BlocksInform
The Floki Inu DAO has finally passed the “Remove the FLOKI transaction tax and burn the bridge tokens” proposal. As reported in our earlier news, the proposal was opened for voting on January 27 causing significant price movements immediately after it was announced.
On 29 January, 99.97 per cent of participants voted for the proposal.
The price of FLOKI token has surged slightly because of the news, with the token gaining about 8% at press time to trade at $0.00002415.
What is the next step after the application has been approved?
According to the information provided by Floki Inu, the proposal determined the future of two things for the Floki Inu community which are:
- The original Floki cross-chain bridge.
- Three percent tax on the floki chip.
The proposal was to disable the original transverse bridge and the tokens in the bridge were burned as there were threats of vulnerability. Floki inu narrowly avoided a ball last year when the chain bridge was briefly exploited forcing the team to quickly deactivate the bridge to minimize the impact of the exploit.
Now that the dao has voted in favour of the proposition, The team will go forward and deactivate the main transverse deck and board to burn the floki chips that were in the deck. The 3% buy and sell FLOKI transaction tax will also be drastically reduced to a 0.3% tax which is the default tax/fee on most decentralized exchanges like Uniswap (UNI/USD).
On timelines, FLOKI transaction tax will be reduced to 0.3% starting February 3 at 8:00 p.m. UTC, 2023, The 4.97 trillion chips will be permanently burned at 8 p.m. UTC on February 9, 2023. With respect to the price of floki today, the anticipated token expenditure is worth approximately $100 million.
