Over 99% of the RealFlokiInu community voted to burn 4.2 trillion FLOKI tokens currently worth over $100 million. By shauryamalwa.
The Floki Inu community voted in favor of a recent governance proposal that sought to burn 4.2 trillion FLOKI tokens on a cross-chain bridge and reduce transactional tax.
. The FLOKI transaction tax will be lowered to 0.3% effective 8 PM UTC on Feb.3, while the 4.2 trillion tokens will be permanently burnt at 8 PM UTC on Feb.9, 2023.The scheduled token burn is worth over $100 million as of Monday, CoinGecko data shows. As such, the Floki Inu proposal pointed out security risks associated with bridges as another rationale. Last year alone saw over $2 billion lost or stolen from cross-chain bridges, as CoinDesk“More exploits and data have emerged to show how much of a threat cross-chain bridges could pose, especially if they hold a significant amount of a token’s supply,” the proposal stated.
Developers behind Floki Inu, a Shiba Inu dog breed-themed project, previously told CoinDesk the move was part of a broader plan towards positioning Floki Inu as a serious decentralized finance project. The team has launched ongoing projects such as Floki Locker and the metaverse game Valhalla in the past few months.
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