- Floki developers plan to burn 190 billion FLOKI tokens worth about $11 million.
- This is 2% of the total asset supply.
The developers of the Floki project announced plans to burn 190 billion FLOKI tokens, which is about 2% of the total supply. This is reported by CoinDesk with reference to representatives of the project.
Journalists learned that the team went to such a step in order “to increase scarcity and improve network security for the crypto platform.”
“We propose to burn 190,918,585,431.84 FLOKI tokens. This is about 2% of the current circulating token supply, which is now worth over $11 million,” a Floki spokesperson said in a comment to CoinDesk.
The report said that flaring refers to the final withdrawal of tokens from circulation by sending them to a cryptocurrency wallet that no one controls.
The project spokesperson also added that the tokens to be burned will be obtained from the stocks stored in the Multichain protocol.
Earlier we reported that market maker DWF Labs will acquire $10 million worth of FLOKI tokens to support the project’s ecosystem.
