As Gala Games explained, it turned out that fundamentally $pGALA tokens began to show high vulnerability.
On November 3, the appearance of new $GALA ($55.6 billion) worth $2.17 billion raised suspicions that the Gala Games project had been compromised, but the company later explained what was happening. The fact is that the project decided to stop working from the existing pool of liquidity on PancakeSwap, a decentralized platform for the exchange of digital assets.
In order to stop working with the existing pool on PancakeSwap, $GALA tokens issued in two additional streams totaling more than $2.17 billion were sent to it. According to the project itself, this was done to completely clear the pool of these tokens, in which they were circulating in the form of $pGALA. This circulation was operated by the pNetworkDeFi ecosystem, which is the creator and blockchain bridge of pNetwork Bridge.
As Gala Games explained with reference to pNetworkDeFi, it turned out that fundamentally the $pGALA tokens started showing high vulnerability some time ago, so an airdrop to these former $pGALAs is now planned. The new ones will replace the former $pGALA (it is not yet known exactly when), and the latter will be deactivated.
Whether a new pool will be created on PancakeSwap or another DeFi platform and how the new tokens in it will be sustained instead of the former $pGALA – questions remain open and unanswered at the moment.
The strategy to protect their tokens looks unusual. The fact is that token holders, at least most of them, were not aware of what was going on, so strong sell-offs emerged, and in 130 minutes $GALA lost 25.6% of its price, from $0.0394 to $0.0293.
In the first half of November 4, when a clarification from Gala Games came out, this calmed the market somewhat, and $GALA reduced the decline to -11% or $0.0352. As Gala Games assures, the whole situation had no effect on $GALA itself on the Ethereum blockchain.
Recall that the project Gala Games is one of the game projects on the blockchain in the direction of play-to-earn.
