgrade, existing GALA (v1) tokens are expected to be desupported and effectively worthless.

Gala Games has developed many “playable Web3 games” such as “Townstar” and “Spider Tank”. Cryptocurrency GALA is a utility token for the Gala ecosystem. It can be used to trade digital goods and purchase in-game items at Gala Games and Gala Music.

The new GALA (v2) token will add significant features over its predecessor, including an improved burn mechanism, enhanced security, and future renewability.

The token drop balance record (snapshot) will take place on May 15th (US time), but users will have to withdraw their GALA tokens from DEX (decentralized exchange) liquidity pools and other smart contracts in advance. is strongly recommended. If tokens remain in the liquidity pool, new tokens may be distributed to the liquidity pool and may not be recovered.

In addition, the project team is coordinating with exchanges for this drop, but explains that it is more reliable to store GALA tokens in personal cryptocurrency wallets.

If you already have GALA in an Ethereum-compatible wallet such as Metamask, you don’t need to do anything.

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About Gala Games

Gala Games is the game division of Gala Entertainment Properties, a Web3 company that develops platforms for games, music (Gala Music) and movies (Gala Film). Gala Games’ decentralized ecosystem is supported by nodes operated by over 16,000 players, and each player has the right to control the ecosystem, including ownership of in-game items and the right to influence roadmap development. Aiming to build a mechanism to recover

In addition, Gala Games has developed its own L1 blockchain “GYRI (tentative name)”, which has already been used in the massively multiplayer online battle game “Spider Tank”. GALA is an ecosystem-wide utility token that, like ETH on Ethereum, is used to pay “gas fees” for transactions on the chain. When GYRI goes live, it will be bridged between Ethereum.

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Current situation surrounding GALA token

Gala Entertainment has decided to acquire more than 15 game titles owned by US mobile game developer Ember Entertainment in January 2023. We plan to introduce GALA tokens and NFTs to Ember’s popular game titles.

In addition, we have decided to use “GALA” issued by Gala as the main token for games except for some. In fact, the in-game utility token “TOWN” of “TOWNSTAR”, a farming and town-building simulation game representing Gala Games, has ended its function and started to be exchanged for the virtual currency GALA.

connection:P&E game “Town Star” begins exchanging in-game currency TOWN and GALA

The cryptocurrency GALA was listed on the cryptocurrency exchange bitbank in March 2023. This is the first case of domestic handling.

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