What is Floki (FLOKI)? All You Need to Know About FLOKI

Introduction

A tweet from Elon Musk has birthed another outstanding dog-themed meme coin poised to change the narrative about meme coins as an investment with no significant value other than to facilitate transactions. Usually, meme coins have a very high supply, lack utilities, have a high probability of pump-and-dump, and are mainly created by anonymous founders. However, Floki, following Shiba Inu’s footsteps, is poised to provide utility and market demand for its products and native token through several innovations and partnerships.

In this article, we will be looking at Floki, formerly Floki Inu, and exploring its flagship utility offerings and crypto enthusiasts’ growing interest in its ecosystem.

What is Floki (FLOKI)? From Meme to Utility

Floki is a dog-themed meme coin launched in September 2021 following a viral tweet by the Doge Father, Elon Musk, on June 25, 2021. Elon had tweeted that he would be naming his pet dog, “Floki.” The founder(s) took advantage of the viral tweet and the influence of the Tesla founder and CEO to create a meme coin that will share close similarities with the leading dog-themed coins — Dogecoin and Shiba Inu.

Source: Twitter

Before this, Elon Musk has been very influential in the growing popularity and increasing market demand of meme coins, particularly Dogecoin. As with most meme coins, the actions of celebrities or influencers significantly affect their prices. However, other factors determine price fluctuations, such as market sentiment, token utility, listing on leading exchanges, and community support.

Source: Floki Protocol

Members of the Shiba lnu community created Floki, and they are closely related to Shiba Inu in many respects — huge supply, anonymous founders, focused on broadening its ecosystem and increasing utility for the native token, etc. Though, there are some differences between the two.

Like most meme coins, Floki was initially launched by anonymous developers who eventually rugged the project, leaving investors stranded and scampering for their funds. However, these investors came together and relaunched the project, setting guidelines and structures for the sustenance of the project and protecting their investment. Floki is currently owned and managed by the community (through a DAO) and decides on fundamental changes in governance through voting. The project has dramatically developed since the relaunch.

The Three Major Focus of Floki

Floki focuses on three critical areas: community, utility, and charity. These distinguish the meme coin from the others as the people’s cryptocurrency with overly ambitious goals. Let’s take a look at these key areas.

Community

The effort of a vibrant and supportive community has turned a once “useless” meme-coin into a full-fledged web3 project with several flagship utility offerings.

Floki has a combined global community of more than 450,000 members on different social media, and they are famous for their social media raids, creating exciting memes and spontaneous marketing appeal. Members are popularly referred to as the “Floki Vikings.”

Utility

Floki ecosystem aims to give the people (users) control of their finances through these six utility offerings: FlokiFi, NFT Metaverse Game, Floki NFT Collections, FlokiPlace, University of Floki, and Floki Cards.

Charity

Floki charity focuses on impacting the world by improving people’s lives. Its vision is to build fully equipped schools on every continent, starting with underdeveloped nations. So far, it has made four schools in four developing countries: Nigeria, Ghana, Laos, and Guatemala.

Source: Floki Protocol

How Does Floki (FLOKI) Work?

Source: Floki Protocol

Floki is a multi-chain protocol launched on the Ethereum and Binance Smart Chain networks as ERC-20 and BEP-20 tokens. Every transaction (buy and sell) using the FLOKI token is subject to a 0.3% tax, previously 3%, which goes to the Floki treasury. The tax is used for several purposes, such as project creation and awareness, collaborations, charities, and care of the environment through its partnership with the Million Gardens Movement.

Users can bridge the FLOKI tokens between Ethereum and Binance Smart Chain blockchains through the atomic exchange bridge using a 1:1 swap. In addition, when users bridge tokens, the FLOKI transaction fee of 0.3% is not charged; the platform offers a waiver to encourage effective and seamless bridging between the two networks.

Floki Ecosystem

Source: Floki Protocol

The Floki ecosystem hopes to permeate every sector of the Web 3.0 industry with its main flagship utility projects.

Valhalla — An NFT Gaming Metaverse powered by the FLOKI Token

Drawing from the rich history of the ancient Viking raiders, Valhalla will have interesting features and items (NFTs) that create an incredible experience for players. These features include a gardening system, in-game characters known as Vera, a robust battle system, an in-game ship system, and an item system.

Valhalla is a play-to-earn metaverse game where players can interact with other players and earn the native utility token. FLOKI tokens will be needed to participate in the game and to buy in-game assets. Gamers will have full ownership of the FLOKI earned in the game.

This metaverse game is developed by a team of experts with many years of experience in gaming and the blockchain industry. The project’s white paper briefly introduces the key players and their roles in developing Valhalla. The Valhalla project is led by the duo of Mr. Brownwhale, a renowned crypto veteran, NFT expert, and an Ether Cards Council member, and Jackie Xu, a software engineer and blockchain veteran who has worked for some notable crypto brands since 2012 and has vast experience in developing smart contracts. Others include sound engineers, unity game developers, game designers, etc.

FlokiFi — A Suite of DeFi Products

FlokiFi is a series of decentralized finance products launched within the broader Floki ecosystem. FlokiFi Locker is the first utility product found in FlokiFi. It is a digital asset locker solution that allows users to lock and vest fungible tokens (ERC-20/BEP-20 tokens), Liquidity Pool tokens, NFTs, and Multi tokens.

The FlokiFi Locker offers the following features:

• Lock NFTs: With the “batch lock” feature, users can lock multiple NFTs in a single transaction.
• Long Period Token Lock: FlokiFi Locker allows users to lock and vest tokens for an almost infinite period; for example, the Floki LP tokens were locked for 265 years. Also, users can lock tokens for much more extended periods.
• ERC-1155 Compatible: FlokiFi Locker enables the implementation of the multi-token lock using the ERC-1155 token standard, which allows users to have both fungible (ERC-20) and non-fungible (ERC-721) tokens in a single contract. This is highly needed in the gaming world.
• Supports Ethereum Virtual Machine (EVM) Networks: The FlokiFi Locker supports twelve EVM compatible blockchains, they are Ethereum, Binance Smart Chain, Polygon, Fantom, Avalanche, Optimism, Arbitrum, EVMOS, Cronos, Kucoin Community Chain, OKXChain, and Dogechain.

Essentially, FlokiFi protects users against the risks of hyper-volatility and inflation in the crypto space by letting them lock their FLOKI tokens for an extended period. However, investors who lock their FLOKI tokens won’t be able to retrieve them within the period. However, the FlokiFi Locker also has competitive transaction fees, which depend on the asset required to lock.

Source: Floki Protocol

Floki University — A Crypto Education Platform

Floki University is a crypto and blockchain learning platform that hopes to fill the huge knowledge gap that will be faced following growing crypto adoption. The learning platform aims to accelerate mainstream crypto education, offering crypto knowledge to those outside the crypto space by enabling access to quality information and interactive learning. Floki aims to strategically introduce its ecosystem to millions of new crypto users through the university.

While most of the university’s curriculum will be freely accessible to all, specific courses and access to premium features will require payment using the platform’s native token, $FLOKI.

Source: Floki Protocol

Floki NFT Collection — A Collection of ERC-721 Tokens

There are two significant NFT collections in the Floki ecosystem: the Genesis or Diamond Hands NFT collections and the Gemstone NFT collections.

• The Genesis NFT Collection: The Genesis NFT Collection is in four tiers: Bronze, Silver, Ruby, and Diamond. These NFTs were given as rewards to early users of the platform that’s initial airdrop receiver and early token buyers.
• The Gemstone NFT Collection: The Gemstone NFT Collection, on the other hand, are rare digital assets that give holders free access to exclusive perks and VIP treatment, such as exclusion from fees when using Floki products, free access to all Premium Floki University courses, get a unique advantage in the Metaverse NFT game, Valhalla, be among the first set of people to get access to the FLOKI Debit Card when it launches among other benefits.

Source: Floki Protocol

The FlokiPlace — NFT & Merchandise Marketplace

Floki, in pushing the frontier in the crypto space, has launched an NFT and Merchandise marketplace. This will enable trading in-game assets, NFTs, and other items needed to play in Valhalla. FlokiPlace will serve as a store where people can buy or sell NFTs and other digital products with crypto. However, $FLOKI remains the primary cryptocurrency of the marketplace and the other Floki products.

Source: Floki Protocol

Floki Security Audits

To boost the community as well as investors’ confidence and to discover issues and vulnerabilities in the source code of Floki, the FlokiFi platform, and bugs in its smart contracts, Floki undertook several security audits employing the services of Certik and Solidity Finance, two notable cryptocurrency and blockchain auditing firms.

Certik Audit

Certik examined source codes in Floki and FlokiFi. This was done using manual review and static analysis techniques. Here is the summary of the security assessment for the Floki project, which ranged from critical to informational.

A total of nine (9) findings were grouped under the following severity levels:

Critical - 0

Major - 3

Medium - 1

Minor - 1

Informational - 4

Source: Certik

Also, a similar test was carried out on FlokiFi to check for bugs and vulnerabilities in the source code and smart contracts. Here is the outcome of the audits:

Total findings - 23

Critical - 0

Major - 6

Medium - 2

Minor - 10

Informational - 5

Source: Certik

Solidity Finance Audit

Furthermore, FLOKI token smart contracts on BSC and ETH chains and FLOKIDAO on ETH were audited by Solidity Finance. In its report, the auditing firm “reviewed the StaticTaxHandler, TreasuryHandlerAlpha, ZeroTaxHandler, and ZeroTreasuryHandler at commit e94179f25c2e6f28e349763b83beef65ad3187fa on the team’s public GitHub and the FLOKI contract at 0xfb5b838b6cfeedc2873ab27866079ac55363d37e on the Binance Smart Chain (and on the Ethereum blockchain).”

Source: Floki Protocol

Partnership

Floki started 2023 on a very bright note from its dip in 2022. It has been in the news, securing partnerships and getting listed on several leading centralized and decentralized exchanges such as Gate.io and UniSwap.

Floki has partnered with the “Million Gardens Movement,” a gardening campaign founded by Elon Musk’s brother Kimbal Musk, raising over $1.4 million in donations for the movement.

Furthermore, Floki is in a “branding partnership” with a unique formula one team, the Alfa Romeo F1 Team Orlen, and with several major international football clubs, namely; S.S.C. Napoli in the Italian Serie A, Cádiz CF in the Spanish La Liga, FC Spartak Moscow in the Russian Premier League, Bayern 04 Leverkusen in the German Bundesliga, etc. This will allow fans of these football clubs to learn about the project and use any of the utility offerings.

Through a partnership with NOWPayment, Floki can be used to pay for services on the platform. Also, digital marketplaces Crypto Cart (CC) and Curate (XCUR) accept $FLOKI in exchange for physical goods.

Source: Floki Protocol

What is FLOKI Token?

FLOKI is a multi-utility token that can be used as a medium of exchange in the Floki ecosystem. It is an ERC-20 smart contract token on the Ethereum blockchain and a Bep-20 token on the Binance Smart Chain network. It had an all-time high during the 2021 bull run and went to oblivion shortly after. However, the token has seen a steady increase in price since the last quarter of 2022.

FLOKI had a price pump of 1000% and rallied to about 1500% in just three days after launch due to Elon Musk tweets, sharing an image of his dog on Twitter with the caption, “Floki has arrived.”

The token facilitates transactions and is needed to carry out certain functions in the ecosystem. With a total supply of 10 trillion tokens, FLOKI currently has a circulating supply of 9.17 trillion across Ethereum and Binance Smart chain networks, with a large amount locked in its pool. Moreover, Floki implements a transactional buy and burn of FLOKI tokens making it perpetually deflationary.

Additionally, the DAO voted to reduce the 3% transaction tax levied on each buy and sell to 0.3%. This will go into the Floki treasury and is primarily used to develop the ecosystem and create awareness for mass adoption. The price of the FLOKI token soared by 14% following the DAO proposal to burn 4.97 trillion tokens (about $55 million).

Is Floki (FLOKI) a Good Investment?

The meme coin may have a low market capitalization or become ranked among the top 10 cryptocurrencies. However, its roadmap looks promising, and its venture into metaverse gaming, NFTs, DeFi, and other projects places Floki (FLOKI) as a veritable investment.

Thus, the future looks promising, with enormous prospects for good ROI, particularly during the bull market as adoption grows. However, it is pertinent to understand that cryptocurrencies are incredibly volatile, unregulated & highly speculative, with no consumer protection. Customers are at significant risk of losing capital. Hence it’s advisable to seek financial advice, effectively manage your risk and only invest what you can afford to lose.

How to Own FLOKI?

You can buy FLOKI from centralized and decentralized cryptocurrency exchanges. For example, Gate.io offers traders different trading pairs: FLOKI/USDT, FLOKI/BTC, and FLOKI/ETH. To own the token, create a Gate.io account, and complete the registration process. Also, you need to fund your spot trading account and go through the steps to buy FLOKI.

Recent Developments

There have been many breathtaking developments from Floki in 2023, with its listing on notable centralized exchanges creating an opportunity for broader participation and access to its token.

Floki is in partnership with Indian Cricket Association, Maharajas, on a promotion deal.

Additionally, Floki plans to release the Chinese version of its Metaverse NFT game, Valhalla, and hopes to launch a debit card to enable hitch-free transactions.

Take Action on FLOKI

Check out FLOKI price today and start trading your favorite currency pairs:

• FLOKI/USDT
• FLOKI/BTC
• FLOKI/ETH