Floki Developers Plan to Burn $11M Tokens, Reducing Supply by 190B FLOKI

by Adolf Balistreri

Floki developers suggest burning 2% of the circulating provide to develop shortage and community security.

The burn will inform tokens from the Multichain Bridge, which beforehand held tokens ahead of its implosion in July 2023.

Floki (FLOKI) developers will float a proposal to burn 2% of the token’s circulating provide to develop shortage and bump community security for the dog-themed crypto platform.

“We’re proposing a burn of 190,918,585,431.84 $FLOKI tokens,” lead developer B instructed CoinDesk in a Telegram message. “That’s around 2% of the token’s present circulating provide, which is currently price over $11 million.”

Burns refers to completely casting off tokens from circulating provide by sending them to a crypto wallet that nobody controls. Floki beforehand performed a burn tournament in January 2023, which preceded a 70% tag spike in the times in a while at the time.

Developer B said that the tokens for the proposed burn will develop from the provide kept on the Multichain bridge. Multichain was a platform that allow users transfer tokens between completely different networks – but imploded in July 2023 after an exploit seen over $130 million in funds stolen from the platform.

Floki said it had eliminated tokens ahead of Multichain’s implosion and has since held those in a actual wallet.

“We seen a pair of red flags with Multichain final one year and actual now proceeded to withdraw the bridge tokens we had with them into the Floki multisig,” B shared. “We imagine that presumably seemingly the greatest trustless plot to ensure that they NEVER enter into circulation is to burn them.”

FLOKI prices are up practically 8%, per a broader market spike. The broader CoinDesk 20 index (CD20) is up 7.5% since Wednesday.

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