We would like to put forward a proposal for another massive $FLOKI token burn, similar to the one we had in January 2023.
This time around, we’re proposing a burn of 190,918,585,431.84 $FLOKI tokens. That’s around 2% of the token’s current circulating supply, which is currently worth around $11 million.
We are proposing a burn of these tokens for two reasons:
1. To ensure long-term security and stability of the Floki project by removing the risks of these tokens being exploited and dumped if they were put in another bridge.
2. To permanently ensure that these tokens can never enter into circulation.
WHAT IS THE SOURCE OF THESE TOKENS?
A key question many have is about the source of these tokens.
The initial massive bridge token supply burn we did in January 2023 only applied to Floki’s native cross-chain bridge. We also had an active cross-chain bridge with Multichain at the time, which we decided to leave since Multichain was the industry standard for bridging, and we felt confident about it at the time. We had about 190,918,585,431.84 $FLOKI tokens in the bridge at the time, which is approximately 2 percent of the total FLOKI circulating supply.
Later in the year, we started to notice a few red flags with Multichain and immediately proceeded to withdraw the bridge tokens we had with them into the Floki multisig. While we did this out of an abundance of caution, Multichain ended up imploding months later… and Floki had a narrow escape. We made an announcement about this action at the time: https://floki.medium.com/update-on-the-floki-multichain-bridge-a88e598adf8c
We’ve securely kept these tokens in the Floki Multisig since then, but we believe that the only trustless way to guarantee that they NEVER enter into circulation is to burn them.
You can read our last proposal for our analysis of the risk cross-chain bridges pose and why we feel burning these tokens is the best option: https://snapshot.org/#/floki-inu.eth/proposal/0x7beecbefc3808d9cfbac864de875b43f02c26322e7792883cddc8eb29108b183.
As a result, we are putting forward a proposal to burn these tokens.
If the Floki DAO votes in favor of burning these tokens, they will be burned within a week of the DAO vote passing. If the Floki DAO votes against burning these tokens, they will be kept in the Floki treasury for future use.
VOTE OPTIONS
- YES, BURN THE TOKENS.
- NO, KEEP THE TOKENS IN THE TREASURY.
