On May 15th, Gala v2, Gala Games’ network update, will be released, marking a new era for the Gala ecosystem.
Key points:
- You don’t need to worry about this update if you are holding $GALA tokens on our platform on May 15th, as there will be no change in your experience when you upgrade your Gala Games smart contract.
- You only need to take action if you have $GALA in decentralized protocols like liquidity pools. In this case, the best option is to transfer your tokens to Bitso, Metamask or any digital wallet that supports tokens on the Ethereum network so your tokens are not lost.
- The $GALA token will keep the same name on all platforms, even after the upgrade from $GALA(v1) to $GALA(v2) is done in the background.
- $GALA (v1) deposits and withdrawals will be paused starting May 15th so that Gala Games can take a snapshot of Ethereum addresses holding $GALA tokens. Avoid sending $GALA (v1) to your Bitso wallet during this period, since we cannot guarantee that they can be recovered after the update.
- The distribution of Gala Games to our platform will begin on May 16th at 0:00 UTC. Once it’s over and we have verified the 1:1 distribution of $GALA (v1) to $GALA (v2), $GALA deposits and withdrawals will be available again. The estimated deadline for this is May 16th at 13:00, UTC.
Some context: Gala Games is a decentralized gaming platform that uses blockchain technology to allow users to own and control their own digital assets (NFTs) within games. In addition, unlike other companies, Gala Games runs entirely on blockchain, that is, any interaction, movement, and action is recorded in this technology.
The platform is powered by its native token, $GALA, which is used to perform transactions on the platform, such as buying and selling digital assets and participating in community governance. In addition, Gala Games also provides tools for developers to create their own games and implement them on the platform. This allows players to have a more immersive gaming experience and to have greater control over their digital assets in games.
Recently, Gala Games announced the release of $GALA (v2)an updated version of its ecosystem token that will bring significant improvements to users.
Why the update?
The main objective is to introduce new features aligned to the long-term goals for the Gala ecosystem.
According to the team, the update of the smart contract is necessary, as the previous one does not meet the requirements for the token to interact with the ecosystem the team has in mind.
Among the new features to be introduced in $GALA (v2) are: better security, enhanced burn mechanisms and the possibility of more updates in the future.
This update shows the Gala Games team’s commitment to keeping its ecosystem and token at the forefront of blockchain technology.
How will this update take place?
The Gala Games team will distribute the new $GALA (v2) token at a 1:1 ratio to all users currently holding $GALA (v1) on Ethereum through a direct distribution scheduled for May 15th.
$GALA (v1) will no longer be supported, so those who hold the old token will need to exchange it for the new version to be able to participate in the Gala Games ecosystem.
To be part of this update, you will only need to keep your $GALA tokens in your Bitso wallet, or if you prefer, you can keep them in your own digital wallet, such as Metamask. There should be no problem as long as you keep these tokens on the Ethereum network.
On May 15, Gala Games will take a snapshot of all Ethereum addresses that hold the $GALA token. During that day, we will pause $GALA deposits and withdrawals so that this snapshot can be completed in detail and without any inconvenience.
Do I need to keep an eye on something?
This update will happen seamlessly and you won’t notice your $GALA tokens change. Therefore, if your tokens are already on our platform or in your own digital wallet on the Ethereum network, you don’t have to do anything. We only ask for you not to make any $GALA deposits or withdrawals during May 15th and wait for us to give the official announcement of the successful delivery of your corresponding $GALA (v2) tokens.
A key point for the update to be successful is that, If users wish to receive their $GALA (v2) tokens on May 15th, they must withdraw their $GALA tokens currently placed in decentralized protocols (such as liquidity pools) and deposit them in Bitso, Metamask or any digital wallet that supports tokens on the Ethereum network as soon as possible, since Gala Games does not guarantee that funds will be accessible after the airdrop if they are in liquidity pools or smart contracts.
We thank you for trusting Bitso throughout the entire $GALA (v2) token distribution process. We are extremely excited to be able to support crypto projects so relevant to our community. We hope you enjoy your updated tokens from the Gala Games ecosystem!
– The Bitso team
