After a bleak 2022, the cryptocurrency sector seems to be bouncing back and heading towards recovery. The top 10 coins by market cap have gained between 24 percent to 130 percent since the beginning of 2023, mirroring Bitcoin’s resurgence.
However, some, such as GALA, have outshined their competition. The token has amassed a 185 percent gain YTD, outgrowing the likes of Axie Infinity, Decentraland, Enjin, and The Sandbox.
However, Gala has been making the rounds in the media this week since unveiling GALA V2 and a subsequent airdrop to aid in the transfer. Here’s everything you need to know about the GALA V2 transition, airdrop, and ecosystem.
What is the hype behind GALA V2?
On April 18, Gala Games, a play-to-earn blockchain gaming platform, announced a transition to GALA V2. The protocol upgrade is expected to bolster network security, introduce enhanced burn mechanisms, and pave the way for future upgradeability.
An airdrop is scheduled for May 15, where the current holders of GALA tokens will be airdropped GALA V2 tokens on a 1:1 basis. Following the drop, GALA V1 would no longer be supported by the ecosystem. Gala’s blog post also advised users to remove their GALA tokens from any liquidity pool or smart contracts before the new tokens are airdropped.
The team suggested that while crypto exchanges will facilitate the transition to GALA V2, users are recommended to store tokens in a personal wallet to ensure that the drop is given directly to the holder.
Following the announcement, GALA’s price rose by as much as 14 percent and tagged a one-month high at $0.049. However, it slipped into the red 24 hours later as a result of profit booking and a broader crypto market correction.
Nonetheless, the Gala’s announcement did not fail to create a stir in the community. As per LunarCrush, social media mentions about the Gala spiking by over 100 percent on April 19, while shared links climbed by over 250 percent. Based on the initial reaction, Gala’s upgrade appears to have been well-received among crypto observers.
What is GALA?
The video game industry has grown exponentially over the years, becoming one of the biggest sources of revenue for the entertainment vertical. Following the emergence of blockchain technology, it did not take long for gaming to make its way into the world of cryptocurrencies.
Capitalising on this emerging concept, Gala Games launched on the Ethereum blockchain as a play-to-earn game that allows players to earn crypto and NFTs through its gameplay.
The project was created by Eric Schiermeyer, Michael McCarthy, and Wright Thurston. Schiermeyer is the co-founder of Zynga, a gaming firm with several popular titles under its wing – such as Farmville and Zynga Poker, a card game that became immensely popular on Facebook over a decade ago.
The platform employs a variety of gaming concepts, including, real-time strategy, multiplayer online battle arenas, role-playing games, and more. There are 15 games available on its platform, including its flagship game Town Star. Meanwhile, the native token GALA can be used for in-game purchases and as a medium of exchange between users in the Gala ecosystem.
Gala quickly established itself in the crypto market, thanks to a team of professional game developers and a growing concept. The project currently ranks 122nd on CoinMarketCap, with a market capitalization of over $300 million. The platform has over 1.3 million monthly active users and has sold 26,000 NFTs already on the platform, according to ByBit.
Furthermore, data tracker CoinMarketCap shows that the total number of holders who own GALA tokens has been consistently rising since the start of the year. As of 19 April, 224,475 holders currently have GALA tokens in their kitty, up by 10 percent since January.
GALA’s price has gained significantly in recent months. Its price rose by 225 percent in January and touched a 5-month high at $0.062 before cooling off in February. March turned out to be a positive month yet again, albeit with a smaller price increase of 5.8 percent.
Two primary reasons contribute to GALA’s success in the year so far. The first is the broader market recovery, led by Bitcoin. The second is ecosystem updates. Among them is a partnership with China-based crypto trading platform Huobi Global, which would see Gala’s native tokens listed on Huobi. The deal would also help support Gala holders who were impacted by a sudden drop in price last year.
Conclusion
Based on the initial reaction, Gala’s commitment to upgrading its network would likely continue to have a positive effect on its price over the long run. Now, the project needs to ensure a spotless transition to GALA V2 to avoid any unnecessary dips in price next month.
