Securities and Exchange Commission (SEC). Coinbase’s caution around token issuance comes as the exchange faces increased regulatory scrutiny from the U.S. While Coinbase just reported a 22% revenue bump compared to the previous quarter, the exchange is still facing a number of regulatory and legal challenges. “It is my hope that once there is a little bit of clarity, they will decide to support the V2 token,” Brink added. But the thread doesn't offer a clear explanation of why.īrink remains optimistic that Coinbase will ultimately reconsider following the Web3 gaming startup’s additional explanation of its approach. When Decrypt asked Coinbase via email why it’s not supporting Gala V2, a representative said that the exchange had “nothing to add,” and pointed to its published tweet thread. Gala's blog post about the launch refers to it as a "drop" (not "airdrop"), while Brink used the term "deployment" in his tweet thread. The Gala V2 release is technically an airdrop, as tokens will automatically be sent to self-custody wallets holding the V1 tokens, although Gala has refrained from using that particular terminology.
In this case, it consists of moving to a new smart contract and sending Gala V1 holders the identical amount of tokens through the new Gala V2 contract.
#COINBASE TOKENS UPGRADE#
Instead, Gala said that it’s simply doing what has to be done to upgrade the contract. The only solution is to do what we did the first time-deprecate the old contract and token, deploy a new contract, and use that instead.”īrink argued that Gala’s V2 issuance isn’t a traditional airdrop, per se, because Gala isn’t trying to give its holders freebies or extra goodies for owning their old token. “Unfortunately, that isn't how the original contract works and it cannot be upgraded. “As time has moved forward, we have identified other improvements that can be made to that token,” Brink said of the ERC-20 token, Gala V1. Gala Games’ President of Blockchain Jason Brink explained on Twitter that Gala’s token has evolved over the years, first existing as an Ethereum ERC-1155 token which then had to be reissued via the ERC-20 token standard when the team decided that it needed to improve its capabilities.
#COINBASE TOKENS CODE#
The new token’s smart contract-which contains the code that powers things like tokens, NFT projects, and decentralized apps-will offer “enhanced burn mechanisms, security enhancements, and future upgradeability,” according to a Gala blog post. Why is this happening? From Gala’s perspective, the token upgrade was an important and necessary step for the cryptocurrency. After May 15, Gala V1 will have “ no support or usability," the firm said. Gala has advised holders who have Gala V1 in a liquidity pool or held in smart contracts to withdraw their tokens in order to ensure receipt of the new token. What does this mean for you? Read more in the thread 👇 On May 15, 2023, will deprecate the existing Gala V1 and issue Gala V2 under a new contract address.
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