The Floki community is currently voting on a proposal in the project’s DAO forum to burn 15,246,000,000 $FLOKI tokens in an attempt to manage the project’s token supply.
The proposal emerged after one of the wallets affected by a previous community vote in July 2022 returned 15,400,000,000 $FLOKI tokens to the Floki multisig.
The proposal suggested returning 154,000,000 $FLOKI tokens (1% of the total) to the wallet owner as an incentive for their compliance in returning the excess tokens while the rest is burned. This move is expected to encourage other holders of excess tokens to follow suit and return them by the deadline set by the community, or they will remain blacklisted. It would also ensure that these “blacklisted wallets” cannot use these tokens for any purpose other than returning them.
The proposal has received overwhelming support, with 99.84% of votes cast in favour of the measure. Notable votes so far include 107 billion FLOKI from 0x25Ae…164B, 100 billion FLOKI from 0xe114…799F, and 40 billion FLOKI from 0x74ce…35A5, among others.
The voting period began on May 13 and would end on May 15, 2024.
If finally approved, the proposal could set a precedent for future decisions and strategies within the Floki ecosystem, potentially increasing the remaining tokens’ value and benefiting the entire Floki community.
This proposal is one of many that Floki’s decentralised autonomous organisation (DAO) has voted on regarding token burns. Notably, in February 2024, the DAO voted to burn 190,918,585,431.84 $FLOKI tokens recovered from the Multi Chain bridge. In January 2023, the community decided to disable the Floki cross-chain bridge, which burned 4.97 trillion tokens. Additionally, in July 2022, there was a community vote on whether to burn excess tokens recovered from blacklisted wallets.
$FLOKI is currently trading at $0.0001933, a 12.90% increase in the last 24 hours, according to data from CoinMarketCap.
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