Governance Proposal: Temporary $GALA Token Contract Upgrade and Token Burn
Summary
In light of the recent security incident which led to the unauthorized minting and sale of ~600 million $GALA tokens and a permanent locking of ~4.4 billion tokens, this proposal aims to formalize the burn of this ~4.4 billion $GALA tokens, as well as ~600m tokens from the central Gala Treasury, to ensure the stability and sustainability of the ecosystem.
Note: Due to the upgradable nature of the $GALA contract, the proposed changes will not necessitate swaps or relistings on exchanges, and can be executed with no disruption to all users of the $GALA token.
Objective
To upgrade the $GALA contract to include a definitive and irreversible burn of the same quantity of unauthorized tokens, or tokens determined by law enforcement to be illegitimately gained, and to enhance the security features of the contract to prevent future unauthorized access or breaches.
Proposal Details
1. Contract Upgrade
- Develop and deploy a hotfix version of the $GALA contract that removes the illegitimate supply.
- Develop and deploy a further upgraded version of the $GALA contract that locks in changes to better secure the contract and supply.
2. Token Burn
- Permanently remove ~5 billion $GALA tokens from circulation by sending them to a burn address from which they cannot be retrieved.
- Ensure that the burn process is transparent and verifiable by the community and external observers.
3. Timeline and Implementation
- Immediately commence development of the upgraded contract upon approval of this proposal.
- Schedule the contract upgrade and token burn to be completed within the next 72 hours.
Voting Details
Voting Period: The voting will be open for a period of 24 hours from the moment of the proposal announcement.
Eligibility: All Founders Node operators.
Majority Requirements: A simple majority of 51% of votes will be required to pass this proposal.
Vote Question
Should a $GALA contract upgrade be deployed for removal of unauthorized supply and enhancement of contract security, permanently removing ~5B $GALA from circulation via transparent burn in order to promote long-term ecosystem health?
Yes: I support the contract upgrade and $GALA burn for enhanced security and to promote ongoing ecosystem health.
No: I do not support the contract security upgrade and the burn of these illegitimate tokens from circulation.
Abstain: I choose to abstain from voting on this proposal.
Expected Outcomes
- Restoration of community trust and stabilization of the $GALA token supply and Node Reward schedule by reducing the total supply.
- Strengthening of the $GALA ecosystem through enhanced security measures.
Conclusion
This proposal is crucial for the long-term viability and security of the Gala ecosystem. Community participation in the decision-making process is highly valued; all Founder’s Node operators are encouraged to vote and contribute to the discussion.
