The largest US crypto exchange Coinbase made a statement regarding the launch of Gala Games GALA(v2), which will take place on May 15.
Gala Games made the following statements about the launch of V2:
“As the Gala Games ecosystem continues to grow and evolve, we are excited to announce the launch of GALA(v2), set for May 15.
This upgrade to the Ethereum contract for the GALA token brings a number of improvements to the table, including improved write mechanisms, security enhancements, and future upgradeability."
During the V2 launch, Gala Games said that as of May 15, GALA V2 will be airdropped at a 1:1 ratio to wallets holding GALA V1 tokens.
Noting that GALA will not support this airdrop of V2, Coinbase has announced that it will suspend Gala V1 (GALA) trading at 12:00 ET on May 12, 2023.
“Coinbase will suspend Gala V1 (GALA) trading at or around 12:00 PM ET on May 12, 2023, ahead of the scheduled V2 launch on May 15.
GALA trading will be suspended on Coinbase, Coinbase Pro, Coinbase Exchange, and Coinbase Prime.
You will still have access to your GALA V1 funds on Coinbase and you will be able to withdraw your funds at any time.
Please note that Coinbase will not support any airdrop of Gala V2. GALA funds held on a Coinbase .com, Pro, Exchange or Prime before, during or after the scheduled snapshot do not entitle you to receive any Gala V2 via potential airdrops.
Transfer Coinbase-held Gala V1s to personal custodian wallets prior to V2 launch to ensure you receive your Gala V2 airdrop from the Gala Games team.
Similarly, Coinbase will not facilitate the upgrade of user funds from Gala V1 to Gala V2 at this time. The best way to make sure you get Gala V2 is to keep Gala V1 in a personal wallet at the time of snapshot.
Submitting unsupported assets or supported assets from unsupported networks to Coinbase may result in permanent loss of funds.
We have moved our existing GALA-USD, GALA-USDT and GALA-EUR order books to limit only mode. Limit orders can be placed, canceled and matches can occur.
Any support for a new asset on our exchange will be communicated through Coinbase Assets following standard procedures."
GALA dropped 2% after Coinbase's announcement.
*Not investment advice.