As a force in the blockchain gaming industry, Gala Games, today announced a series of significant actions that underscore its commitment to community, sustainability, and the long-term strength of its node network. The company, which has grown from a small team of a dozen people on a Zoom call to an international company with approximately 400 employees, has made several bold moves to secure the future of its ecosystem.
Token Burn in Line with 2023 Vision
In a major nod to its growing community, Gala Games initiated the burning of 2 billion $GALA tokens, as outlined in its 2023 Vision Paper. The burn was divided into four equal parts of 500 million $GALA each, taking place over the course of the year. This commitment serves to drive mobile expansion and support the node ecosystem. However, due to tracking limitations in the v1 contract, the burn was not immediately implemented until the rollout of the v2 contract.
Additional Token Burn and Community Commitment
Beyond fulfilling the commitments of the Vision Paper, Gala Games took further dramatic steps. In a move that showcases the company’s dedication to its community, Gala Games burned an additional 3.96 billion $GALA, equivalent to the total revenue in $GALA it has received since inception. This unprecedented action, though extraordinary, is seen as critical by the company to demonstrate its commitment to the shared cause and future of the node network.
Addressing Exit Scams
Addressing the looming concern of potential exit scams that plague the blockchain industry, Gala Games took decisive action to neutralize this threat. The company initiated a massive burn of 15 billion $GALA, effectively eliminating the majority of its token reserves. By taking this action, Gala Games aims to alleviate community fears and refocus attention on the continued growth and strength of the node network.
Establishing a Transparent Strategic Reserve
Gala Games has also established a transparent strategic reserve of 2 billion $GALA, stored in a multisig wallet, to demonstrate its long-term commitment to the community and the node network. This reserve is openly labeled on-chain for the community to see, providing additional reassurance of the company’s dedication to transparency and sustainability.
