On March 16th, Gala Games released a blog post detailing the recent successful migration to their V2 token contract. In addition to this, the company detailed a series of token burns, starting off with the 2B GALA, originally outlined in their 2023 Vision Paper.
Gala Games went on to state that it had burnt an additional (and unexpected) ~4B GALA, representing the entirety of its ecosystem token revenues to date. As well as a further 15B GALA, or the vast majority of the gaming publisher/platform’s token reserves.
The official statement explains the reasoning behind this mass burn was to reinstall confidence in the community, with Gala Games writing, “You can’t dump and exit scam unless you have tokens to dump.” Subsequently, as a result of this, GALA node operator rewards will reportedly quadruple, and shortly after the announcement, the price of GALA jumped 17%. However, prices have now fallen down below levels seen just before the announcement.
Regardless of their motives or reasoning, Gala Games, which currently has a reported 400 staff members, will be relying almost entirely on daily ecosystem rewards (distributed in GALA).