The developers behind Floki (FLOKI) are unveiling exciting plans to bring staking features and a new utility token into the Floki ecosystem.
The primary method for earning this new, as-yet-unnamed token will be through staking FLOKI tokens, which were trading at $0.000017 at the time of this report.
Importantly, there won’t be any pre-sale or fundraising events for these tokens. Most of the supply can only be acquired by actively staking FLOKI tokens.
According to the DAO proposal shared with CoinDesk, the developer known as “B” revealed, “Users will be able to earn the reward token by locking up their FLOKI tokens for a period of between 3 months and 4 years.
We envision this resulting in a significant portion of FLOKI tokens being locked up for an extended period of time, which will significantly reduce the amount of FLOKI tokens in circulation and add significant value to the FLOKI token.”
Staking, in the crypto world, refers to locking tokens on a platform in exchange for annualized yield rewards. This feature often attracts the attention and capital of crypto investors.
To ensure the success of these new developments, the Floki project has brought on board several new developers.
Their role is to guarantee that other Floki-based projects remain unaffected and to craft tokenomics that ensure the project’s sustainability in the long term.
Floki, inspired by the Shiba Inu dog breed, followed in the footsteps of other popular dog-themed tokens like Dogecoin (DOGE) and Shiba Inu (SHIB). Dog-themed tokens enjoyed immense popularity in 2021, with some surging nearly 10,000% in just nine months.