skip to Main Content
bitcoin
Bitcoin (BTC) $ 79,201.22 0.24%
ethereum
Ethereum (ETH) $ 1,569.23 1.52%
tether
Tether (USDT) $ 0.999824 0.03%
xrp
XRP (XRP) $ 1.93 2.84%
bnb
BNB (BNB) $ 558.61 0.47%
usd-coin
USDC (USDC) $ 1.00 0.01%
solana
Solana (SOL) $ 107.62 0.19%
dogecoin
Dogecoin (DOGE) $ 0.149661 1.60%
tron
TRON (TRX) $ 0.228851 1.02%
cardano
Cardano (ADA) $ 0.588445 1.44%

Floki Developers Plan to Burn $11M Tokens, Reducing Supply by 190B FLOKI

  • Floki developers propose burning 2% of the circulating supply to increase scarcity and network security.

  • The burn will utilize tokens from the Multichain Bridge, which previously held tokens prior to its implosion in July 2023.

Floki (FLOKI) developers will float a proposal to burn 2% of the token’s circulating supply to increase scarcity and bump network security for the dog-themed crypto platform.

“We’re proposing a burn of 190,918,585,431.84 $FLOKI tokens,” lead developer B told CoinDesk in a Telegram message. “That’s around 2% of the token’s current circulating supply, which is currently worth over $11 million.”

Burns refers to permanently removing tokens from circulating supply by sending them to a crypto wallet that no one controls. Floki previously conducted a burn event in January 2023, which preceded a 70% price spike in the days afterward at the time.

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 let users transfer tokens between various networks – but imploded in July 2023 after an exploit saw over $130 million in funds stolen from the platform.

Floki said it had removed tokens prior to Multichain’s implosion and has since held those in a secure wallet.

“We noticed a few red flags with Multichain last year and immediately proceeded to withdraw the bridge tokens we had with them into the Floki multisig,” B shared. “We believe that the only trustless way to guarantee that they NEVER enter into circulation is to burn them.”

Floki climbed as much as 13% after the news and was recently trading 10% higher, CoinDesk data show. The CD20, a gauge of the broader crypto market, was little changed over the same period.

UPDATE (Feb. 29. 10:18 UTC): Adds Floki price reaction in last paragraph.

Edited by Parikshit Mishra.

Loading data ...
Comparison
View chart compare
View table compare
Back To Top