From the founding of Gala Games, it was based on a dream that there was a pathway to true ownership and new economic models that were as-yet undiscovered. It has taken several years to get to where we are today.
Uniting together, we have grown from a small zoom call of less than a dozen people to an international company of ~400.
Clearly, the games in our ecosystem have multiplied from a single farming simulation to dozens of games pushing out playtests and driving the growth for the whole community.
Keeping on, we have come SO FAR, but we still have SO FAR to go!
Requested by the community, the first thing we are doing is initiating the burns of the $GALA we committed to burning in our 2023 Vision Paper for the Gems program to enable mobile expansion and to support the node ecosystem. Following through on this commitment means that we committed to burning 2b $GALA over the course of the year. Unfortunately, this wasn’t something that could be correctly tracked on the v1 contract.
Obviously, as we can all see from today, v2 is upon us.
Initially, today we made four burns:
- GEMS Q1 Burn: 500,000,000 $GALA
- GEMS Q2 Burn: 500,000,000 $GALA
- GEMS Q3 Burn: 500,000,000 $GALA
- GEMS Q4 Burn: 500,000,000 $GALA
But this is only the beginning of what we have done.
On the march for improvements, we also proceeded to burn an additional 3,961,582,987 $GALA, equivalent to the total revenue in $GALA we have ever received.
It may seem that this is an extraordinary act — and it is. But we believe that it is essential to reassure you, our community, of our unswerving commitment to our shared cause and the future of our node network.
So, there is one final point which we believe is critical to address for the community. We are well aware of the specter of potential exit scams that haunt the blockchain realm. We wish to address this concern proactively. The tokens we hold we have received as ecosystem rewards over the last several years. While they have always been tokens we were to use to fund the growth and curation of the ecosystem, we know that many people see them as a fundamental risk to the overall tokenomics of the project.
Therefore, we have decided to fully neutralize the ‘dump and exit’ scenario. You can’t dump and exit scam unless you have tokens to dump. By burning nearly the entirety of our reserves, we hope to extinguish this fear and return focus to the node network.
With this goal in mind, we have initiated a burn of a further 15,000,000,000 $GALA.
This is the vast majority of our reserves in $GALA. While we have a few wallets with general operational expenses, OpenSea fees, etc, we now no longer control any appreciable part of the token supply.
Moving forward, our eye is firmly on the future. We have established a wallet with 2 billion $GALA as a strategic reserve, which will be openly labeled on-chain for all to see. This reserve, locked behind a multisig wallet, is a testament to our long-term commitment to you, our community, and our dedication to supporting the node network.
Our pledge to you is clear: We will live solely on our daily ecosystem rewards. This decision reflects a profound belief in sustainability and self-sustainability. It’s akin to “eating our own dog food,” in the sense that we are choosing to thrive within the ecosystem we’ve fostered. Our aim is to bolster the node network in the long run, ensuring that we grow together.
In closing, we wish to express our gratitude for your ongoing support and belief in our vision. We have set a new benchmark for corporate responsibility in the blockchain world, proving that our strategy prioritizes you, our community, sustainability, and the strengthening of our node network. We are here for the long haul, and we are excited about the future we are building together.
Here’s to us, to our community, and to the exciting journey ahead!
Best,
Gala Games
