"#Gala Update: Community Proposes Token Contract Upgrade and Destruction"🫣
According to Odaily, the Gala community has proposed a governance change regarding the GALA token contract and token destruction. This proposal follows recent security incidents involving the unauthorized creation and sale of about 600 million GALA tokens, and the permanent lock of around 44 billion tokens. The goal is to formally destroy these 44 billion GALA tokens, along with roughly 600 million GALA tokens from the GALA treasury, to ensure the ecosystem's stability and sustainability.
The proposal highlights that because the GALA contract can be upgraded, these changes won't require exchanges or relisting and won't affect all GALA token users. The plan involves upgrading the GALA contract to explicitly and irreversibly eliminate the same number of unauthorized tokens or those obtained illegally, and enhancing the contract's security features to prevent future breaches.
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