Floki’s Name Service allows creation of .floki domains, enhancing on-chain identity and facilitating decentralized websites and blogs.
The service leverages SPACE ID infrastructure, integrating with major DApps and boosting the utility of the FLOKI token.
Introducing .floki domains positions Floki against rivals like Shiba Inu, potentially influencing FLOKI token’s market performance.
Floki has introduced Floki Name Service, a decentralized domain feature that enables users to create .floki domain names. These domains are not just on-chain identity markers; they also provide the foundation for launching decentralized websites, blogs, or résumés. The team has built this service on the SPACE ID infrastructure, which is known for integrating with prominent Decentralized Applications (DApps) such as Trust Wallet, SafePal, PancakeSwap, and OKX Wallet.
FLOKI NAME SERVICE IS LIVEFloki Name Service is live – exclusively on BNB Chain mainnet.Floki Name Service is #Floki’s decentralized domain name service, allowing anyone to create a decentralized .floki domain name. It is built in partnership with @SpaceIDProtocol, one of the… pic.twitter.com/ARV0U5VD6D
— FLOKI (@RealFlokiInu) June 10, 2024
Utility and Payment Structure
The primary payment method for obtaining a .floki domain is through FLOKI, the platform’s native token. This move is expected to boost the utility and fundamentals of the Floki ecosystem. For a 4-character domain name, users will need to pay 160,000 FLOKI, approximately $42.79 per year. A 3-character domain name costs 660,000 FLOKI, or $176.49 annually.
Floki’s new domain service appears to be a strategic maneuver to enhance its position in the competitive memecoin landscape, especially against its rival Shiba Inu (SHIB), which also offers a similar name service with .shib domains. Floki’s initiative to launch this service aligns with its broader strategy of growth and value addition.
Enhancing Token Utility
The introduction of the Name Service enhances the utility of the FLOKI token, providing users with new ways to engage with the ecosystem. As previously reported Floki had also developed a trading bot to improve user accessibility. Additionally, Floki is venturing into the tokenization market with its TokenFi platform, aiming to capture a share of the $16 trillion tokenization industry, where companies like BlackRock and Securitize are already active.
The launch of the Floki Name Service could potentially influence the price of the FLOKI token. Despite a current dip of 7.97% in the past 24 hours, bringing the price to $0.0002513 at press time, the new service might stimulate a price rebound if it gains traction within the community. Coupled with the ongoing token burning campaigns, this development could pave the way for a future price surge, provided the token overcomes its present downturn.
The Floki Name Service represents a significant step in expanding the Floki ecosystem’s utility and market presence. As the service rolls out and the community adopts these decentralized domains, the potential for positive market movement and increased token value becomes more tangible.
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