The Floki ecosystem is set to welcome a new utility token and staking reward program if a key proposal by the team passes.
The Floki team has unveiled a new proposal to the community, seeking the launch of a new token and a staking program. At the time of writing, the proposal, for which voting ends in two days, has gained 97.91% community support, suggesting that Floki (FLOKI) will be getting a sister token soon.
Barring any substantial changes to the voting outcome, Floki will launch its new token and staking program on Oct. 27. The project will provide liquidity for the token on decentralized exchanges Uniswap and Pancakeswap to facilitate a seamless trading experience.
According to the proposal, the only way for users to earn Floki’s upcoming token will be through locking and staking FLOKI tokens for anywhere between three months to four years. There will be no presale or private sale event, with a greater portion of the token supply, 56%, set to be distributed through the staking program.
Floki's latest DAO proposal just went live:
SHOULD FLOKI LAUNCH A STAKING REWARD TOKEN?
If this proposal passes:
– The Floki STAKING program and two key roadmap items (Project TL + Mystery Project) will go live on October 27, 2023.
– A reward token will be introduced for the… pic.twitter.com/agVoNdoIU4
— FLOKI (@RealFlokiInu) October 18, 2023
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Floki Presents Reasons Behind New Token and Staking
In the detailed proposal, the Floki team explained that staking is one of the most requested features by the project’s community. Yet, the team has held back from introducing one for a long time as there was no real need for it at the time.
Floki has now carefully determined that such a token would bolster its ecosystem growth and ensure “long-term sustainability.” Among other things, it would create demand for FLOKI as users will need to buy and stake FLOKI to earn the rewards.
Meanwhile, rather than just launch a token that users can simply farm, Floki promotes its upcoming token as a “strong utility token.” “Heavy development is already underway for this utility project,” the Floki Team adds in its proposal.
Additionally, Floki has reportedly secured a partnership with prominent market-making firm DWF Labs for its new token. The project, which already has a partnership with BitGo, further claims to have secured agreements with leading centralized exchanges to list the new token once it launches.
If and when the new token launches, Floki will join a crop of dog-themed blockchain projects that feature a multi-token ecosystem. Notably, its more popular competitor, Shiba Inu, has three tokens: Shiba Inu (SHIB), BONE ShibaSwap (BONE), and Doge Killer (LEASH).
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