skip to Main Content
bitcoin
Bitcoin (BTC) $ 84,292.58 1.17%
ethereum
Ethereum (ETH) $ 1,863.20 0.77%
tether
Tether (USDT) $ 1.00 0.02%
xrp
XRP (XRP) $ 2.08 1.58%
bnb
BNB (BNB) $ 597.76 2.22%
solana
Solana (SOL) $ 124.01 2.08%
usd-coin
USDC (USDC) $ 1.00 0.00%
dogecoin
Dogecoin (DOGE) $ 0.169924 0.12%
cardano
Cardano (ADA) $ 0.668633 0.91%
tron
TRON (TRX) $ 0.237417 0.17%

FLOKI Soars 15% After DAO Proposal to Burn $55M in Floki Inu Tokens

Floki Inu developers contemplate burning nearly 5 trillion FLOKI tokens (worth almost $55 million) to reduce the tax applied on each transaction.

FLOKI’s price reacted positively, surging 15% in a few hours.

  • The team behind the popular memecoin Floki Inu might burn its bridge tokens (4.97 trillion assets) and thus shrink the tax levied on each transaction to 0.3%. The maximum circulating supply of FLOKI will remain at 10 trillion assets even if the effort gets completed.

“We understand that the decision to burn the bridge tokens is a very significant (and permanent!) decision and the ETH chain has a higher percentage of circulating supply, so we would be happy to help large holders who want to bridge over to BSC do so manually before the burn,” the developers stated.

  • The proposal further displayed protection risks related to cross-chain bridges. Burning some of the tokens could reduce the chance of a potential “catastrophic impact,” the team added:

“In Floki’s case, an exploit on our main cross-chain bridge would have a catastrophic impact on the project since this bridge currently holds 55.7% of what FLOKI’s total circulating supply should be. This is a lot of tokens, and that’s more than enough to drain the project’s liquidity pools and essentially destroy the project if exploited.

  • The overwhelming majority of the voters have declared their support of the initiative.
  • The native token of the project – FLOKI – spiked by almost 15% shortly after the plan was aired. Currently, it trades at a 5-month high of $0.00001258 (according to CoinGecko’s data).

The post FLOKI Soars 15% After DAO Proposal to Burn $55M in Floki Inu Tokens appeared first on CryptoPotato.

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