Gala Games Burns $637M in GALA Tokens to Secure Community Trust

Share This Post

Gala Games has taken a brave step by burning nearly 21 billion GALA tokens, valued at over $637 million, following the completion of its V2 token airdrop. This substantial reduction in Gala Games’ reserves aims to alleviate worries about a potential “dump and exit” event.

In line with their 2023 Vision Paper, Gala Games has begun burning their native token, $GALA, in response to the community’s requests. This initiative is part of the Gems program designed to support mobile expansion and strengthen the node ecosystem. They pledged to burn 2 billion $GALA over the year—an untrackable commitment under their v1 contract, but this is now possible with the advent of v2.

In a further stride to solidify their network, Gala Games also burned an additional 3,961,582,987 $GALA, equivalent to their total $GALA revenue ever received.

Gala Games

Gala Games is becoming a significant player in the play-to-earn gaming industry, attracting much attention. Their goal is to change our understanding and interaction with online games.

Essential elements like the Gala Games Node, Store, and Wallet contribute to an integrated environment that allows players to possess their digital assets and gain rewards.

Notable games developed with Gala Games include Townstar and Spider Tanks.

Source Spider Tanks

Commitment to Community

The decision by Gala Games to burn billions of tokens is a noteworthy move. Gala Games is doing this to reassure their community of their commitment to their shared cause and the long-term viability of their node network.

In doing so, they have proactively addressed the looming fear of potential exit scams—a concern common in the blockchain industry.

Going forward, Gala Games has set its sights on a promising future. They’ve established a wallet with 2 billion $GALA as a strategic reserve, openly labeled on-chain for all to verify. Protected by a multi-sig wallet, this reserve testifies to Gala Games’ long-term commitment to its community and dedication to supporting the node network.

In a pioneering act of sustainability, Gala Games pledges to sustain solely on their daily ecosystem rewards, effectively committing to thrive within their fostered ecosystem. Their objective is clear—to enhance the node network in the long run, ensuring collaborative growth.

Gala Games, a company initially founded on a dream, has grown into an embodiment of true ownership and innovative economic models. Having spent several years laying the groundwork for their vision, Gala Games has evolved from a small group on a Zoom call to an international gaming company boasting roughly 400 employees.

Source
Gala Games Burns $637M in GALA Tokens to Secure Community Trust is written by Jane Kelly for nftnewstoday.com

Related Posts

Genesis Trading-labelled address moves $720M BTC to Coinbase, pointing to the start of asset liquidations

A cryptocurrency wallet related to Genesis Trading has transferred...

Istanbul Blockchain Week Partners with Fortune Magazine Türkiye

What is Istanbul Blockchain Week?Istanbul Blockchain Week is an...

Helium eyes energy sector with ‘virtual power plant’ network

Last week, the Helium Foundation said in a somewhat-cryptic...

Crypto adoption in Argentina soars amid 276% inflation spike

Cryptocurrency adoption in Argentina has been setting records in...

Tomarket Launches Innovative Telegram Drop Game

The official version of the Tomarket Drop Game is...
ethereum
Ethereum (ETH) $ 3,257.01
bitcoin
Bitcoin (BTC) $ 61,039.35
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 0.528059
binance-usd
BUSD (BUSD) $ 1.00
cardano
Cardano (ADA) $ 0.4343
dogecoin
Dogecoin (DOGE) $ 0.115844
litecoin
Litecoin (LTC) $ 70.21
solana
Solana (SOL) $ 148.00