Floki Inu, more commonly known by its ticker FLOKI, was birthed by fans and members of the Shiba Inu community. This dog-themed project equates itself to a “movement” and is currently working on a host of flagship utility projects – An NFT gaming metaverse called Valhalla, an NFT, and a merchandise marketplace called FlokiPlaces, and a content education platform called Floki Inuversity.
In what is the latest news, Floki Inu just announced that it would be transitioning into a DAO or a Decentralized Autonomous Organization. Simply put, a DAO is a community-led entity with no central authority.
This indicates that Floki Inu will now become completely autonomous and transparent. The smart contracts would lay down the foundational rules and execute the agreed-upon decisions. In fact, the underlying code itself can be audited publicly.
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One of the interesting aspects of this framework is the alignment of incentives. A healthy, robust protocol would garner more usage. And in retrospect, increase the value of the tokens which each DAO member is in possession of. So, as the protocol succeeds, the token HODLers would parallelly do too.
Floki Inu’s official Twitter announcement thread noted,
“This phased transition to a DAO makes FLOKI more decentralized and secure. It also eases the process of FLOKI being listed on key exchanges.”
At this stage, it should also be noted that several other “key industry players” like BNB have recently announced their decision to move closer to a DAO structure. What’s more, Kucoin – one of the world’s biggest exchanges, also announced that it would be diverting its focus more towards DAO-related projects this year.
Highlighting the overt motive of their move, Floki Inu’s Twitter thread added,
“FLOKI has always intended to be a DAO, and this move is a combination of timing (necessity due to the need to be more decentralized to foster adoption and keying into a important and defining trend) as well as working towards actualizing one of FLOKI’s early goals.”
Having said that, it is quite important to note that this move would be phased and is set to begin towards the end of this new week. Once the transition is fully completed, HODLers would be able to vote on key issues with their respective tokens.
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This is indeed a turning point for the project and all the members associated with it, including the ‘Vikings’ community. This move, in all likelihood, is set to foster a much quicker growth and adoption of the project.
The underlying token was already seen reacting positively to the aforementioned news. After having a rough week, FLOKI was trading at $0.00007233, up by more than 3% on the daily timeframe.