A Beginner’s Guide to Floki Inu (FLOKI)
The unexpected rise of Dogecoin inspired many developers to focus on this category of crypto. The developers introduced a range of meme coins over the past few months but only a few could actually make it to the spotlight. Shiba Inu was one of the leading names that gained a lot of attention and even outperformed its predecessor.
Floki Inu (FLOKI) is another such project that has been launched to compete with Dogecoin (DOGE) and Shiba Inu (SHIB). But it’s marketed as a movement instead of a meme coin. The project is designed to solve real-world problems while promoting humor.
What is Floki Inu (FLOKI)?
Floki Inu was introduced by a team of unknown developers that belonged to the community of Shiba Inu. The project is designed to establish a strong community that can be used as an asset.
FLOKI is a multi-chain project that is available on Ethereum and Binance Smart Chain (BSC). The platform uses a 3% tax rate for buying and selling its native token. The tax goes directly to the treasury funds that are used for the development of the project. Similarly, the funds are used for the promotion of the project.
However, the users don’t have to pay any taxes while swapping tokens through the ETH-BSC bridge. Furthermore, it’s mentioned on the white paper that the tax will be reduced once a particular amount of funds are collected. However, the white paper doesn’t share any details about a particular target they are willing to achieve.
Utility of Floki Inu
NFT Gaming Metaverse: Valhalla
Valhalla is the native gaming metaverse of Floki Inu where players can participate in several activities to earn rewards. The players can purchase several gaming assets using their FLOKI tokens. The platform provides gamers with complete ownership of the assets they earn through rewards.
NFT and Merchandise Marketplace: FlokiPlaces
FlokiPlaces is the NFT marketplace where users can trade NFTs and other digital assets. The Floki Inu team is dedicated to offering this marketplace as an alternative to Bitcoin and Dogecoin where users will be able to trade collectibles and merchandise along with NFTs.
DeFi
Floki Inu is using two DeFi platforms including BarnBridge and Inverse Finance to offer financial services. The network uses Chainline price feeds to update real-time data on the platform. Inverse Finance enables users to borrow other crypto tokens by locking their FLOKI tokens as collateral.
Similarly, they can lend their tokens to other community members to earn interest. BarnBridge, on the other hand, offers a Senior and a Junior pool where users can lock their FLOKI tokens to avoid the risks of hyper-volatility.
The Junior Pool offers impressive gains if the price of FLOKI tokens increases but these investors don’t have enough protection if the price falls. On the contrary, the Senior Pool provides up to 35% protection if the price of the token falls. However, the gains in the Senior Pool are relatively low.
It’s worth noting that the users can’t retrieve their tokens for a week once they’ve locked them in a pool.
Content Education Platform: Floki Inuversity
Floki Inu has designed a unique metaverse university that is dedicated to educating anyone who wants to learn more about cryptocurrencies. The team is committed to establishing the biggest database of crypto content that will be easily accessible to anyone. Most of the content will be available for free.
But the team has designed a few premium courses that can be purchased using FLOKI tokens.
Floki Inu Brief History
On June 25, 2021, Elon Musk shared his thoughts about adopting a Shiba Inu puppy who will be named Floki. The Floki Inu team used it as an inspiration and ended up developing a new pupcoin with the same name. The team took this step with the aim of taking advantage of Musk’s influence on the price movement.
FLOKI was readily available in the market before Elon Musk even tweeted about the final adoption of the puppy. Floki Inu’s team partnered with Kimbal Musk’s Million Garden Movement with the goal of fighting off food insecurity worldwide.
The price of the FLOKI token significantly increased within the first few months of its existence. In September, the price of the memecoin had increased by more than 250,000%. Over time, Floki Inu’s team has introduced new features that can add more value to the crypto industry.
Floki vs. Doge and SHIB
Floki team is dedicated to making its native token one of the top 10 crypto projects in the market. Floki Inu’s team is working hard to shift from the memecoin narrative so it may offer more value to the investors. Floki team is committed to establishing a strong community of token holders so it may offer a more useful platform.
Like Doge and Shib, Floki also took advantage of Elon Musk’s influence. Similarly, it has developed a strong fan base by regularly engaging with its fans on social media. Furthermore, Floki has an unusually high supply like Doge and Shib.
Floki has a total supply of 20 trillion tokens whereas Shib has an enormous supply of 1 quadrillion tokens.
FLOKI Tokenomics
FLOKI is the native token of Floki Inu that can be used to pay transaction fees within the platform. The users can also lock their FLOKI tokens on the DeFi services to earn rewards. Similarly, they can borrow other crypto tokens by locking their FLOKI tokens.
With a circulating supply of 8.9 trillion tokens, FLOKI has a market cap of $317 million. It ranks among the 200 best cryptocurrencies in terms of market cap.
Conclusion
FLOKI is a memecoin introduced following a tweet by Elon Musk. However, this project is dedicated to shifting its narrative from a memecoin. It offers an NFT marketplace, education platform, and DeFi services to offer true value to its investors. FLOKI has a goal of becoming one of the top 10 cryptocurrencies in the market.
If you need more information about how Floki Inu works, feel free to get in touch with us.