With a post published by Floki, the burning of FLOKI tokens worth approximately 3 million USD will be voted on.
Here is the summary of the proposal.
The proposal suggests burning 15,246,000,000 $FLOKI tokens.
Floki DAO has a history of burning tokens through community voting, demonstrating decentralization.
Previous votes included burning recovered tokens from a bridge exploit and disabling a bridge with its token holdings.
In July 2022, a vote addressed burning excess tokens from blacklisted wallets, with a deadline for returning them.
Some wallets missed the deadline, but one recently returned a significant amount.
The proposal recommends returning 1% of the returned tokens as a good gesture.
Burning the remaining tokens aligns with past DAO decisions and community expectations.
Burning removes the tokens permanently from circulation.
If the proposal passes, 1% (154,000,000 tokens) will be returned, and the rest (15,246,000,000) burned.
The burned tokens have an estimated current value of ~$2,800,000.