At this point in its evolution, the meme-inspired cryptocurrencycurrency Floki has reached a turning point. The network consumed around $404,800 worth of $FLOKI tokens in less than a week. This remarkable accomplishment is a significant step toward the platform’s objective of everlasting deflation. It follows the burning of more than $772,000 worth of $FLOKI tokens. The burning of $Floki, in contrast to meme-inspired cryptocurrencycurrencies like $DOGE, $SHIB, $PEPE, and $WIF, demonstrates the company’s dedication to money and scarcity.
Token burning is being driven by a surge in demand for Floki’s utility goods, which are popular within the cryptocurrencycurrency community. Utility-based burns are necessary since they reduce the number of $FLOKI tokens in circulation. It improves the value and status of Floki’s deflationary assets.
Token burns rely on two critical aspects of Floki’s utility economy. Token staking gets rewards under the Floki Staking Program. If they remove their stakes too early, they will face a 5-20% penalty. A participant’s early withdrawal will always result in a penalty in $FLOKI tokens. The circulation of tokens is reduced as a result. Second, for each successful Ethereum (ETH) or Binance Smart Chain (BNB) transaction, the FlokiFi Locker DeFi Crypto Locker Protocol purchases and burns $FLOKI tokens.
Read also: Floki DAO Votes to Burn $11M Token for Strengthening Security With Style
