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In light of recent security incidents that resulted in the unauthorized minting and sale of approximately $600 million GALA tokens and the permanent locking of approximately 4.4 billion tokens, this proposal seeks to formally burn these approximately $4.4 billion GALA tokens, as well as approximately 600 million tokens in the Central Gala Treasury, to ensure the stability and sustainability of the ecosystem.
Objective
Upgrade the $GALA contract, including the definitive and irreversible burning of an equal number of unauthorized tokens or tokens determined by law enforcement to be illegally obtained, and enhance the security features of the contract to prevent future unauthorized access or violations.
Proposal Details
1. Contract Upgrade
Develop and deploy a patched version of the $GALA contract that removes illegal 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 Burning
Permanently remove approximately $5 billion of GALA tokens from circulation by transferring them to an unretrievable burn address.
Ensure that the burning process is transparent and verifiable by the community and external observers.
3. Timeline and Implementation
Begin development of the upgraded contract immediately upon approval of this proposal.
Arrange contract upgrade and token burning to be completed in the next 72 hours.
Voting details
Voting period: Voting will be open for 24 hours from the date the proposal is published.
Qualifications: All founder node operators.
Majority requirements: A simple majority of 51% is required to pass the proposal.
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