🚀 Floki Announces the Launch of a New Token 🌟
Floki has developed a detailed plan for immediate implementation, scheduled for October 27, 2023, subject to proposal approval.
Essence:
- Floki proposes to launch a reward staking token in response to community requests, emphasizing long-term sustainability and added value for token holders.
- Token features include earnings from staking, creation of a liquidity pool and a focus on utility, with a flexible staking period to reduce turnover of FLOKI tokens.
- The launch aims to enable sustainable staking and prevent liquidity fragmentation, emphasizing utility and demand for the new token, rewarding long-term FLOKI holders.
Key features of the reward token:
- Earning money from staking: The main method of obtaining this new token is by staking FLOKI tokens. There will be no pre-sale or fundraising for this token. Instead, it will launch with a small pool on Uniswap and PancakeSwap to provide liquidity, with the majority of the supply being earned through FLOKI staking.
- Token Utility: Floki emphasizes that the reward token is not just another token, but will have significant utility.
- Flexible staking period: Users will be able to earn reward token by staking their FLOKI tokens for 3 months to 4 years, which is expected to reduce the turnover of FLOKI tokens and increase their value.
Strategic partnerships:
As per the proposal, Floki has also entered into strategic partnerships with several reputable organizations and projects, details of which will be revealed soon.
One notable partner is DWF Labs, an institutional player in the crypto space that will serve as the primary liquidator and institutional partner for the proposed token.
Additionally, several centralized exchanges (CEXs) expect to include the reward token on their platforms upon launch, with preliminary approval from the Floki DAO.
Impact on Floki token:
One of the critical concerns often associated with the introduction of a new token is the potential fragmentation of liquidity between existing and new tokens. However, according to the team, Floki has taken careful steps to ensure that the proposed distribution of the new token will be primarily tied to the staking of FLOKI tokens, and if approved, this will strengthen FLOKI's liquidity. This strategy effectively removes FLOKI tokens from circulation through staking, making the circulating supply hyper-deflationary in the short to medium term.
Tokenomics for the new token:
The proposed Floki staking token will have a distribution strategy for its 10 billion tokens. Let's look at the token distribution:
- 56% to Floki staking pools: A significant portion of the token supply will be allocated to Floki staking pools, incentivizing FLOKI token holders to actively participate in the ecosystem. Additionally, a thoughtful allocation of 2% will be dedicated to Floki NFT holders and Diamond Hands holders, highlighting the team's commitment to rewarding loyal community members.
- 10% towards setting up a liquidity pool: The strategic part will establish a reliable liquidity pool on Ethereum and Binance Smart Chain, promoting token availability and exchange across platforms.
- 22% to the Floki treasury: A significant allocation will be dedicated to funding the development, operations and marketing initiatives of the new token and the overall Floki ecosystem. In addition, a portion of this allocation will be reserved for team incentives, consistent with the team's commitment to promoting sustainable growth and innovation.
- 5% for User Incentive Program: A portion will be allocated to encourage user adoption, emphasizing community engagement and participation.
- 7% on the staking pool of the new token: To ensure the stability and longevity of the new token, a separate staking pool will be created.
Upcoming milestones and tasks:
If the proposal is successfully approved and completed, Floki has developed a detailed plan with three key milestones scheduled for immediate completion, scheduled for October 27, 2023. These key tasks include the activation of the Floki staking program, the launch of the TL Project, the underlying platform supporting the new token, and the unveiling of the Mystery Project, which introduces the idea of a reward token.
In addition, Floki recently announced a major update to its FlokiFi Locker, as part of Floktober, among the events. With the update, FlokiFi now supports assets hosted on Base and opBNB.
