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Floki Inu (FLOKI) warns against cheating during DAO upgrade

Floki Inu started the switch to DAO on Saturday, January 22, 2022 at 15:00 (UTC) with the support of many exchanges.

Floki Inu announced the upgrade to FlokiDAO on January 18, 2021. Phase 1 of the upgrade took place yesterday. The decision to make Floki Inu a Decentralized Autonomous Organization (DAO) was made for several important reasons. First, centralized exchanges cited Floki Inu’s centralized nature as a major criticism when asked to list it. Second, the migration to the DAO positions the token strongly.

Third, the project is more widely accepted. In the end, statistics show that the future of cryptocurrency is DAO. Most centralized exchanges that recently listed FLOKI (previously only listed on PancakeSwap and Uniswap) support upgrading to DAO. Holders with FLOKI in their Custody Exchange wallets do not need to do anything during and after the upgrade.

Floki notification FLOKI trading has been disabled on Ethereum and Binance Smart Chain. At that point, they also took a snapshot of the token holders. All centralized exchanges with FLOKI holders have deposits and withdrawals disabled until the end of the upgrade.

Any updated smart contract addresses will also be published prior to completion. The purpose is to prevent scammers from misleading people who are eagerly awaiting the change that the upgrade will bring. Floki Inu account already tweet:

“We will make updated contract addresses public before the upgrade is complete, so scammers can’t take advantage of your enthusiasm for FLOKIDAO. We haven’t added any liquidity or distribution tokens yet, so you can’t trade new contracts just yet.”

Floki Listed Exchange

The StealthEX, DAVOS CRYPTOS, and Bitrue exchanges all support the upgrade. Barnbridge and Inverse Finance DeFi protocols are also supported, but the other DeFi protocols are not. For those who borrowed from Inverse Finance, Floki gives them time to pay off their loans to avoid liquidation as the upgrade progresses.

FLOKI is looking for more utility than SHIB

When asked if Floki Inu’s goal is to beat meme coin competitor Shiba Inu, the head of marketing said:

“That is the goal. We truly believe that next year we will have more amenities than Shiba…”.

He added that Floki Inu’s main purpose is not to compete with Shiba Inu, but rather to develop and improve Floki Inu. Floki was recently accused of breaking advertising laws after a “tour” in London.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.