Gala Games, a blockchain gaming platform, has burned over $600 million worth of GALA tokens. The burn was conducted as part of the company’s ongoing efforts to reduce the supply of GALA tokens and increase their value.
The burn took place on May 17, 2023. As part of the burn, Gala Games destroyed 21 billion GALA tokens. This represents approximately 10% of the total supply of GALA tokens.
The burn was conducted by sending the tokens to a dead address, which means that they can never be used again. This effectively removes them from circulation, which reduces the supply of GALA tokens and increases their value.
Gala Games has been conducting burns of GALA tokens since the company’s inception. The company has burned over $1 billion worth of GALA tokens to date.
The burns are part of Gala Games’ efforts to create a deflationary economy for GALA tokens. Deflationary economies are characterized by a decrease in the supply of tokens over time. This can lead to an increase in the value of tokens, as they become more scarce.
Gala Games is a blockchain gaming platform that allows users to play, earn, and own their games. The company has a number of popular games on its platform, including Town Star, Mirandus, and The Walking Dead: Empires.
The burn of GALA tokens is a positive development for the company and its users. The burn reduces the supply of GALA tokens, which increases their value. This makes it more attractive for users to hold GALA tokens, which can lead to increased adoption of the platform.