The team behind crypto project Floki revealed on X that it did not support the listing of its latest crypto TOKEN on Centralized Exchanges (CEXs) amid withdrawal issues faced by investors.
Floki said users who purchased TOKEN on these centralized exchanges report their inability to withdraw the assets. Highlighting the ordeal, the protocol said since it did not authorize the CEX listing, the “TOKEN” users are trading is not the real TokenFi token.
TOKEN Exchange Debut
The Floki team introduced TokenFi earlier this week and were clear about their plans for the platform and its native asset, TOKEN. In keeping with the outlined plans, the team announced the listing of TOKEN on Uniswap and PancakeSwap.
At launch, the team bolstered TOKEN’s liquidity on these platforms with the market cap at launch pegged at $50,000.
Floki also legitimized this listing by publishing the contract address for TOKEN on Uniswap and PancakeSwap to guide users into confirming the asset they trade is the real one. It is worth noting that the ETH and BSC contract addresses are the same.
To confirm to its community that it did not back the TOKEN on some centralized exchanges, the team said withdrawal attempts would not be successful.
To allay some users’ concerns, Floki confirmed ongoing coordination with centralized exchanges for potential future listing. It said it plans to reveal the timelines shortly. The team warned of related mistakes as the hype has already pushed FLOKI to new highs.
TokenFi: Prospects and Goals
Besides the frenzy in the Floki community about TOKEN and its potential future price gains, there is a bigger plan for TokenFi as a tokenization platform.
With the growing industry leaning toward tokenization, TokenFi’s goal is to capture this potential $16 trillion market and return actual value to its users.
Riding on the successes of FLOKI, TokenFi aims to capitalize on blockchain technology and its community participation to enhance its tokenization offerings when the platform goes live in the coming months.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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