Ask any gamer and they’ll tell you that the dream is to play games and get paid doing it — and for a while, GameFi seemed like the answer. But one major problem stands in the way: many of the supposed “games” are nothing more than poorly designed covers for miners, or even worse, scams.
Enter Gala Games with their games-first approach, spearheaded by Eric Schiermeyer and his team of experts and their centuries of combined experience, ready to change the landscape. By leveraging the decentralized nature of blockchains, they aspire to give players back the control they deserve. Besides owning the in-games items, players have a say in how the Gala Games develop via distributed voting mechanisms.
At the core of it all is GALA — it is the utility token that players use to buy NFT items, the reward for node operators and the gas token used to pay for network fees. On 15 May 2023, GALA will migrate to GALA(v2) — read on to find out what the migration entails and how Coinhako will support it.
What does the GALA(v2) migration mean?
For one, improved security for token holders, as mentioned in Gala Games’ announcement. This upgrade will also include enhanced burn mechanisms that will help control the total supply of tokens over time. Not only do these changes represent a step forward for Gala Games, they also open the door for future upgrades.
What does this mean for you as a GALA holder?
Well, nothing really, thanks to Gala Games making arrangements for all users holding GALA on the Ethereum blockchain to automatically receive the new GALA(v2) token via a 1:1 token drop. Most exchanges will also provide users with the new GALA(v2) tokens after the migration — this includes Coinhako, of course — but you should definitely check before you make any assumptions. If you hold GALA on other wallets or centralized exchanges, do note that old GALA(v1) tokens will have zero usability and support after the migration, meaning you will not be able to do anything with the tokens.
How will Coinhako support this migration?
As mentioned above, GALA holders on Coinhako will not have to do anything when the migration happens — your old GALA will be swapped automatically to the new GALA(v2) at a 1:1 ratio. This means that your balance will not change after the migration.
However, do note that GALA depsosits will be halted on 14 May 2023 at 12 PM SGT — these services will resume shortly after the token drop is complete. You can also find FAQs about the GALA(v2) migration here.
Disclaimer: All writers’ opinions are their own and do not constitute financial advice. As a company, we do our best to provide information that is accurate and valuable. The contents of this blog post are intended for educational purposes only. Individuals are advised to perform due diligence before purchasing any cryptocurrencies as these assets are subject to high volatility, and understand the risks associated with trading cryptocurrencies.