Follow up after 15th of May 2023:
Regarding Gala Token is still early to say. There are been a drop in Gala token price but unclear if prices have bottomed.
the good news is: Gala Team announced this week (3rd week of May) that ~21M Gala (worth $637M) were burned from the reserves. This means that the team is trying to cool off rumors about the existing possibility of token dumps.
Why they did do it? with the new contract, the Gala team won't be able to use tokens to fund growth and will have to rely on rewards. The supply of the token is supply-based halving, meaning that in the next coming halving the founder nodes* rewards will go up by approx 4x.
This is a good indicator that the Gala team believes these changes will reinforce the long-term sustainability of the ecosystem.
- founder node: these are the nodes that validate crypto transactions for the Gala network. Show Less
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