During the inaugural week of its staking program, more than $54.4 million worth of FLOKI tokens have been securely locked.
To provide some context, this locked value represents approximately 17% of the total FLOKI token supply or nearly 18% of the tokens currently in circulation.
Floki’s official Twitter account emphasized, “It’s important to note that a significant portion of these tokens are staked for extended periods, up to 4 years. In essence, under normal circumstances, most of these tokens are unlikely to be traded or circulated for the next 4 years.”
FLOKI STAKING TVL HITS $54.4 MILLION
That is 17% of the total $FLOKI supply, or almost 18% of circulating supply.
It is worth highlighting that the… pic.twitter.com/FZYZbfFGri
— FLOKI (@RealFlokiInu) November 4, 2023
It’s important to highlight that more than half of the overall supply of Floki’s sibling token, TOKEN, is allocated to FLOKI stakers. This arrangement allows stakers the potential to earn TOKEN rewards spanning a four-year period, offering an annual percentage yield (APY) that can reach up to 160%.
— B (Da Viking) (@100bviking) November 4, 2023
The TOKEN rewards are linked to TokenFi, a tokenization platform with ambitions in the tokenization industry.
Recently, FLOKI experienced a surge following a dispute between the Floki protocol and the Bitget crypto exchange teams. Both parties accused each other of market manipulation related to the token listing. These allegations emerged through social media posts from the Floki team and a blog post from Bitget.
Current Market Performance: As of the present moment, FLOKI is trading at $0.00003099, marking a 1.99% increase in the past 24 hours.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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