BNB
by BSC News
October 18, 2023
Floki has outlined a comprehensive roadmap for immediate execution, scheduled to begin on October 27, 2023, if the proposal is approved.
Floki has recently unveiled a proposal to launch a staking reward token. This move comes as a response to the Floki community's most requested feature, staking.
According to Floki, this feature's implementation has been a carefully considered process focused on long-term sustainability. The Floki team does not wish to increase the FLOKI token's inflation with the new staking token.
The proposed token launch embodies key features designed to align with the community's interests and values.
Staking-Based Earning: The primary method of acquiring this new token will be staking FLOKI tokens. There will be no presale or fundraising round for this token. Instead, it will launch with a small pool on Uniswap and PancakeSwap to ensure liquidity, with the majority of the supply earned through FLOKI staking.
Utility Token: Floki emphasizes that the reward token isn't just another token but will have substantial utility.
Staking Period Flexibility: Users can earn the reward token by locking up their FLOKI tokens for 3 months to 4 years. This approach is anticipated to reduce the circulating supply of FLOKI tokens, thereby increasing their value.
As per the proposal, Floki has also entered into strategic partnerships with several reputable institutions and projects, with more details to be revealed in due course.
One notable partnership is with DWF Labs, an institutional player in the crypto space, which will serve as the main market maker and institutional partner for the proposed token.
Further, a number of centralized exchanges (CEXs) are reportedly in the plans to list the reward token on their platforms after launch, pending approval from the Floki DAO.
A critical concern often associated with the introduction of a new token is the potential fragmentation of liquidity between the existing and new tokens. However, according to the team, Floki has taken careful measures to ensure that the proposed new token's distribution will be primarily linked to staking FLOKI tokens, thereby if approved it can enhance the liquidity of FLOKI. This strategy will effectively remove FLOKI tokens from circulation through staking, making the circulating supply hyper-deflationary in the short to medium term.
By catering to a target audience interested in the token's utility, the team aims to attract new users without neglecting the benefits for existing FLOKI holders.
The proposed staking token by Floki will have an allocation strategy for its 10 billion tokens. Let’s take a look at the token allocation:
In the event of the successful approval and execution of the proposal, Floki has laid out a comprehensive roadmap with three key milestones set for immediate execution, scheduled to commence on the 27th of October, 2023. These crucial objectives include the activation of the Floki staking program, the initiation of Project TL, the foundational platform supporting the new token, and the unveiling of the Mystery Project, representing the reward token's underlying concept.
In addition, Floki recently announced a major upgrade to its FlokiFi Locker, amidst the Floktober excitement. As of the update, FlokiFi will now support assets hosted on Base and opBNB.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article
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