SNEAK PEAK
- The Floki community approves a plan to burn 4.97 trillion FLOKI tokens.
- The proposal was mainly set to allow the DAO to decide on crucial matters affecting Floki’s future.
- 99.97% of the votes supported the token burning, while 0.03% went against it.
A recent article published on Medium on Jan.29 asserts that the Floki Inu community has approved a plan to burn 4.97 trillion FLOKI tokens in Floki’s main bridge.
According to Floki’s proposal on the snapshot, the major goal was to allow the DAO to decide on crucial matters affecting Floki’s future. The difficulties were a 3% levy on the FLOKI token and the initial Floki cross-chain bridge.
The proposal went on to say that the Floki community feels that dramatically lessening the Floki transaction tax from 3% to 0.3% will allow individuals to easily engage with the FLOKI token without being scared off by a hefty transaction tax.
The Floki society, on the other hand, seems dissatisfied, stating that they would be evaluating FLOKI’s token statistics following the reduction to determine whether there is a need to remove the fee.
Contrary, the Flocki society argues that an exploit on the major cross-chain bridge would have devastating consequences. The bridge now houses 55.7% of the FLOKI’s total circulating supply. In Floki’s case, this could deplete the project’s liquidity pools, effectively destroying it.
As a result, the Floki community believes that if the DAO votes in favor of it, it would be in the project’s best interests to permanently stop the primary cross-chain bridge and burn the tokens in the bridge.
As per the snapshot data, the proposal was approved with a 99.97% vote in support of both extinguishing the bridge tokens and a 0.03% vote against it. The initial value of the 4.97 trillion FLOKI tokens being burned was $55 million when the plan was first put out. Nonetheless, by the end of the DAO vote, the price had risen to $102 million.
