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A new version of the native tokens of metaverse-focused Gala Games will be airdropped to users on May 15, developers said in a blog post on Tuesday.
The version 2 tokens will be dropped on a 1:1 basis to holders of the current gala (GALA) version 1 tokens. The v1 tokens aren’t intended to hold any value following the v2 token issuance, developers said.
Gala said v2 tokens are part of a broader upgrade to the Gala smart contracts on the Ethereum blockchain. The upgrade is designed to make Gala more secure and will introduce burn mechanisms, which may make the tokens more valuable in the future.
Burns are a way of permanently deleting tokens from circulation supply by sending them to an address not controlled by anyone. Burns may provide a bullish impetus for tokens because they can lead to price increases as demand increases and supply reduces.
Gala Games is one of the largest gaming-focused crypto projects, with a market capitalization of $360 million. Users can play different types of games built on the platform, and the tokens are used as the primary medium of exchange between users.
In-game items are represented as non-fungible tokens on the Ethereum blockchain and users can trade them on marketplaces, such as OpenSea.
Gala tokens were up 10% in the past 24 hours, data from CoinGecko shows.
Edited by Sheldon Reback.
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