With its great rise in recent weeks, it has attracted the attention of the crypto money market. from altcoins one who Premiere (PREMIERE), He shared his tokenomics update, which he described as “big,” with users.
Gala (GALA) Altcoin Announces It Will Burn 500 Million Tokens Each Quarter of 2023
With the new update, GALA developers reported that they will burn 500 million GALA altcoins per quarter in 2023.
However, the GALA contract will be renewed so that the tokens can be locked, burned and used in the Gala ecosystem.
In addition, it was said that changes will be brought to the halving mechanism in the GALA ecosystem. According to the changes, instead of the current time-based halving mechanism, there is a plan to introduce a mechanism that will halving when a certain total supply is reached.
The token burn mechanism is a common strategy used in the cryptocurrency market to reduce the total supply of coins and increase their value. By burning 500 million GALA coins each quarter, the developers aim to reduce the total circulating supply of coins and make them rarer.
of bitcoin The combustion mechanism works differently from that of GALA. Bitcoin has no specific mechanism for burning coins, instead its rarity is generated by the nature of its code. Bitcoin has a limited supply of 21 million coins, and as more Bitcoins are mined, the remaining unmined BTCs will become increasingly rare.
Bitcoin’s rarity is further strengthened by the high probability that some BTC will be lost or forgotten over time, making the remaining BTCs even rarer.
*Not investment advice.
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