Home Altcoin Floki Inu DAO  Passes the Proposal to Burn 4.97T Tokens

Floki Inu DAO  Passes the Proposal to Burn 4.97T Tokens

  • Floki Inu has finally approved the plan to burn 4.97 trillion FLOKI tokens.
  • The Floki Inu burn vote procedure was completed on Jan 29 with 99.97% approval.

The Floki Inu DAO has finally announced the reduction of the FLOKI transaction tax and the proposal to burn the bridge tokens. And it has been claimed that the plan would be offered for voting on January 27, producing major price fluctuations immediately after it is released.

The Floki Inu DAO has voted in favor of permanently burning 4.97 trillion FLOKI tokens worth $54,670,000. In Floki’s main bridge and lowering the Floki transaction tax to 0.3%. The voting process finished on January 29, with 99.9% of the people voting in favor of burning the bridge token and 0.03% voting against it. 

According to the developers, the FLOKI transaction tax will be reduced to 0.3% on February 9th, 2023 at 8 pm. And the 4.97T tokens that s initially worth $ 55 million at the time of the proposal was initiated were worth $102 M by the time the DAO vote ended. And will be permanently burned on February 9th, 2023 at 8 pm.

Floki DAO voting snapshot (Source: Floki Inu)

Floki Inu Upcoming Proposal

As per Floki Inu, the proposal determined the outcome of two things for the Floki Inu community. The original Floki cross-chain bridge and the 3% tax on the FLOKI token.

The proposal attempted to disable the original cross-chain bridge and burn the bridge’s tokens since the bridge created vulnerability issues. Last year, the cross-chain bridge was briefly exploited, causing the team to temporarily shut the bridge to mitigate the impact of the hack.

Now that the DAO has decided to approve the proposal, the team will disconnect the primary cross bridge. And begin the process of burning the FLOKI tokens that were in the bridge. The 3% FLOKI transaction tax will be decreased to 0.3%. Which is the default tax on most decentralized exchanges such as Uniswap.

Furthermore, Floki partnered with Binance pay last week. After the announcement of this proposal, the price of the FLOKI token has risen to 24.3%. And Floki Inu has traded at the price of $0.00002958.

  FLOKI Price Chart (Source: CMC)

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