Floki
Floki is a cryptocurrency that started as a memecoin based on Elon Musk’s dog, gradually becoming a full web3 ecosystem encompassing decentralized finance, NFTs, and the metaverse. [1]
History
The origin of the Floki Inu coin can be traced back to June 2021, following Elon Musk's tweet about naming his Shiba Inu pet "Floki." Initially, the project emerged as a dog-themed meme coin, similar to Dogecoin, and was referred to as Floki Inu. However, as the project evolved beyond a meme coin and gained significance, the team decided to rebrand it as "Floki." [2]
Overview
The Floki ecosystem includes the Valhalla NFT Metaverse Game, the FlokiFi DeFi Ecosystem, an educational platform, and a marketplace. [2]
The Valhalla NFT Metaverse Game
Valhalla is an NFT metaverse game where users can earn rewards through gameplay. The game operates on the $FLOKI token and requires players to hold a specific amount of FLOKI in their wallet to unlock playable characters. Players can accumulate FLOKI tokens by engaging in battles within the game. It includes features such as a gardening system, in-game characters, a battle system, an in-game ship system, and an items system. [3][4]
The FlokiFi DeFi Ecosystem
FlokiFi is a collection of decentralized finance (DeFi) products introduced under the Floki brand. Its main product is FlockiFi Locker. [5]
FlokiFi Locker offers a user-friendly interface for locking and vesting LP tokens and fungible tokens. It introduces the "batch lock" functionality, allowing users to lock multiple NFTs in a single transaction. The platform provides flexibility in terms of the lock duration, allowing users to lock tokens for extended periods. [6]
It is the first protocol to implement the ERC-1155 multi-token standard, enabling the inclusion of different asset types within a single contract. It also allows users to lock multiple assets in a single transaction, streamlining the process. Additionally, the FlokiFi Locker supports a wide range of EVM-compatible blockchains, providing compatibility across various platforms. [6]
The Floki University Crypto Education platform
Floki University aims to fill the crypto education gap for potential users while creating awareness of the Floki ecosystem at the same time. It aims to make crypto education accessible to a wide audience by employing a blend of synchronous and asynchronous learning approaches. The FLOKI token will serve as the primary utility token within Floki University. While the majority of the educational content will be freely available, certain functions within Floki University will require the use of the FLOFI token. [7]
The FlokiPlaces NFT & Merchandise Marketplace
Floki Inu plans to expand into a marketplace for NFTs and merchandise. This marketplace, known as FlokiPlaces, is designed to facilitate the buying and selling of NFTs and other digital products. The goal is to establish Floki as a viable payment option not only compared to cryptocurrencies like Bitcoin and Dogecoin but also as an alternative to traditional fiat currencies such as the US dollar. [2]
TokenFi
TokenFi is a platform created by the Floki Inu team, which was launched on October 27, 2023. Its main objective is to simplify the process of asset tokenization without requiring extensive coding experience. With TokenFi, anyone can easily launch their new crypto tokens and tokenize their assets, even if they do not have much technical coding background or knowledge. [9]
Initially, the TokenFi platform launch occurred on five networks: Ethereum, BNB chain, opBNB, Base, and Arbitrum. [9]
The native currency of TokenFi is called TOKEN, with a total supply of 10 billion tokens. This supply is evenly split between Binance Smart Chain (BSC) and Ethereum (ETH), allocating 5 billion tokens to each chain. TOKEN plays a crucial role in extending the use cases of FLOKI, the native token of Floki Inu. [10]
Holders of FLOKI can stake their tokens through an official staking site to earn TOKEN as a staking reward. The longer FLOKI tokens are locked, the greater the reward. This staking initiative gained immense popularity among Floki owners, with investors staking FLOKI worth $54.4 million within just one week after launch. [10]
On February 24, 2024, Floki and TokenFi were featured on Chinese national TV channels, reaching an audience of over 340 million people. [13]
FLOKI Token
The $FLOKI token is a multi-chain cryptocurrency that operates on both the Ethereum and Binance Smart Chain (BSC) blockchains. It is compatible with the ERC-20 and BEP-20 standards, allowing FLOKI holders to bridge their tokens between the two chains. [2]
Tokenomics
Originally launched on the Ethereum blockchain with a total supply of 10 trillion, FLOKI was later launched on the BSC network with the same supply in order to leverage the vast BSC user base and foster growth within the Floki Ecosystem. [8]
FLOKI holders can bridge their tokens between the BSC and ETH blockchains using the Multichain protocol. This bridge, known as the FLOKI ETH-BSC atomic swap bridge, facilitates a 1:1 swap, enabling FLOKI holders to transfer their tokens between the BSC and ETH blockchain. As a result of this 1:1 swap mechanism, the supply and price of FLOKI remain interconnected across both ecosystems. [8]
FLOKI imposes a fixed 3% tax on token purchases and sales, while transfers between the two chains remain unaffected by this tax. The tax proceeds are directed towards the Floki Inu treasury, with the project's intention being to utilize these funds for ecosystem development and to foster the adoption of Floki. As stated in the white paper, the team plans to decrease the tax rate once the treasury has amassed a sufficient amount of funds. However, there is no specific target or indication provided regarding the timing or the extent to which the tax rate will be reduced. [2]
On February 29, 2024, the Floki team put forward a proposal for a massive $FLOKI token burn. The team proposed a burn of 190,918,585,431.84 $FLOKI tokens worth around $11 million at the time. [15]
The burn was proposed 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 and to permanently ensure that the tokens can never enter into circulation. [15]
DWF Labs x Floki
On February 27, 2024, the Floki team announced that DWF Labs, a digital asset market maker and multi-stage Web3 investment firm, will acquire $10,000,000 worth of $FLOKI tokens from the Floki treasury over a two-year period. This acquisition is part of DWF Labs' commitment to support the Floki Ecosystem, aiming to bolster Floki's utility and marketing efforts as the cryptocurrency market experiences significant growth. [11]
Floki first announced a partnership with DWF Labs in May 2023, in which they purchased $5 million worth of FLOKI tokens. [12]
Floki & HK SFC
On January 26, 2024, the Securities and Futures Commission of Hong Kong posted Floki and TokenFi Staking Program on its list of suspicious investment products. In response to the post, Floki announced on January 29, 2024, that it had taken steps to mitigate concerns in jurisdictions. [14]
The mitigation steps include: placing prominent warnings on the Floki and TokenFi staking websites to alert users from Hong Kong that they are not eligible to join the staking program, taking other practical measures to block Hong Kong users from joining the staking program, implementation of measures to prevent Hong Kong users from joining the staking program until the relevant regulatory issues have been resolved, and pause on the offline marketing campaign in Hong Kong before its scheduled launch in mid-December 2023. [14]
