Popular Meme Token Suggests $55M Burn, Price Soars

The price rose when the Floki Inu developer team proposed burning $55 million in FLOKI in a vote it presented to the community and reducing the fee charged per transaction.

Floki developer team is about 4.97 trillion FLOKI worth $55 million initiated a vote to be burned. Decentralized Autonomous Organization (DAO) This vote, which was submitted to the decentralized finance (DeFi) as part of its renovation of sales tax 0.3%It was proposed to reduce to .

The token burning proposal, which reduces the supply and avoids the long-term inflationary structure, is also more will serve an important uncle. Looking at the details of the offer risks associated with bridges over the network. attention was paid to the details.

Networks have been the focus of cyberattacks in the past year providing transfer between There were bridges. The developer team described bridge security as a major threat for each project and 4.97 trillion tokens stressed the importance of burning:

In Floki’s case, an exploit on our main croos-chain bridge would have a devastating impact on the project as this bridge currently holds 55.7% of FLOKI’s total roaming supply. That’s a lot of tokens and more than enough to drain the project’s liquidity pools and essentially destroy the project if exploited.

At the time of writing the news, the community 99% It seems that an overwhelming majority voted in favor of the proposal. CoinGecko According to data, in the past 24 hours 21.6% rise performing FLOKI from $0.00001341 is being traded.

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