$637 Million GALA Burn from Gala Games

Gala Games announced that after the completion of the V2 token airdrop, it burned a total of 21 billion GALA tokens. In the company’s statement, the desire to eliminate possible “dump and exit” scenario concerns from the community was cited as the reason for the burning.

Within the framework of the Gala 2023 vision, it had previously burned 2 billion tokens. After burning 3.9 billion more units, GALA stated that the last burn was 15 billion units. Despite this approach, it was noteworthy that the price did not increase. While Gala Games stated that they made the burning from the tokens in their own reserves, the following statements were used:

These tokens, which we received as ecosystem rewards, were actually reserves that we held for growth and the health of the ecosystem. However, we did this because the community and investors see these tokens as both a problem and a fundamental risk for the tokeneconomy.

As a result, Gala Games burned nearly half of the total supply over a period of time to address investor concerns. The maximum supply of GALA was shown as 50 billion.

Jason Brink, one of the project managers, told Decrypt, “If the ecosystem is to remain intact in the long run, the project can continue to exist without ecosystem rewards.” Brink also stated that with the last burns, all the tokens in the Gala reserves are almost gone.