Floki developers will introduce a ‘burn’ proposal to reduce the circulating supply of the token. MixMob, a Solana-based gaming platform, has acquired the licensing rights to the Original Stormtrooper. IOTA’s Ecosystem Foundation is preparing to make its first series of investments by committing $10 million. DWF Labs recently deposited 1 million FET Coins to Binance. Here are the details…
FET Coin has hot news from these 4 altcoins!
Floki developers announced token burn plan
Floki (FLOKI) developers will introduce a proposal to burn 2% of the token’s circulating supply. Thus, the developers aim to ensure scarcity and increase network security for the dog-themed crypto platform. Lead developer B said, “We propose to burn 190,918,585,431.84 FLOKI tokens. This amounts to approximately 2% of the token’s current circulating supply, which is currently valued at over $11 million.” said.
Burning refers to sending tokens to a crypto wallet that no one controls. In this way, the community permanently removes tokens from the circulating supply. Floki previously held a cremation event in January 2023. It experienced a 70% increase in prices in the days following this event. Developer B said that the tokens for the proposed burn will originate from the supply stored on the Multichain bridge. Multichain was a platform that allowed users to transfer tokens between various networks. However, it exploded in July 2023 after over $130 million in funds were stolen from the platform as a result of an exploit.
Solana gaming project MixMob acquired Stormtrooper NFT licensing rights
MixMob, a Solana-based gaming platform, has acquired the licensing rights to the Original Stormtrooper. The Stormtrooper was first seen in the 1977 movie Star Wars: A New Hope. In its press release, the company stated that the license allowed MixMob to add the iconic character to the kart racing game Racer 1 as a Non-Fungible Token (NFT) in the second quarter. Stormtroopers are soldiers in the fictional Star Wars franchise. They are also among the most well-known figures in the film industry.
The deal marks the beginning of MixMob’s official licensing strategy. The firm plans to obtain three more licenses in 2024, a representative of the company said.
IOTA’s Ecosystem Foundation pledges $10 million
According to a press release, IOTA’s recently launched Ecosystem Foundation is preparing to make its first round of investments, committing $10 million to early-stage startups focused on digital commerce and tokenization of real-world assets (RWAs). The Foundation will announce the investments to the public in the coming weeks. Additionally, investments will also include newly established tradetech startups. It will also provide support to startups built on IOTA through an accelerator program.
The foundation became a regulated entity in the United Arab Emirates (UAE) in November. The record caused IOTA’s native token to jump 43%. Since then, IOTA is up 20%, hovering around 30 cents following a market-wide bullish wave. The focus of initial investments will be on trade technology startups headquartered in the UAE and Africa.
DWF Labs deposited 1 million FET Coins to Binance
On-chain observer Ai Yi reported that DWF Labs recently deposited 1 million FET Coins to Binance. This amount is worth approximately $1.41 million. FET Coin is the fifth largest holding of DWF Labs, with 2.05 million tokens worth approximately $2.89 million. He first purchased these tokens from Binance on August 25, 2023, at a price of $0.2. Currently, FET Coin is trading at $1.42. Therefore, if DWF Labs decides to sell all of these tokens, it will make a profit of $1.22 million.
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