Web3 gaming platform Gala games, unfolding its 2023 events, said it is launching GALA burn. This idea of burning tokens, referred to by Gala Games as Pay-by-Bur and is expected to be fully implemented in the coming week, according to Gala. Once implemented, any purchase in the Gala platform will be an automatic burn. Through the launch of Pay-by-Burn, Gala Games seeks to extend the duration of time that Founder nodes receive emissions.
The Gala Pay by Burn means that for every purchase made on the Gala platform using GALA, the GALA tokens used will be burned. However, users can still make purchases on the platform using ETH or credit cards, “but all GALA tokens used to purchase digital assets will be burned,” Gala Games stated.
“The burn is a real burn, but by burning it leaves room for new tokens to EVENTUALLY be created based on the emission curve,” Jason Brink said.
How does it work?
In the Gala games community channel, Jason explained that the Gala games burn idea basically works the same way ETH works.
Giving details on how Gala Pay by burn would work, Jason Brink said that when GALA tokens are burned, an equivalent amount is added to the emissions pool and distributed to the Founder Nodes through a normal distribution. He explained that “If only 100 $GALA was burned, then you might see new tokens permitted by that transaction to enter the Total Supply in Q1 of 2040 by current emissions rate. Also, then the supply room created by that action would allow the mint of the first GALA to the nodes from that new supply in February of 2040 if my math is correct.”
Additionally, “If you burnt 100 tokens right now, that additional space wouldn’t be filled for YEARS and YEARS. If demand is SUPER HIGH then it could speed up as the decrements down, but that means there is TONS of demand.”
Further, Jason confirmed that GALA’s maximum supply of 50 billion tokens is not changing for now, and any reduction in supply via burning will be deducted from the total suppl. However this is not immediately remitted but is locked up by the emission curve for many years (depending on the emissions curve relative to the total supply), Jason said.
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