The entire Gala Games ecosystem will shortly undergo a significant contract upgrade, during which holders will be granted brand-new $GALA V2 tokens in exchange for all existing $GALA. Coinbase decided not to support the $Gala (GALA) contract swap, but Binance, the biggest cryptocurrency exchange in the world, decided to support it.
Binance will support the contract swap on the Ethereum (ERC20) network, according to the release. Additionally, it said that the Ethereum (ERC20) network will no longer handle deposits and withdrawals of old GALA.
For all users who possess $GALA on the cryptocurrency exchange, Binance stated that it will manage all technical requirements. After the contract swap is complete, a second notice will be issued to the users, it stated.
The update is set to happen on Monday, May 15th, according to GALA. Although not on the list, $GALA deposited on the exchange might not be reclaimed in the future.
Coinbase will discontinue allowing trading of the GALA token (Gala V1) on May 12. As a result, holders of the token won’t be able to get the new airdropped token (Gala V2), and the exchange doesn’t currently have any plans to allow holders to transfer tokens after the fact.
GALA’s price has plummeted significantly during the past week, falling 22%, indicating that it is continuously declining.