Every first Monday of the month, Floki core team member and Head of Operations, B, does an AMA with the Floki community to keep Floki / TokenFi holders abreast of developments within the Floki and TokenFi Ecosystem and answer questions that users might have.
Please find the latest AMA below (April 1, 2024):
- TokenFi Connect sounds incredible, can you give us any more information on it & do we have a rough timeline yet?
Sure!
TokenFi’s Unique Selling Proposition (USP) is that it will be that ONE platform that you can use to create a crypto token, or tokenize an asset, and make it successful even if you have ZERO crypto experience prior to discovering TokenFi.
TokenFi Connect is a key component of the TokenFi platform.
Anyone can create a token, but for the token to be successful certain components need to be in place: liquidity, access to users interested in your tokens, some level of insitutional support, and more. TokenFi Connect not only makes it possible to get these, but it makes it extremely easy by allowing you to connect with key industry players you would not have been able to connect to as a new crypto player through one simple platform. These include exchanges, market makers, VCs and funds, influencers/thought leaders, and more.
As to the timeline, I don’t want to box our dev team in a corner right now but I will say before the end of this year.
2. Does the team have any major listings lined up that could be executed in a timely fashion with Tokenfi’s current momentum?
We’ll see! 🤔️
3. Has the team thought about reaching out to Blackrock for a partnership with Tokenfi?
Haha, this is such an interesting question lol.
Have we reached out to BlackRock in particular yet? No, we haven’t.
Do we have a framework for connecting with MAJOR institutional players and have we started to make moves to get them on board? Yes.
The thing with moves like this is that there are key things that NEED to be in place before you reach out to certain players, and also when you do you can’t just come and reveal the details casually in an AMA like this one. There are NDAs, processes, and whatnot. That said, the one thing I can assure you of is this: TokenFi’s future is bright both from an institutional and retail perspective, so stay tuned for more information in the future!
4. Can we get a leak regarding University of Floki and Floki Debit Cards?
Why a leak when you can get the real thing soon? 🤔️
Stay tuned!
5. Is the plan still to disable the 4 year staking pools on floki and token? If so, will it be sooner rather than later?
Yes, this is correct.
We haven’t gotten to it yet due to the dev backlog we’ve been dealing with.
For perspective, just last week I had a day in which I couldn’t sleep until about 7am the next day my time… as I had to wake up and work all night just to make sure we hit our target for the week. We also had days in which some of our devs couldn’t sleep until well into the midnight recently as well as we work to meet deadlines.
So, while we do our best to make sure things are delivered as quickly as we can and in a top quality manner it doesn’t mean we have a lot of free time in the background. I understand that we have delays on some things (this staking stuff comes to mind, as does the Inverse Finance reimbursements, and a couple other stuff. I mean you can also see how long it too us to deliver on the Diamond Hands rewards stuff, right?). I want to assure you that we haven’t forgotten and they will all be sorted in due time, God willing.
We also continue to hire new devs to make our work easier and more efficient. We should clear most of the more urgent backlogs in a few weeks/months hopefully, then we can get to the things we’ve delayed for too long.
6. Will Floki staking service connect to TokenFi so staking can be added as an option?
Floki staking service and TokenFi? No, that’s not on the roadmap.
We do have ideas on how to ensure that TokenFi holders get more value from the TokenFi platform (in particular, the Launchpad), subject to DAO approval. So, stay tuned for more information on that soon!
7. When funds are transferred to a Floki bank account will they stay in Floki or convert to the selected fiat?
The exact mechanics of this will be communicated closer to its release, but i imagine a conversion process being in place. Please stay tuned for more information!
That said, I would like to clarify things as I’ve seen a number of comments saying “Floki to launch a bank” or something like that. No, we are not launching a bank lol. We are partnering with a key regulated player who will integrate $FLOKI and provide this service to Floki holders. So, stay tuned for more information!
8. My question this month relates to the TokenFi Launchpad that has just gone live! Do you have any future projections on how much will be raised over the next so many years in token sales?
Haha, this is an interesting question!
I can’t give a specific answer right now as there are a few things I’m observing at the moment. That said, based on the initial demand we’ve seen so far, I think this will quickly be our must successful product by far within a short period of time. At least based on the fees (and resulting $TOKEN buy/burn) we expect to see from this!
We have A LOT of projects lined up to launch with us, and several more keep contacting us to show interest in using our Launchpad. And this is despite the fact that we are only still live on the mainnet of one chain and haven’t started marketing the Launchpad.
So if things go according to plan, I think the Launchpad will be a major product that eventually results in millions of dollars in annual revenue for TokenFi.
9. With the launch of utility products, the Floki team has increasingly been able to obtain more budget to continue the work. Based on this, is there any intention or possibility of zeroing the Floki contract fees?
Once we see that we’re generating enough revenue from all of our products, we would definitely be open to discussing a removal of the 0.3% tax on the FLOKI token.
That said, this is not a decision that I can make alone. There are several factors:
1. We’ll look at the data to see if there will be any meaningful impact from doing this.
2. We will discuss the benefit of this within the core team and see if it is a direction we want to take.
3. We will put forward a vote to the Floki DAO which will ultimately be the decision maker.
This is the usual process for decisions like this. We’ll see how things unfold!
10. My question relates to the Floki bank — how are you planning to market the bank to retailers and non Floki holders? What incentives will Vikings receive to hold their Floki in the bank vs a cold storage? Will there be a stable coin?
This is an interesting question!
I think the main incentive Vikings will have to use the bank is the fact that it is even possible to do this with $FLOKI, whereas it is impossible with the vast majority of cryptocurrencies, including several that are much bigger and more established than we are. We are also exploring the possibility of better fees for people who use FLOKI with the bank, although nothing is final/decided yet so don’t take my word for it.
As to getting the word out about this to non Floki holders, I think the fact that this is possible with FLOKI while impossible with several other major competitors makes a STRONG appeal for using Floki. At the end of the day, we’ve constantly promoted ourselves as the people’s cryptocurrency, and this moves further establishes that by allowing a lot of unbanked people to be banked through Floki.
11. There are so much projects on going between FLOKI and TokenFi, how does lead dev (Jackie) and team divide their tasks and attention? Do u guys have separate devs/team for different projects.. or you have priority items on which project to go first?
Jackie is our CTO at Floki and TokenFi and has oversight on all devs and anything related to our code, smart contracts, and our overall technical infrastructure. That said, this does not mean he needs to write every code or be there every day looking at everything. He is just one man at the end of the day, as we all are.
At Floki, we have an extensive team of devs that continue to grow on a regular basis: this includes several smart contract and backend devs, frontend devs, UX devs, QA team members, a Product Owner, a Product Manager, and more. We continue to add to this team btw, as we intend to be as AGGRESSIVE as we can with building and shipping stuff heading into this bull market. Our roadmap gives a bit of an idea of what we’re aiming at, but it doesn’t tell the full story.
So, to more directly answer your question: Yes, tasks are divided between different devs. For example, we often have different products split between different backend/smart contract devs and frontend devs combo, such that our team can work on 3 or more products concurrently. However, when we have critical deadlines and need to deliver something by a particular date no matter what, we can reallocate devs and make it a kind of “all hands on deck” kind of scenario!
12. Is FLOKI x TokenFi planning to build another school or well in another underdeveloped country? Or is there some other charity work coming up?
Yes, certainly. Expect more update on this soon!
13. In 2024 roadmap there’s a Floki banking service. It looks to be one of the parts which get holders get most excited about. I would like to ask what would be the benefits using Floki banking services vs using traditional banking services?
We’ll be banking the unbanked basically!
There are so many developing countries in the world where it is extremely difficult to get access to good banking solutions due to the economic policies. Either there are asinine (extremely stupid/foolish) restrictions on how much can be sent or who can open an account or something else. For example, there countries where you cannot make foreign transfers/payments that exceed $25 or $100 in a MONTH (???!!), or where there are restrictions that make it impossible for the majority of populace to open a foreign bank account. So, when you think about that, you realize that it’s not so easy for the unbanked to get access to banking services.
With the Floki banking stuff, it would be a lot easier for Floki holders to have access to banking solutions (digitally) through our regulated banking partner. Of course, there will be proper KYC and AML processes in place and whatever, but these users will be able to use these banking solutions, which wouldn’t have been possible in their country or even elsewhere otherwise.
Just another way of Floki proving to the world that it is truly the people’s cryptocurrency!
