shiba inu dog themed project Floki Inu’s the developers behind the eponymous FLOKI about tokens 55 million dollars He presented a governance proposal to burn and reduce the tax on every transaction.
Floki Inu Developers Submit DAO Proposal to Burn Their Own $55M Token
The developers said the proposal is part of a broader movement to position Floki Inu as a serious DeFi project.
Burning tokens is a way of reducing supply, which adds value to each token as long as the demand level remains the same. The Floki team hopes to position the project as a serious decentralized finance (DeFi) competitor.
“Floki’s recent DAO vote makes it clear that Floki is more than just a memecoin,” Floki core team member B said.
“Team member Floki has demonstrated a strong focus on utility and fundamentals through the mainnet version of our FlokiFi Locker protocol and the first major testnet release of our bear market metaverse game Valhalla.” he added.
The proposal also drew attention to the security risks associated with bridges as another justification.
If this offer is accepted, approximately 4.97 trillion FLOKI tokens on the Floki bridge will be burned and the self-imposed trading tax on each transaction will be reduced to 0.3%. The bridge will also be permanently disabled.
The administration forum shows that an overwhelming 99% of all voters support the newly drafted proposal.
Floki initially issued its token on Ethereum with a total supply of 10 trillion tokens, then switched to the faster and cheaper BNB Chain in 2021 based on community demands.
According to data from CoinGecko, FLOKI has not changed nominally in the last 24 hours. Tokens have gained 6% in the past week.
*Not investment advice.
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