Floki Inu DAO Approves Burning Over $100M in FLOKI Tokens

• FLOKI’s price has rallied by more than 100% over the past week.
• It reached a daily high of $0.00002973 today following news of the approved proposal.
• The approved proposal will result in Floki Inu burning approximately 4.97 trillion FLOKI tokens.

The Floki Inu DAO has officially passed the “Remove the FLOKI transaction tax and burn the bridge tokens” proposal. The vote, which opened on January 27, triggered notable market movement immediately after it was announced. As previously reported, the proposal gained rapid attention and led to increased trading activity.

The voting process concluded on January 29, with 99.97% of participants supporting the measure.

What happens next after approval?

According to the information provided by Floki Inu, the proposal addresses two key items for the community:

• The original Floki cross-chain bridge.
• The 3% transaction tax on FLOKI token trades.

The proposal recommended disabling the original cross-chain bridge and burning the tokens held in it, citing potential security vulnerabilities. Last year, the bridge was briefly exploited, prompting the team to disable it quickly to limit the impact. With the DAO’s approval, the Floki team will proceed to disable the primary cross-bridge and burn the FLOKI tokens currently locked there.

In addition, the current 3% buy-and-sell transaction tax on FLOKI will be reduced significantly to 0.3%, aligning it with the default fee levels common on many decentralized exchanges such as Uniswap. This change is intended to lower trading friction and better match market norms.

Regarding timing, the FLOKI transaction tax will be lowered to 0.3% effective 8:00 PM UTC on February 3, 2023. The planned burn of approximately 4.97 trillion tokens will be executed permanently at 8:00 PM UTC on February 9, 2023. Based on current FLOKI prices, the token burn represents roughly $100 million in market value.