• Floki Inu DAO has passed the proposal to burn 4.97 trillion FLOKI tokens.
• The price of FLOKI token has surged 8% due to the news.
• The proposal seeks to disable the original cross-chain bridge and burn the tokens in the bridge.
The Floki Inu DAO has passed a proposal to burn over $100M worth of FLOKI tokens. On January 27, the proposal was opened for voting and quickly gained traction among the participants of the Floki Inu DAO. The proposal sought to remove the FLOKI transaction tax and burn the bridge tokens. After a two day voting process, the proposal was passed with 99.97% of the participants voting in favour of the proposal.
The passing of the proposal has caused the price of FLOKI token to surge by 8% and hit a daily high of $0.00002973. According to the information provided by Floki Inu, the proposal determined the future of two things for the Floki Inu community which are the original Floki cross-chain bridge and the 3% tax on the FLOKI token. The proposal seeks to have the original cross-chain bridge disabled and the tokens in the bridge burned since the bridge posed some vulnerability threats.
Floki Inu narrowly dodged a bullet last year when the cross-chain bridge was briefly exploited forcing the team to quickly disable the bridge to prevent further damage. The burning of the tokens will leave the Floki Inu DAO with a total of 4.97 trillion FLOKI tokens. It will also make the network more secure and efficient.
The Floki Inu DAO is a decentralized autonomous organization (DAO) that is responsible for the governance of the Floki Inu project. The DAO is composed of holders of the FLOKI token who can vote on different proposals that are put forward by the team. The burning of the tokens is the first major event for the DAO and it is expected to have a lasting impact on the price and the network of the FLOKI token.
The burning of the tokens is a positive sign for the Floki Inu project as it shows that the team is serious about the project and is willing to take the necessary steps to ensure its success. The passing of the proposal is likely to attract more investors to the project and push the price of the FLOKI token even higher.