Popular memecoin project Floki has unveiled the launch of TokenFi, the project’s tokenization platform, and its native asset TOKEN.
TokenFi will enable Floki to compete in the tokenization industry, projected to reach a $16 trillion valuation by 2030. Floki confirmed its plans to reveal the website for TokenFi on Oct. 27.
FLOKI LAUNCHES TOKENFI (with "TOKEN" ticker) TO CAPITALIZE ON THE TRILLION-DOLLAR TOKENIZATION INDUSTRY
Floki has launched a crypto and asset tokenization platform named @TokenFi to capitalize on the trillion-dollar tokenization industry.
The tokenization industry is projected… pic.twitter.com/lCPo1fUDGp
— FLOKI (@RealFlokiInu) October 26, 2023
TokenFi: Token Details and Future Plans
While Floki did not detail the exact operational modalities for the new platform, it summarized its tokenomics. TokenFi economics will center around 10 billion TOKEN. This TOKEN supply will see 5 billion each on Ethereum and BNB Chain.
Floki plans to jumpstart the trading of TOKEN on Uniswap and PancakeSwap with 10% of the total supply. The projected market cap of TOKEN is $50,000, with $25,000 on Ethereum and $25,000 on BNB Chain.
The team behind the new venture plans to prevent or reduce the impact of “snipers.” By snipers, it refers to traders who take advantage of new protocol listings. The unveiled strategy involves instituting a 100 million cap on each wallet participating in TOKEN trade in the first hour of launch.
This strategy will complement the 1% supply release within the first launch hour and a 20% tax levy for buying and selling in this time span. While snipers may find a way to circumvent the wallet cap, Floki hopes the taxation will send back some of the funds to its Treasury where they can fuel development initiatives.
The 20% tax will change to 5% after the first hour and after a week, further changes may go live based on recommendations from the DAO. Known to maintain good relationships with top trading platforms, Floki said its exchange partners have instructions not to list TOKEN until the DAO reaches a consensus on future buy/sell tax levy.
With the reveal of TokenFi’s website, Floki said it will showcase the roadmap as it works to launch the testnet later this year.
Floki Warns Against Impostors
Building on the TokenFi and TOKEN announcement, Floki published another post to warn its community against fake TOKEN offers. It admonishes community members to steer clear of private DM solicitations in its name or any of its affiliates.
The crypto project is making a statement with the launch of TokenFi, building on the diversification legacy pioneered by its rival Shiba Inu with the launch of the Shibarium layer-2 scaling solution.
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