Just a fortnight back, the Floki Inu team announced that it would be transitioning into a DAO gradually. Fast forward to press time, phase one of the said upgrade is now done and dusted.
It was reported earlier that the initial phase had commenced on 22 January and was completed in a span of 48-hours. The team recently announced that the same was concluded successfully. Their medium post stated,
“Phase 1 of the FLOKI DAO upgrade, the Nottingham Upgrade, was recently concluded successfully.”
The team seeded the liquidity pool on the new contract with initial liquidity of $3 million borrowed from the multisig Treasury Wallet. Right now, they need assistance from community members to help it migrate liquidity from V3 to the Nottingham contract. The post added,
“Right now the old V3 FLOKI tokens are useless and cannot be traded on the main liquidity pool as it has been frozen. With the help of the community, however, we can drain liquidity from that pool and move it to the liquidity pool on the Nottingham contract.”
HODLers have been requested to send their old (V3) FLOKI tokens to a multi-sig address specially set up for the purpose of migrating liquidity from the old contract. The report additionally highlighted,
Every FLOKI holder has been airdropped the new tokens on the upgraded contract 1:1 based on what they held when the upgrade started.
Once these tokens have been sent and liquidity has been drained from the old contract, the team will remove the initial amount used to seed the new contract with liquidity [$3 million] and add the rest to the liquidity pool to keep it on par with what the old contract had.
Of the $3 million removed, ~$2 million will be used to purchase FLOKI tokens to replenish the Valhalla treasury while the remaining $1 million will be returned to the Treasury Multisig wallet.
The team behind Floki Inu also hosted a Twitter space yesterday to discuss the said upgrade.
Other feathers in Floki’s hat
Well, things for Floki are set to get even more interesting from here. The project is expanding into the non-fungible token space too. Recently, the team announced that an exclusive set of Floki Gemstone NFTs was on the way. According to their Medium article, these tokens have been created to “give holders a sort of ‘VIP access’ and exclusive benefits.”
Keeping with some of Floki’s core ideologies, these NFTs can only be earned, not purchased. To earn one, investors must be among the first to buy and hold Floki Inu crypto tokens on the upgraded contract. When it becomes tradable, this can be done on either Uniswap or PancakeSwap.
The said article also shed light on how the team is “in talks with several institutions interested in offering FLOKI holders a Floki Debit Card.” Now even though there is no specific date mentioned, the cards are expected to roll out later this year.
Despite the wobbly state of the market, FLOKI was up by 6% in the day’s trade. At the time of writing, it was seen exchanging hands around $0.00004178.