The developers behind Floki Inu ($FLOKI), the Shiba Inu dog breed-themed cryptocurrency project, have proposed an ambitious proposal to burn nearly $55 million of its FLOKI tokens and reduce a transaction tax. This move aims to position Floki as a serious decentralized finance (DeFi) contender and address security risks associated with cross-chain bridges.
The idea of creating this cryptocurrency was born on 25 June 2021 after Dogecoin ($DOGE) advocate Elon Musk tweeted that the name of his Shiba Inu dog would be “Floki”.
FLOKI is the utility token of the Floki ecosystem, which “offers a 3D NFT Metaverse, DeFi utilities, a crypto education platform, NFTs, a merchandise store, and more.”
According to a report by CoinDesk, the proposal, which was put to the vote among FLOKI holders, argues that burning tokens is a way to reduce supply, which subsequently adds value to each token so long as demand remains constant. In addition, the Floki team hopes that by taking this step, they can demonstrate a strong focus on utility and fundamentals, which will help the project stand out in the crowded DeFi market.
