The Gala Games team announced on May 15 that they will give away GALA v2 tokens to all GALA holders via airdrop.
There will be a 1:1 exchange rate for all users, and the GALA v1 token will be promptly abandoned. Users who already possess GALA in an Ethereum wallet are exempt from further action.
What should GALA holders do?
The team has asked users to ensure that no GALA tokens are stored in any liquidity pools or smart contracts prior to the snapshot on May 15. If any GALA tokens are discovered in a liquidity pool following the snapshot, the pool will be airdropped, and the GALA tokens may no longer be recoverable.
Despite having contacted exchanges to ensure a seamless transition, the team “strongly recommends” storing tokens in a personal wallet to ensure that the drop is delivered directly to the holder.
The Ethereum smart contract enhancement features enhanced burn mechanisms, enhanced security, and the ability to update in the future.
What is Gala?
Gala Games is an enormous company in the Web3 gaming industry, releasing titles such as The Walking Dead: Empires and Spider Tanks.
Gala Film, a platform for Web3 entertainment, is merely a component of its larger ecosystem. Users can utilize the GALA token in order to acquire digital assets within the ecosystem.
The airdrop was provoked by the announcement that Danny Trejo, Mena Suvari, and Emilio Rivera will appear in an upcoming episode of “RZR,” a Web3 TV series produced by Gala Film.
In collaboration with the Huobi cryptocurrency exchange, Gala stated that it will assist users affected by a November 2022 incident in which a number of Huobi users sustained significant losses.
According to Huobi, pNetwork created over a billion pGALA tokens “out of thin air” on the BNB chain and sold them on PancakeSwap, causing a 97% decline in the price of GALA tokens on the BNB chain.
As a result, Huobi and Gala have committed up to $50 million to compensate GALA token holders who suffered financial losses as a result of the pGALA incident.
Huobi and Gala have since filed a lawsuit against pNetwork in an attempt to recover the lost funds.
Content Source: decrypt.co