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Floki Developers Plan to Burn $11M Tokens, Reducing Supply by 190B FLOKI
The figure represents 2% of the token’s circulating supply, or the number of tokens on the open market.
Updated Mar 8, 2024, 10:26 p.m. Published Feb 29, 2024, 10:00 a.m.
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- Floki developers propose burning 2% of the circulating supply to increase scarcity and network security.
- The burn will utilize tokens from the Multichain Bridge, which previously held tokens prior to its implosion in July 2023.
developers will float a proposal to burn 2% of the token’s circulating supply to increase scarcity and bump network security for the dog-themed crypto platform.
“We’re proposing a burn of 190,918,585,431.84 $FLOKI tokens,” lead developer B told CoinDesk in a Telegram message. “That’s around 2% of the token’s current circulating supply, which is currently worth over $11 million.”
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Burns refers to permanently removing tokens from circulating supply by sending them to a crypto wallet that no one controls. Floki previously conducted a burn event in January 2023, which preceded a 70% price spike in the days afterward at the time.
Developer B said that the tokens for the proposed burn will originate from the supply stored on the Multichain bridge. Multichain was a platform that let users transfer tokens between various networks – but imploded in July 2023 after an exploit saw over $130 million in funds stolen from the platform.
Floki said it had removed tokens prior to Multichain’s implosion and has since held those in a secure wallet.
“We noticed a few red flags with Multichain last year and immediately proceeded to withdraw the bridge tokens we had with them into the Floki multisig,” B shared. “We believe that the only trustless way to guarantee that they NEVER enter into circulation is to burn them.”
Floki climbed as much as 13% after the news and was recently trading 10% higher, CoinDesk data show. The CD20, a gauge of the broader crypto market, was little changed over the same period.
UPDATE (Feb. 29. 10:18 UTC): Adds Floki price reaction in last paragraph.
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