Fast-growing multi-chain protocol Floki recently shared data from its newly launched staking program, highlighting $48.9 million in total value locked (TVL).
The team behind Floki revealed users staked 1.5 trillion FLOKI in three days, a figure that accounts for 15% of the token’s total supply. The protocol underscored the outlook of its Annual Percentage Yield (APY) rates as a crucial source of attraction for all.
FLOKI Staking Figures and TokenFi Catalyst
Besides these stats, Floki’s staking offerings boast other impressive figures, as seen on its dashboard. Floki offers a three-month APY of 31.81%, a figure that extends to 50.9% for one year. Investors who stake for 2 years will get 76.35% in APY while 4-year lock-up through the staking program brings the rate to 101.8%.
The design of these staking rewards aims to help drive broader ecosystem participation and functionality. The lockup for a minimum of three months to a maximum of four years helps reduce the number of FLOKI in circulation, bolstering the value of the token.
According to Floki, more than 460,000 holders can participate in the staking offering. Floki’s staking success also stems from its market efforts that have reportedly introduced the token to over 3 billion people.
The appeal of the newly launched tokenization platform TokenFi and its accompanying asset, TOKEN, also contributes to the growing demand for FLOKI staking. As revealed when Floki introduced TokenFi last week, FLOKI stakers will earn 56% of the TOKEN supply over the next four years.
The prospects of TOKEN account for the rapid influx recorded within three days of the FLOKI staking program going live.
Impact on FLOKI Price
Despite the impressive staking stats released by Floki, FLOKI’s price remains in selloff mode. FLOKI plummeted by 9.99% to $0.00003112, a dive possibly catalyzed by the fraud allegations from Bitget about the manipulation of TOKEN’s supply.
The Floki team denied these allegations, noting that Bitget listed an unauthorized version of TOKEN. In all, FLOKI remained elevated over the past week following its 24.48% jump and 7.62% surge in trading volume to $63,391,151.
At the time of writing, FLOKI boasts a market cap of $296,033,999. Meanwhile, TOKEN retains a major uptrend, currently up 71% over the past 24 hours, with a reported market cap of $36.8 million, per CoinMarketCap data.
DisClamier: 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 opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
