FLOKI DAO PASSES PROPOSAL TO BURN 4.97 TRILLION TOKENS AND REDUCE THE FLOKI TRANSACTION TAX TO 0.3%
The Floki DAO has officially voted in a proposal to permanently burn 4.97 trillion FLOKI tokens in Floki’s main bridge and reduce the Floki transaction tax to 0.3%.
You can read the full proposal here:
The proposal passed with a 99.97% majority voting in favor of both burning the bridge tokens while 0.03% voted against the proposal.
The 4.97 trillion FLOKI tokens being burnt (initially worth $55 million at the time the proposal was initiated) was worth $102 million by the time the DAO vote ended.
Floki’s latest DAO vote is one of the finest examples of crypto democracy in action and shows clearly that Floki is the people’s cryptocurrency and the Floki DAO is the true director of the Floki project and solely influences its future trajectory.
Transaction Tax to be Lowered on Friday, February 3, 2023
In honor of the decision of the Floki DAO, which is binding, the FLOKI transaction tax will be lowered to 0.3% effective 8 PM UTC on Friday, February 3, 2023.
Relevant announcements will be made with blockchain proof as soon as the transaction tax has been lowered.
Bridge Tokens to be Burned on Thursday, February 9, 2023
4.97 trillion FLOKI tokens in the main Floki cross chain bridge (currently worth $102 million) will be permanently burnt by 8 PM UTC on Thursday, February 9, 2023.
Announcements will be made with blockchain proof as soon as the burn has been executed.
We’re currently working with Centralized Exchanges (CEXs) that have listed Floki to see if they would need help with bridging their tokens before the permanent bridge token burn.
We would also be making provisions for large FLOKI token holders who might want to bridge their FLOKI tokens from the ETH chain to the BNB chain before the permanent bridge token burn. This is a matter of preference and would not affect your FLOKI tokens in any way.
The buffer period between the passing of the DAO vote today and the burning on Thursday, February 9, 2023 will allow us to facilitate the above process. We will be releasing further communication on what the process would look like within the next 48 hours.
Please note that you do not need to do anything as a user as far as this burn is concerned. The burn process is seamless and your tokens would NOT be affected regardless of whether they are on the ETH or BNB chain.
Users can continue to trade their tokens (on both the ETH and BNB chains!) on relevant DEXs and CEXs.
Users who want to bridge small amounts of tokens can use the relatively small Floki bridge at Multichain:
https://app.multichain.org/#/router
Instructions on how to do this can be found in the video below:
https://www.youtube.com/watch?v=E0Oz-vPcwU8&t=16s&ab_channel=Floki
The Multichain bridge contains a relatively small amount of the FLOKI supply (less than 1.5%) and is harmless, so we will be retaining it for users who want to do smaller bridge transactions.
