Gala Games and Animoca Brands have announced a significant collaboration aimed at enhancing the GALA token experience for users. The venture capital firm and game software company will facilitate orderly trading of the GALA token, a leading gaming token, and plan to become a GalaChain validator in the future.
Major Developments on the Horizon
On July 3, Gala Games and Animoca Brands announced their partnership via the X platform, detailing several initiatives for the GALA token. These include providing liquidity provisioning services and ensuring stable trading of GALA tokens in the crypto market.
Gala Games stated that Animoca Brands will receive GALA tokens from Gala’s Treasury to provide liquidity services, which will support orderly GALA trading. This announcement has sparked interest among gamers and NFT enthusiasts.
Moreover, Animoca Brands intends to become a GalaChain validator, though the exact timing remains uncertain. Currently, the company operates nine Gala Founder’s Nodes. Gala Games is committed to decentralizing the multi-billion dollar gaming industry through decentralized video games and by granting players access to their in-game items.
GALA Token Price Reaction
The announcement led to an immediate response from traders, causing a rebound in the GALA price. Despite a broader crypto market selloff, GALA tokens had fallen over 4% in the last 24 hours.
At the time of writing, the GALA price stands at $0.02623, with a 24-hour low and high of $0.02596 and $0.02796, respectively. Additionally, trading volume has surged by 38% in the past 24 hours, indicating increased interest among traders.
In the derivatives market, traders have resumed buying GALA futures following a 5% decline in GALA futures open interest in the past 24 hours. According to CoinGlass data, the total GALA futures open interest has risen to 2.35 billion, reflecting renewed interest.
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