On May 15, Gala Games will airdrop an improved version of the GALA token to current holders. However, a significant exchange, Coinbase, has stated that it will not support this action.
Why Isn’t Coinbase Supporting Gala Games V2 Token Airdrop?
This week, the exchange made the announcement that it would stop trading the GALA token (Gala V1) on May 12 and that holders would not be permitted to get the new airdropped token (V2). Additionally, Coinbase stated that it has no plans to offer a means for holders to exchange their GALA tokens.
After the V2 token launches, Coinbase holders will still be able to withdraw their V1 tokens to a hardware or self-custodial wallet. However, they won’t be able to do much more with those V1 assets. The exchange tweeted a link on its Twitter account.
Why is the Gala V2 Token Not Supported?
Gala believed that the upgrade of the token was a significant and crucial move for the cryptocurrency. The new token will have “enhanced burn mechanisms, security enhancements, and future upgradeability,” according to a Gala blog post. The new token’s smart contract—which houses the code that powers things like tokens, NFT projects, and decentralized apps—will also have “future upgradeability.”
Jason Brink’s Statements
On Twitter, Gala Games’ president of blockchain, Jason Brink, revealed how the company’s token has changed over time. Originally an Ethereum ERC-1155 token, Gala’s token had to be reissued using the ERC-20 token standard after the development team felt it needed to be more functional.
As time has moved forward, we have identified other improvements that can be made to that token. Unfortunately, that isn’t how the original contract works and it cannot be upgraded. The only solution is to do what we did the first time—deprecate the old contract and token, deploy a new contract, and use that instead.
Jason Brink
Brink claimed that while he doesn’t know why Coinbase won’t support Gala’s new version, he assumes it is because the issuance technique appears to be an airdrop of bonus tokens rather than substitute ones.
It is my hope that once there is a little bit of clarity, they will decide to support the V2 token.
Jason Brink
