Gala burns 42% of token provide to steelman future

    Following the migration of its GALA token to a brand new good contract deal with, Gala Video games has burned a sizeable proportion of the token’s whole provide.

    As beforehand promised in its 2023 Imaginative and prescient Paper of the Gem program, it first burned 2 billion tokens. However then it burned an additional quantity – just below 4 billion tokens – which was the equal of all of the tokens Gala Video games had ever acquired in income.

    After which in one other transfer, it burned 15 billion GALA tokens, which it labelled “nearly the entirely of our reserves”. On the time of burning, these nearly 21 billion tokens had been value round $660 million.

    A closing allocation of two billion tokens had been moved right into a multi-sig pockets, which is able to act as a strategic reserve. The utmost provide of the GALA tokens is listed as 50 billion.

    In response, the value of GALA was rose 13% however, extra typically, it has fallen 21% over the previous month.

    Gala says this shocking transfer was to counter the view that it holding a considerable amount of tokens could possibly be a “fundamental risk to the overall tokenomics of the project” when it comes to a “dump and exit scenario”.

    Now, because it factors out, it – the central organisation – doesn’t have any tokens to dump. As a substitute, the longer term issuance of GALA tokens will probably be accrued by house owners of Gala’s nodes, and that is the one exercise by which Gala Video games itself will acquire extra tokens so its success is absolutely aligned with that of Gala’s node holders.

    You possibly can learn the complete rationalization right here.

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