Gala Games (GALA) is launching its GALA v2 token upgrade this May which will introduce a newer version of the GALA token to support its gaming ecosystem.
To accommodate this, PDAX will be suspending all GALA transactions on its platform beginning May 14, 12:00 p.m PHT until the upgrade has been successfully completed. The GALA v2 upgrade is scheduled to begin on May 16, 3:00 am PHT (May 15, 7:00 pm UTC).
Here’s everything you need to know about this major development:
What is GALA?
Gala Games is currently one of the leading Web3 gaming ecosystems built on the Ethereum network that uses the GALA token. GALA is used for the buying and selling of NFTs on the different games available on the ecosystem, as well as a governance token for voting on community polls. GALA can also be used to run a Gala node or can be staked on third-party liquidity pools for passive income.
What is GALA v2?
With the rapid growth of the Gala ecosystem, GALA v2 is designed to introduce improved burn mechanisms, security, and upgradeability over the current GALA token (v1) in circulation.
How will the GALA v2 upgrade take place?
Gala Games will be issuing GALA v2 to all GALA v1 holders on a 1:1 ratio via airdrop starting May 16, 3:00 am PHT (May 15, 7:00 p.m. UTC). A snapshot will be taken before the airdrop takes place, so users are advised to remove any GALA tokens they have in smart contracts or in liquidity pools to ensure that they receive the correct corresponding amount of GALA v2 tokens.
Will PDAX support the GALA v2 upgrade?
PDAX will be supporting the GALA v2 upgrade. All trading, deposits, and withdrawals for GALA will be paused starting May 14, 12:00 p.m PHT in preparation for the airdrop, until such time that the upgrade has been successfully completed. After the upgrade, users can expect their GALA v1 tokens on their PDAX accounts to have been upgraded to GALA v2 tokens.
What happens after the GALA v2 upgrade?
You can resume your trading activities with GALA using GALA v2 tokens immediately after the upgrade has been completed. You can also withdraw your GALA v2 tokens for use on the Gala Games platform or other supported third-party apps.
Will there be new PDAX wallet addresses for GALA v2?
No. The GALA v2 tokens will be airdropped into the same wallet addresses used for GALA v1. However, only the GALA v2 tokens will be accessible to users after the upgrade.
Is there anything else I need to do to ensure I receive my GALA v2 tokens?
You can expect to receive the correct amount of GALA v2 tokens corresponding to your holdings in your personal wallet or in your PDAX account. If you have transferred your GALA tokens to liquidity pools or in smart contracts, it is recommended that you transfer them back to a personal wallet or in your PDAX account before the airdrop to ensure that you receive the correct amount.
Who can I reach out to for further information or concerns about the GALA v2 upgrade?
For any inquiries or needed assistance, you may contact one of our customer success representatives through this link.
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DISCLAIMER: The statements in this article do not constitute financial advice. PDAX does not guarantee the technical and financial integrity of the digital assets and their ecosystems. Any and all trading involving the digital assets are subject to the user’s risk and discretion and must be done after adequate and in-depth research and analysis.
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