Floki Inu To Launch A New Project To Protect Investor Funds From Scams And Hacks.
Developers working on Floki Inu have a new plan to launch a new security mechanism to enhance security and utility.
Every now and then, a scam or rug pull is discovered in the crypto market. Things get more problematic when the scams identified have already stolen funds from numerous people. That’s why the developers behind the popular meme coin, Floki, have come up with a security mechanism to prevent such hacks and scams from happening to Floki holders.
The project is named FlockFi Locker and will be part of a new roadmap dubbed Project L. Following the announcement, Floki trended on Twitter.
Are you ready for what's coming for $FLOKI?
— FLOKI (@RealFlokiInu) August 3, 2022
What Is FlokiFi Locker?
The FlockiFi Locker mechanism enables users to lock access to their digital assets and enhance security. The assets supported by FlokiFi Locker include NFTs, Liquidity Pool tokens, and ERC20 and BEP-20-based tokens like Floki. Multi tokens are also part of the supported assets. Users can access the FlokiFi Locker here.
Transaction Fees To Support Floki Token Burns
Floki developers also include a mechanism to improve the coin’s value over time. First off, Floki is the native token that will power FlokiFi Locker, and a good chunk of the transaction fees will be used to buy and burn Floki tokens as a deflationary measure.
A statement released to explain this plan read,
“25% of the transaction fee automatically does a transactional buy and burn of FLOKI tokens — making the FLOKI token perpetually deflationary. The remaining 75% goes to the Floki treasury.”
It’s not immediately clear how much the launch of FlokiFi Locker will affect the token’s price. A quick look at the coin’s current stats shows it is gaining by 7.5% daily. It’s currently trading at around $0.000016, with a market cap totaling $151 million.
Floki’s roots can be traced back to when Elon Musk announced intentions to name his dog “Floki.” The wave that followed the billionaire’s announcement led to creation of a few meme coins, but Floki became the most popular. Floki (or Floki Inu) is now the crypto industry’s third most popular meme coin.