thenewscrypto.com
- Coinbase informed that on May 12, it would stop supporting the GALA token (Gala V1).
- Gala has recommended that holders remove Gala V1 from any liquidity pools.
Prominent exchange Coinbase has said that it would not support the Web3 gaming startup’s effort to distribute an improved GALA token through airdrop to current holders on May 15.
This week, the crypto exchange informed that on May 12, it would stop supporting the GALA token (Gala V1). This means that holders will not be able to get the new airdropped token (V2). And that there are no plans to provide a mechanism to trade tokens after the fact.
Users on Coinbase will be able to move their V1 tokens to a cold storage or hardware wallet. This would be when the V2 token launches. But after May 15 they will have limited access to their V1 holdings. In order to obtain the new Gala token. Coinbase customers must transfer their Gala V1 to a wallet by May 15th.
Improvised Upgrade
To secure receipt of the new token. Gala has recommended that holders remove Gala V1 from any liquidity pools or smart contracts in which they may be stored. The company has said that as of May 15th, Gala V1 would no longer be supported or usable.
Gala saw the token upgrade as a pivotal moment for the development of the cryptocurrency. The new token’s smart contract would have “enhanced burn mechanisms, security enhancements, and future upgradeability,” as stated in a blog post by Gala.
Gala Games’ President of Blockchain Jason Brink said on Twitter that the company’s token has changed over time. Starting out as an Ethereum ERC-1155 token before being reissued in accordance with the ERC-20 token standard to enhance its functionality.