Floki Inu Plans to Burn $55M in Tokens

The Floki Inu project team has submitted two governance proposals to the DAO for a vote that include burning 4.97 trillion FLOKI tokens valued at $54.7M and a drastic reduction in the transaction tax.

According to the announcement, the voting will end on January 29. At the moment, the proposal has received a support of 99% of voters.

The project developers have proposed to close the cross-chain bridge. The Blockchain Interoperability Protocol was designed to migrate FLOKI from Ethereum to BNB Chain without exceeding the 10 trillion token supply limit.

According to the project team, the solution has fulfilled its task.

The developers have said that safety is another of the reasons for eliminating the bridge.