• Floki Inu has approved the plan to burn 4.97 trillion FLOKI tokens.
• The Floki Inu DAO has voted in favor of permanently burning 4.97 trillion FLOKI tokens worth $54,670,000.
• The FLOKI transaction tax will be reduced to 0.3% on February 9th, 2023 at 8 pm.
Floki Inu has finally approved the plan to burn 4.97 trillion FLOKI tokens, which were worth $54,670,000 at the time of the proposal. The Floki Inu DAO held a vote to determine the outcome of the plan and it passed with 99.97% approval. This means that the original Floki cross-chain bridge and the 3% tax on the FLOKI token will be disabled, and the bridge’s tokens will be permanently burned.
The FLOKI transaction tax will be reduced to 0.3% on February 9th, 2023 at 8 pm, which is when the 4.97T tokens will be permanently burned. This is a major development for the Floki Inu community and it is expected to cause major price fluctuations immediately after the proposal is released.
The proposal is an attempt to mitigate the vulnerability issues that the bridge created last year, when it was briefly exploited, resulting in the team temporarily shutting down the bridge. Now that the DAO has approved the proposal, it has been sent to the Floki Inu development team who will work to implement it.
The Floki Inu community is now looking forward to the official launch of the new bridge, which is scheduled to take place in the near future. This new bridge is expected to be more secure and efficient than the original, and it will also help to reduce the transaction costs associated with using the FLOKI token. By burning the bridge tokens, the Floki Inu team is hoping to reduce the total supply of FLOKI and make it more valuable to users.