Why is Floki Inu ($FLOKI) Transitioning To DAO & What Projects Are Involved?
- Floki Inu ($FLOKI) recently concluded its DAO (Decentralized Autonomous Organization) upgrade on January 23, explaining that this upgrade is needed to make the project even more decentralized and get it listed on CEXs (Centralized Exchanges).
- The team behind Floki Inu said that they believe that the project would become DAO over time and doing it a little earlier would make its adoption easier with time.
- At the time of writing, the $FLOKI token is trading at $0.00003451 after facing a downtrend of about 28% in the past 24 hours. The token has a max supply cap of 10 trillion. Also, the trading volume of token in the last 24 hours has surged by about 127%.
On January 23, the team driving Floki Inu ($FLOKI), a meme-based cryptocurrency project that is one of Shiba Inu’s main rivals in the market, finished phase one of its DAO upgrade. Elon Musk, a major supporter of Dogecoin ($DOGE), tweeted on June 25 that his Shiba Inu dog’s name would be “Floki.” This sparked the idea for this cryptocurrency.
Anyone could purchase $FLOKI across both centralized and decentralized exchanges, including Bitmart, LBank, Gate.io, and Poloniex. As per the Floki Inu team, the $FLOKI coin would be used in the following projects:
- Valhalla – The $FLOKI team is actively working on a Play-To-Earn NFT gaming metaverse. The team’s aim to work with Valhalla is to introduce bitcoin and blockchain technology to a large number of individuals who have never heard of it before, all while earning money.
- FlokiPlace – The NFT market is thriving and will continue to do so. The $FLOKI team also envisions a scenario in which individuals may easily buy physical products using cryptocurrencies. FlokiPlaces intends to bridge this gap by allowing individuals to exchange NFTs and tangible things while paying with cryptocurrency using the FLOKI token as the primary payment method.
- Inuversity – $FLOKI is aiming to make the world a place where almost everyone is aware of cryptocurrencies and the blockchain in some way. We believe that trying to educate individuals regarding blockchain technology is a viable way to accomplish this. The primary bitcoin education platform would be Floki Inuversity. Its primary goal is to inform and familiarize the FLOKI target audience with cryptocurrencies and blockchain technology.
Reasons To Transition To DAO
The Floki Inu team wrote a blog post on January 17 to describe why it is modifying its smart contract to accommodate a future wherein Floki is a DAO. The following are the explanations given by the team for seeking a change to a DAO:
- Due to FLOKI’s V1 background, one of the important issues that keep coming up amid their efforts to get registered on major CEXs is the requirement for FLOKI to be further decentralized. They have been advised that FLOKI being a DAO strengthens the project, decentralizes it even more, and makes it easier to meet their aim of being listed on major CEXs.
- They have always stated that FLOKI might subsequently become a DAO and if given the knowledge they have, being one earlier makes it easier for FLOKI to find a home, and now is the opportunity to do so. Data and trends certainly reveal that the DAO is the fate of cryptocurrency, as seen by moves by crypto behemoths Binance, Kucoin, and ByBit, as well as well-known figures such as philanthropist Kimbal Musk.
In other words, this change is being done both out of need and to key into what is effectively the future of cryptocurrencies, allowing $FLOKI to gain the traction it requires to be a leading cryptocurrency asset. As per a tweet from the project’s Twitter handle, the first phase of the DAO update began on Saturday morning and concluded on Sunday.