As previously reported on Watcher Guru, Phase 1 of Floki Inu’s transition to a DAO will be commencing soon. In a recent article, the team behind Floki Inu went on to give specifics regarding the upgrades, and key information for FLOKI holders using the Inverse Finance Protocol. They also revealed that Phase 1 of the upgrades will begin in the morning of this Saturday, 22/01/2022, UTC.
Timeline for the Floki upgrade
Phase 1 of the DAO update will commence on Saturday morning UTC (22/01/2022) and will take 48 hours to finish, barring any unforeseen events.
Further information will be provided by the team as soon as the upgrade process begins so that the entire community is up-to-date on all events.
The team has assured the FLOKI community that they don’t have to do anything during the upgrade process. The transition is all set to be a completely seamless process, and HODLers only just need to hold on to their FLOKI tokens, and relax!
The Floki team has contacted all key CEX’s that have listed the token, and they are in full support of the upgrade. HODLers will be covered whether they have their tokens on a CEX, or in a wallet in the blockchain. The team has also contacted their key DeFi partners such as Chainlink, BarnBridge, and Inverse Finance, who are also in support of the upgrade.
Floki’s Key information about loans taken on Inverse Finance
Floki Inu also released some vital information regarding loans taken on Inverse Finance, by collating FLOKI tokens.
Users who have taken such loans have until Friday, 21/01/2022, to repay the loans and thus avoid getting liquidated.
The Floki Inu team is aware that this wasn’t expected, nor planned for, but assures the community that they would do right by their users. As per the article, continuing with the upgrade without properly involving Inverse Finance will negatively impact the platform’s stability.
The team is also working out a plan to reimburse users who may be affected by the Inverse Finance issue.
Floki’s lead developer, Jackie, is running a script to assess the extent of the impact, in order to have specifics regarding the reimbursement involved. However, the script is taking longer than anticipated.
About BarnBridge and other DeFi Protocols
FLOKI HODLers who have staked their tokens on BarnBridge, do not have to do anything at all. The team at BarnBridge is in full support of the upgrade, and will automatically airdrop the tokens to the users’ wallets.
However, for users using DeFi protocols other than Inverse Finance and BarnBridge, the Floki team has strongly suggested that they unstake their tokens and have them in their wallets during the time of the upgrade.
FLOKI has gone through a number of upgrades in the past, so this isn’t new ground for them. FLOKI has always emerged stronger as a result of these upgrades, which are based on data and done out of need in order to secure critical strategic advantages.
The Floki team asks its HODLers to hold strong and not let FUDDERS get to them.