Floki Proposes $11m Token Burn to Improve Project Security

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The Floki project has proposed burning 190.9 billion FLOKI tokens, representing about 2% of its total circulating supply.

Valued at around $11 million, the proposed burning primarily aims to enhance the project’s long-term resilience and security. The proposed tokens were previously allocated for Floki‘s partnership with the cross-chain bridge service Multichain. 

Subsequent developments prompted the Floki team to withdraw the tokens into the team’s secure multisig wallet as a measure against potential security threats or market manipulation.

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Ultimately, deciding to proceed with this burn proposal will depend on the token’s DAO members. The vote is ongoing and is set to conclude by tomorrow. As of now, a staggering 88% of the votes are in favor of burning. 

Voting on Floki's DAO proposal to burn a m