Now "Galaxian Family" (Gala Ecosystem) has expanded across other verticals such as music, films, and online gaming. It became so big that the original Ethereum contract that was written in 2020 does not fit the needs of the current times.
The coming 15th of May is D-Day for the upgrade! The "original" $GALA token will be replaced by the "new" $GALAV2.
Good things:
- enhanced burn mechanism
- dynamic supply
- sustainability of the Ecosystem through governance votes
- the new Gala contract has been audited by AnChain and CertiK (both well-known audit companies).
Bad things: The one-to-one airdrop of the token for the 15th of May is pretty straightforward. If you have the token in the Ethereum wallet, the token will be automatically replaced. However, if you have GALA in pools or locked or staking, that $GALA will become 0 value. So if you hare those that you are staking or have the token locked, you must retrieve them and put them in the Gala wallet or metamask (Ethereum Wallet).
Still now seems to be an undervalued project. 274M Market Cap with 7.5B circulating supply with 50B maximum supply. (https://www.coingecko.com/en/coins/gala), (https://support.gala.games/series/4691021/posts/4612514-gala-tokenomics)
$GALA distribution is linear with an aggressive token distribution (such as airdrops and such), putting pressure on the $GALA price & assets. So, In the short term, I see huge pressure on price but will be alleviated with the coming yearly halving (27th of July).
- How halving works? daily distribution is 17M until the 27th of July 2023, then from the 27th of July 2023 to the 27th of July 2024, the daily minting will have and become 8M approx. and following year 4M and so on.
Let's look at the long term: Halving reduces the supply and boosts the demand. Note that the $GALA token is used as a native gas coin, so it is needed across the whole Galaxian Ecosystem!
For now, we just need to sit tight and see what happens after the D-Day 15th of May!
For now, I rank their tokenomics as a 3 because is still everything a bit uncertain. Might take some time until the upgrade normalizes things. Show Less
