decrypt.co
Web3 gaming project Gala Games will airdrop GALA v2 tokens to all GALA holders on May 15, the team announced in a blog post.
An automatic 1:1 conversion for all users has been arranged, with support for the GALA v1 token being immediately dropped. No action is required from users holding GALA in their Ethereum wallet(s).
The team has advised users to remove their GALA tokens from any liquidity pools or smart contracts before the snapshot on May 15; if tokens are left in a liquidity pool, the liquidity pool will be airdropped and the GALA may not be recoverable.
Exchanges have been contacted to facilitate a smooth transition but the team "strongly recommends” storing tokens in a personal wallet in order to ensure that the drop is delivered directly to the holder.
The upgrade to the Ethereum smart contract brings improvements including enhanced burn mechanisms, security enhancements, and future upgradeability.
What is Gala?
Gala Games is one of the largest Web3 gaming projects, launching titles including The Walking Dead: Empires and Spider Tanks.
It also has a wider ecosystem which includes Web3 entertainment platform Gala Film. The GALA token is used as a way for users to purchase digital assets within the ecosystem.
The airdrop comes on the heels of news that Hollywood stars Danny Trejo, Mena Suvari, and Emilio Rivera have been announced as guest stars in "RZR", a Web3 TV series by Gala Film.
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
The eight-episode show is set in a dystopian Los Angeles where cryptocurrency and artificial intelligence are deeply intertwined with the criminal underworld.
Gala also announced, in partnership with crypto exchange Huobi, that it will be supporting users impacted by an incident that saw significant losses for users back in November 2022.
According to Huobi, pNetwork minted over $1 billion pGALA tokens "out of thin air" on the BNB chain and sold them on PancakeSwap, causing GALA tokens on the BNB chain to plummet by 97%.
As a result, Huobi and Gala pledged that they would distribute up to $50 million to GALA token holders who lost money as a result of the pGALA incident.
Huobi and Gala have since initiated a lawsuit against pNetwork to recover these funds.