Bittime - Hold Floki Inu (FLOKI) tokens? This latest news might be interesting for you! DAO Floki has just submitted a burning proposal of 15,246,000,000 FLOKI tokens.
DAO or Decentralized Autonomous Organization is a decentralized organization and its leadership is determined by voting by token holders. Token burning itself is the process of permanently removing tokens from circulation.
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What is Token Burning?
Token burning is the process of permanently removing crypto tokens from circulation. This is done by sending the token to a special wallet address that no one can access. This wallet is often referred to as a burn wallet or eater wallet.
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Anyone can burn the tokens they own, but this is usually not done without a clear reason. Burning tokens is the same as throwing away your own money.
In most cases, token burning is actually initiated by the crypto developers themselves. By burning tokens, the number of tokens in circulation becomes less.
The fewer the number of tokens in circulation, the rarer the token. It is hoped that this scarcity will drive up token prices and benefit investors.
Previous FLOKI Burning
The Floki community is already familiar with token burning. In fact, DAO Floki has previously held votes regarding token burning three times. You can see the details below:
- Burning of 190,918,585,431.84 FLOKI tokens originating from the Multichain bridge in February 2024.
- A fundamental burn in January 2023 that disabled the Floki bridge across blockchains and burned the 4.97 trillion tokens held there.
- Burning of excess tokens originating from blacklisted wallets in July 2022.
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These three burning decisions were executed quickly, showing that Floki is a fully decentralized cryptocurrency and important decisions are controlled by the community through DAO voting.
Reasons for Burning 15 Billion FLOKI Tokens
In the previous proposal in July 2022, DAO Floki asked blacklisted wallet owners to send the excess tokens they had. However, some of these wallets did not meet the given deadline.
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Recently, one of these wallets sent back 15.4 billion FLOKI tokens (worth over $2.8 million) to a Floki multisig wallet and asked for a small amount in return.
On this basis, DAO Floki proposes:
- Returns 1% of the tokens returned (as goodwill) to the wallet.
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Burn the remaining tokens (15,246,000,000 tokens) for the following reasons:
- Provide incentives to other wallets that still hold excess tokens to return them.
- Tokens that are not previously returned are considered burned and cannot be accessed by blacklisted wallets. Therefore, it is felt that the burning of the returned tokens is in line with community expectations.
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The decision is in the hands of the Floki Community
If the Floki DAO vote agrees with this proposal, then 1% of the returned tokens (154 million tokens) will be sent back to the original owners and the remainder (15.246 billion tokens) will be burned.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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