Binance has announced that it supports the upcoming contract exchange of the altcoin Gala (GALA), which is on the Ethereum (ERC20) network. This process includes the suspension of GALA deposits and withdrawals on the Ethereum (ERC20) network from 2023-05-15 18:00.
Cryptocurrency Exchange Binance Announces It Will Support Altcoin Gala (GALA)
It is important to note that GALA deposits and withdrawals via the old GALA (ERC20) smart contract address will no longer be supported after this period, as legacy GALA (ERC20) tokens will no longer have any token utility.
Users who own GALA tokens in the old smart contract will need to replace them with the new contract in order to continue using them.
Binance's support of contract swap means that users holding GALA on Binance will not be affected by this process and their tokens will be automatically migrated to the new contract.
However, users holding GALA on other exchanges or wallets will need to follow the instructions provided by these platforms to exchange their tokens.
The contract exchange aims to improve the performance and functionality of the GALA token, as well as provide better support for its growing ecosystem.
Binance's support of this process reflects its commitment to providing its users with a smooth and secure trading experience, while also recognizing the importance of maintaining a strong and healthy token ecosystem.
Spot trading, margin trading, futures trading and Simple Earn subscriptions will not be affected during contract exchange.
Binance will meet all relevant technical requirements for all users with GALA in their account.
A separate announcement will be made when the contract clearing is complete and deposits and withdrawals of new GALA (ERC20) tokens are opened.
Former GALA (ERC20) smart contract address:
New GALA (ERC20) smart contract address:
*Not investment advice.