web3 game project Gala Gamesannounced in a blog post that it will distribute GALA v2 tokens to all GALA holders on May 15.
Automatic 1:1 conversion has been set for all users and support for GALA v1 tokens has been discontinued immediately. Users holding GALA in their Ethereum wallet(s) do not need to take any action.
The team advised users to remove GALA tokens from any liquidity pool or smart contract before the snapshot on May 15. If tokens are left in a liquidity pool, the liquidity pool will be airdropped and GALA may not be recovered.
Exchanges were contacted to facilitate a smooth transition. However, the team “strongly recommends” storing the tokens in a personal wallet to ensure that the drop is delivered directly to the owner.
The upgrade to the Ethereum smart contract brings improvements such as advanced burning mechanisms, security enhancements, and future upgradeability.
What is Gala?
Gala Games is one of the largest Web3 game projects to release games like The Walking Dead: Empires and Spider Tanks.
It also has a wider ecosystem that includes the Web3 entertainment platform Gala Film. The GALA token is used as a way for users to purchase digital assets within the ecosystem.
The airdrop came just after the news that Hollywood stars Danny Trejo, Mena Suvari and Emilio Rivera were announced as guest stars in Gala Film’s Web3 TV series “RZR”.
That’s right, action star, funny man, and taco magnate @officialDannyT will be making a special appearance in our science fiction drama, RZR! pic.twitter.com/sPekhlaPR0
— Gala Film (@GoGalaFilms) April 12, 2023
Eight-part series, cryptocurrency and takes place in a dystopian Los Angeles, where artificial intelligence is deeply intertwined with the criminal underworld.
Gala is also a crypto exchange. Huobi announced that it will support users affected by an event that caused significant losses for users in November 2022.
According to Huobi, pNetwork minted over $1 billion in pGALA tokens “over the air” on the BNB chain and sold them on PancakeSwap, causing GALA tokens on the BNB chain to drop by 97%.
As a result, Huobi and Gala pledged to distribute up to $50 million to GALA token holders who lost money as a result of the pGALA event.
As Koinfinans.com reported, Huobi and Gala have since launched a lawsuit against pNetwork to recover these funds.