Gala (GALA) Whitepaper Overview, Insights & Analysis on OKX

CRYPTO-ASSET WHITE PAPER – [GALA]

Version Number: 1.0
Document Type: White Paper
Document Author Offeror: OKX Europe Limited
Document Status: APPROVED
Language: English

TABLE OF CONTENTS

I. DATE OF NOTIFICATION
II. STATEMENTS
III. WARNING
IV. INFORMATION ON RISKS
    Offer-Related Risks
    Issuer-Related Risks
    Crypto-Assets-Related Risks
    Project Implementation-Related Risks
    Technology-Related Risks
    Mitigation Measures
V. GENERAL INFORMATION
    A. Information of the Offeror or the Person Seeking Admission to Trading
    B. Information of the Issuer
    C. Information about OKX Europe Limited ("OKX")
VI. INFORMATION ABOUT THE CRYPTO-ASSET
    D. Information about the Crypto-Asset Project
    E. Information about the Offer to the Public of the Crypto-Asset or Its Admission to Trading
    F. Information about the Crypto-Assets
    G. Information about the Rights and Obligations Attached to the Crypto-Asset
    H. Information about the Underlying Technology
    I. Information on the Principal Adverse Impacts on the Climate and Other Environmental-Related Adverse Impacts of the Consensus Mechanism Used to Issue the Crypto-Asset.
VII. GLOSSARY

I. DATE OF NOTIFICATION

The notification date for this Crypto-Asset White Paper is set for November 20, 2025.

II. STATEMENTS

A. This Crypto-Asset White Paper has not received approval from any regulatory authority within the European Union. OKX Europe Limited holds full responsibility for the contents of this document.
B. This document adheres to Title II of Regulation (EU) 2923/1114. To the best of the management’s knowledge, the information provided is accurate, clear, and not misleading, with no significant omissions that could affect understanding.
C. It is important to note that GALA may not be easily transferable or liquid, and it could potentially lose value, either partially or fully.
D. The utility token mentioned may not be redeemable for the goods or services proposed in this White Paper, particularly if the project fails or is discontinued. This assertion is accurate.
E. The crypto-asset referenced is not protected under investor compensation schemes as outlined in Directive 97/9/EC of the European Parliament and Council.
F. Additionally, this crypto-asset is not safeguarded under deposit guarantee schemes as per Directive 2014/49/EU of the European Parliament and Council.

III. WARNING

A. This summary should be reviewed alongside the entire content of the Crypto-Asset White Paper.
B. Prospective holders should base their purchasing decisions on the complete document rather than solely on this summary.
C. The public offering of the crypto-asset does not equate to an offer or solicitation for the purchase of financial instruments; any such offer must be made through a prospectus or similar documentation in compliance with applicable national laws.
D. This Crypto-Asset White Paper does not serve as a prospectus as defined by Regulation (EU) 2017/1129 or other relevant EU or national regulations.
E. The GALA token functions as a utility token operating on the GalaChain blockchain, an ERC-20 token on Ethereum, and an SPL token on Solana. It is intended to be the primary means of exchange within the Gala ecosystem, which encompasses gaming, music, and film. The total supply of GALA is capped at 50 billion tokens.
F. Ownership of the GALA token allows access to the Gala ecosystem, primarily facilitating transactions for digital assets (including NFTs), covering transaction fees on GalaChain, and providing rewards for Founder’s Node operators who contribute computational resources. These operators may also participate in governance votes regarding ecosystem proposals. However, GALA does not entitle holders to any financial returns, dividends, or ownership claims against the issuer or its assets. The GALA token is designed for efficient and rapid transfer, utilizing the standard processes of the underlying blockchain networks.
G. This white paper is published solely for the purpose of listing the GALA token on the OKX Europe Limited trading platform. There has been no public offering of the crypto-asset prior to its listing, and it has not been available for exchange with fiat or other cryptocurrencies. The trading admission process does not involve fundraising or subscription, but aims to inform users and market participants about the token’s attributes, governance, rights, and associated risks, facilitating informed decision-making regarding its trading. Access to this token may be subject to user verification and legal restrictions based on jurisdiction.

IV. INFORMATION ON RISKS

1. Offer-Related Risks
   This document is provided by OKX Europe Limited solely for the purpose of facilitating the trading of GALA tokens. There is no public offering of these tokens. The risks tied to trading admission include:

   • Service-related Interruption: Holders may face access issues due to technical or regulatory disruptions.
   • Jurisdictional Limitations: GALA services or utility may not be universally accessible, limiting availability in certain regions.
   • Platform Reliance: Token utility may depend on third-party infrastructures, and any disruptions may negatively affect access.
   • Limited Liability: OKX Europe Limited is not liable for the issuer’s project continuity, and token ownership does not provide any contractual rights or guarantees.
   • Unexpected Risks: Additional unforeseen risks may arise from unpredictable events, changes, or complex interactions among various factors that could adversely affect the crypto-asset or its project.

2. Issuer-Related Risks

   • Operational Risks: The issuer may encounter financial or operational challenges, including insolvency, which could affect the project’s sustainability.
   • Counterparty Risks: Risks may emerge if the issuer relies on third-party service providers or technology partners.
   • Reputational Risks: Negative media coverage or loss of key personnel could harm the ecosystem associated with the GALA token.
   • Competition Risk: Changes in market conditions or increased competition may impact the issuer’s ability to achieve its goals.
   • Regulatory Risks: The issuer may face investigations or changes in regulations affecting the token’s legal standing in specific jurisdictions.
   • Disclosure Risks: The issuer’s lack of obligation to disclose financial statements limits holders’ visibility into the project’s financial health.
   • Key Person Risk: The project’s success may depend on a limited group of individuals; their departure could disrupt project continuity.
   • Issuer Risks: The information provided relies solely on publicly available sources and does not guarantee its accuracy or completeness.

3. Crypto-Assets-Related Risks

   • Market Volatility: The GALA token may experience significant price fluctuations, potentially losing value rapidly due to various factors.
   • Utility Risk: The token’s utility is contingent on access to certain services, and any changes could diminish its value.
   • Smart Contract Risk: Vulnerabilities may exist within the smart contracts, and any updates could affect their functionality.
   • Liquidity Risk: Limited liquidity periods may arise, particularly if demand diminishes, adversely impacting the token’s price and utility.

4. Project Implementation-Related Risks

   • Scalability Issues: The project may encounter challenges in implementation or scaling due to technical limitations or infrastructure constraints.
   • Governance Risk: Governance processes could be influenced by misaligned incentives or low participation, potentially disrupting the project’s roadmap.
   • Centralization Risk: Centralization in governance or validator processes could jeopardize trust and future project roadmaps.

5. Technology-Related Risks

   • Blockchain Performance Risk: The underlying blockchains for GALA may experience issues such as downtime or high congestion, affecting transaction capabilities.
   • Consensus Failure Risk: Any failure in the consensus mechanisms of supporting blockchains could lead to transaction halts or network integrity issues.
   • Smart Contract & Protocol Vulnerabilities: Bugs or errors in smart contracts could compromise security or functionality.
   • Upgradeability Risk: The possibility of smart contracts being upgradeable introduces a risk of central failure, especially if misused.
   • Third-party Infrastructure Dependency: Interaction with GALA may depend on external systems, and any disruptions could hinder access to related services.
   • Interoperability Risk: The token’s multi-chain capabilities depend on secure cross-chain bridges, which are susceptible to vulnerabilities.
   • Protocol-level Risk: Upgrades or forks of underlying protocols may create compatibility issues for the GALA token.
   • Emerging Technology Risk: Advances in technology, such as quantum computing, could pose long-term security risks.
6. Mitigation Measures
   • Blockchain Performance Risk: Each network’s design (GalaChain, Ethereum, Solana) mitigates performance issues through distinct security models and consensus mechanisms.
   • Consensus Failure Risk: The integrity of each network is reinforced through various incentives and penalties for validators, fostering security.
   • Smart Contract & Protocol Vulnerabilities: Standard practices and audits in Ethereum and Solana aim to reduce risks related to coding errors.
   • Upgradeability Risk: Established protocols for upgrading contracts help mitigate the risks of centralization.
   • Third-party Infrastructure Dependency: Decentralized protocols and a competitive market of RPC providers lessen reliance on single data services.
   • Interoperability Risk: The use of secure, audited bridges helps protect the cross-chain functionality of the GALA token.
   • Protocol-level Risk: Governance processes and public roadmaps assist in managing risks related to protocol updates.
   • Emerging Technology Risk: Ongoing monitoring by core development teams addresses potential future security vulnerabilities.

V. GENERAL INFORMATION

A. Information of the Offeror or the Person Seeking Admission to Trading
A.1 Name: N/A
A.2 Legal Entity Identifier (LEI): N/A
A.3 Legal Form, if applicable: N/A
A.4 Registered Office, if applicable: N/A
A.5 Head Office, if applicable: N/A
A.6 Date of Registration [YYYY-MM-DD]: N/A
A.7 Legal Entity Number: N/A
A.8 Contact Telephone Number: N/A
A.9 E-Mail Address: N/A
A.10 Response Time (days): N/A
A.11 Members of Management Body: N/A
A.12 Business Activity: N/A
A.13 Newly Established: N/A
A.14 Financial Condition for the past Three Years: N/A
A.15 Financial Condition since Registration: N/A
A.16 Parent Company, if applicable: N/A
A.17 Parent Company Business Activity, if applicable: N/A

B. Information of the Issuer
This section is only to be completed if it differs from section 1.
B.1 Is the Issuer different from the offeror or person seeking admission to trading?: TRUE
B.2 Name: Blockchain Game Partners, Inc
B.3 Legal Entity Identifier (LEI): No information available at the time of drafting this white paper.
B.4 Legal Form, if applicable: Corporation
B.5 Registered Office, if applicable: 1309 Coffeen Avenue STE 11110, Sheridan, WY 82801, USA
B.6 Head Office, if applicable: 1309 Coffeen Avenue STE 11110, Sheridan, WY 82801, USA
B.7 Date of Registration [YYYY-MM-DD]: 2019-01-19
B.8 Legal Entity Number: 2019-000837135
B.9 Members of the Management Body:
    1. Carl Eric Schiermeyer – President & Director, 1309 Coffeen Ave STE 11110, Sheridan, WY 82801
B.10 Business Activity: Blockchain Game Partners, Inc. manages the Gala Games ecosystem, focusing on blockchain game development, operation, and maintenance of the GalaChain Layer 1 blockchain.
B.11 Parent Company: No information available at the time of drafting this white paper.
B.12 Parent Company Business Activity: No information available at the time of drafting this white paper.

C. Information about OKX Europe Limited ("OKX")
This section is only to be completed if OKX drafts the Crypto-Asset White Paper.
C.1 Name: OKX Europe Limited
C.2 Legal Entity Identifier: 54930069NLWEIGLHXU42
C.3 Legal Form, if applicable: Private Limited Company
C.4 Registered Office, if applicable: Piazzetta Business Plaza, Office Number 4, Floor 2, Triq Ghar il-Lembi, Sliema SLM1562, Malta
C.5 Head Office, if applicable: See C.4
C.6 Date of Registration: 2018-09-07
C.7 Legal Entity Registration Number: C 88193
C.8 Members of Management Body:
    1. Erald Henri J. Ghoos – Director
    2. Fang Hong – Director
    3. Joseph Portelli – Director
    4. Wei Man Cheung – Director
C.9 Business Activity: OKX Europe Limited is a licensed Crypto-Asset Service Provider by the Malta Financial Services Authority, operating under the Markets in Crypto-Assets Act, Chapter 647, Laws of Malta. It manages a trading platform for crypto assets in accordance with Regulation (EU) 2023/1114 (MiCA).
C.10 Reason for Crypto-Asset White Paper Preparation: This document has been developed in accordance with Regulation (EU) 2023/1114 (MiCA) to facilitate the trading of GALA on regulated platforms such as OKX Exchange. OKX Europe Limited, as a licensed CASP, seeks to comply with MiCA obligations by notifying the MFSA, publishing the white paper, and ensuring its registration with the MiCA register maintained by the European Securities and Markets Authority (ESMA). The aim is to provide clear, accurate, and fair information to prospective token holders and regulatory authorities.
C.11 Parent Company: OKC International Holding Company Limited
C.12 Parent Company Business Activity: Investment holding.

VI. INFORMATION ABOUT THE CRYPTO-ASSET

D. Information about the Crypto-Asset Project
D.1 Project Name: Gala Games
D.2 Crypto-Assets Name: Refer to F.14
D.3 Abbreviation: Refer to F.14
D.4 Crypto-Asset Project Description: Gala Games is a blockchain gaming platform leveraging distributed ledger technology for game development and publishing. Initially launched on Ethereum using ERC-20 and ERC-721 standards for tokens and in-game assets, it has since established its own Layer 1 blockchain, GalaChain, built on Hyperledger Fabric with a Proof-of-Authority consensus mechanism, and has also been deployed on the Solana blockchain. The proprietary chain is designed for enhanced transaction throughput and cost efficiency for gaming applications, supporting an ecosystem that includes games, music, and film, with the GALA token functioning as the main utility asset across GalaChain and Ethereum.
D.5 Details of all natural or legal persons involved in the implementation of the Crypto-Asset Project:
    Name – Role – Business Address
    Eric Schiermeyer – CEO of Gala Games – San Francisco, California, USA
    Michael McCarthy – President of Gala Games – Salem, Oregon, USA
    Adam Price – CTO of Gala Games – Portland, Oregon, USA
    Mark Skaggs – COO of Gala Games – Allen, Texas, USA
    Wright W. Thurston – Co-Founder of Gala Games – Park City, Utah, USA
D.6 Utility Token Classification: TRUE
D.7 Key Features of Goods/Services for Utility Token Projects: The Gala Games ecosystem facilitates blockchain-integrated game development and operations, enabling users to own, manage, and trade in-game assets as NFTs, supported by the underlying distributed ledger infrastructure (GalaChain).
D.8 Plans for the Token: As of this white paper’s publication, no formal roadmap detailing future milestones has been made public. Updates on development and the ecosystem are communicated through official channels.
D.9 Resource Allocation: The GALA token was launched through a "fair launch" model, meaning no ICO or pre-mined allocation was given to founders or private investors. Tokens were initially distributed as rewards to Founder’s Node operators supporting the network. A portion of the supply is held in a reserve managed by the project team for ecosystem development.
D.10 Planned Use of Collected Funds or Crypto-Assets: The project maintains a reserve of GALA tokens managed by the team to support ongoing development and growth of the Gala Games ecosystem, with use decisions made by the project team.

E. Information about the Offer to the Public of the Crypto-Asset or Its Admission to Trading
E.1 Public Offering or Admission to Trading: ATTR
E.2 Reasons for Public Offer or Admission to Trade: To enable secondary trading for users on the OKX Trading platform, in compliance with the MiCA regulatory framework.
E.3 Fundraising Target: N/A
E.4 Minimum Subscription Goals: N/A
E.5 Maximum Subscription Goals: N/A
E.6 Oversubscription Acceptance: N/A
E.7 Oversubscription Allocation: N/A
E.8 Issue Price: N/A
E.9 Official Currency or Other Crypto-Assets determining the Issue Price: N/A
E.10 Subscription Fee: N/A
E.11 Offer Price Determination Method: N/A
E.12 Total Number of Offered/Traded Crypto-Assets: The GALA token has a fixed maximum supply of 50,000,000,000.
E.13 Targeted Holders: N/A
E.14 Holder Restrictions: N/A
E.15 Reimbursement Notice: N/A
E.16 Refund Mechanism: N/A
E.17 Refund Timeline: N/A
E.18 Offer Phases: N/A
E.19 Early Purchase Discount: N/A
E.20 Time-Limited Offer: N/A
E.21 Subscription Period, beginning [YYYY-MM-DD]: N/A
E.22 Subscription Period, end [YYYY-MM-DD]: N/A
E.23 Safeguarding Arrangement for Offered Funds/Crypto-Assets: