Floki Inu ($FLOKI) Explained and Overviewed
Aug 22, 20226 min read
Dog-themed crypto is one of the hottest trends in the crypto market. Dogecoin and Shiba Inu, despite their meme nature, do not leave the rating of the 20 most capitalized cryptocurrencies. Such popularity has prompted many crypto enthusiasts to launch their projects in the pursuit of success. Hence, in 2022, the market will be flooded with hundreds of dog coins. Some use Pitbulls, some Poodles, and some Corgis as their mascot, but the main meme-coins inspirer is the cute Shiba Inu breed. In today’s article, we will deep dive into one of the most meme-coins inspired by Shiba Inu — Floki Inu.
How Did It All Start?
Dogecoin claims to be the oldest meme cryptocurrency. It was launched in 2013. The project caused positive emotions by its spontaneity, and the small coin’s price made it accessible for purchase and mining for everyone. The Dogecoin channel on Reddit gained 20 thousand subscribers in a few weeks, and the coin’s price increased by 300% to $0.002. But the real popularity of the coin came when the community united for charity. Dogecoin’s charity campaign caused a response in the hearts of celebrities. Snoop Dogg, Carol Baskin, Kai Greene, Gene Simmons, and many others have expressed gratitude. Since September 2018, Elon Musk has repeatedly expressed sympathy for the project, bringing the DOGE price to new heights each time. He even noted that someday Dogecoin could become the official currency of Mars.
Trying to get its piece of cake, another group of developers, under the pseudonym Ryoshi, released their dog-crypto — Shiba Inu. The token has become incredibly popular thanks to tweets and headlines with influencers like Elon Musk and Vitalik Buterin. But Elon Musk has become a kind of PR man not only for the two most popular meme-coins. In 2021, the entrepreneur published another fateful post on Twitter. The billionaire wrote that he wants to get a Shiba Inu puppy, calling it Floki. The developers of Floki Inu decided to benefit from the entrepreneur’s influence on meme-tokens to launch their “dog” asset. The starting price of FLOKI was fractions of cents, but shortly after the launch, it increased by more than 50,000%. A dedicated community — FlokiVikings — quickly formed around the project, which today has more than 400,000 members.
What Is Floki Inu?
Floki Inu is a meme-crypto that seeks to bring real utility and power to its community. The project’s long-term strategy consists of forming a decentralized system, partnerships with large organizations, and further popularizing the product. Initially, the project was launched on the Ethereum blockchain, but today the FLOKI token also exists on the Binance Smart Chain.
The Floki Inu team is actively promoting their project, concluding numerous marketing partnerships. The list of partners includes eight football clubs, including Russian Spartak, Turkish Fenerbahçe, Italian SSC Napoli, and others. In addition, Floki Inu’s popularity is ensured by the two Musk brothers. With the first one — the one that Elon — everything is clear: today’s hero was raised on his tweets. Although, Elon himself does not cooperate with the team and generally declares that he does not invest in FLOKI and SHIB. But the second Musk — Kimbal, Elon’s brother — is actively cooperating with FLOKI. The Floki team partnered with the Million Gardens Movements (Kimbal-led non-profit) that helps millions of Americans to plant gardens to provide themselves with healthy food. Another prominent Floki partner is CryptoCart, a platform where customers can pay with crypto for goods in 1,700 stores. In addition, due to the partnership with Shopping.io, users can now pay with FLOKI in leading online stores, including eBay, Walmart, and Amazon.
Floki Inu Ecosystem
FlokiFi is the umbrella name for all DeFi products the project team intends to launch. The first such protocol will be Project L, which is already functioning on testnet, and after the completion of the CertiK audit, the mainnet launch date will be announced. Project L is the codename for FlokiFi Locker, a protocol that allows users to lock and secure their assets for an unlimited time. The protocol supports most EVM-compatible networks and enables the lock of ERC-20 and BEP-20 tokens, LP tokens, NFTs, and even ERC-1155 multi-tokens.
Initially, users will be able to pay Project L transaction fees with USDT stablecoins and later with any cryptocurrency. The project team provided a clear tokenomics, according to which users are required to pay a transaction fee in the amount of:
- 50 USDT to lock ERC-20 or BEP-20 token;
- 100 USDT to lock an NFT;
- 100 USDT to lock the ERC-1155 token;
- 100 USDT to vest ERC-20, BEP-20, or ERC-1155 token;
- 0,5% of LP value to lock or vest LP tokens.
- In addition, Project L is designed to expand the Floki Inu ecosystem and make the FLOKI token permanently deflationary. Thus, 25% of transaction fees are directed to the purchase and burning of FLOKI and 75% to the treasury.
Project X, codenamed Valhalla, is a long-awaited play-to-earn combat game inspired by such famous game projects as Skyrim, Pokemon, and FarmVille. In the Valhalla metaverse, players can fight, capture, and perform other in-game activities with their Vera NFTs. There are more than nine quadrillions of Vera NFTs variations, each of which can be upgraded to make it more valuable and rare. In addition to battles, players can also engage in gardening and sell their crops as NFTs.
The project team provides FLOKI holders with various DeFi Offerings, thanks to which they can gain maximum control over their finances. In addition, the developers have partnered with the leading blockchain oracle Chainlink to provide secure access to all current and future DeFi protocols. At the time of writing, two offers are available to holders:
- Inverse Finance. As part of the protocol, users can stake FLOKI tokens to earn INV tokens and use FLOKI as collateral to borrow DOLA stablecoin, ETH, BTC, and other assets.
- BarnBridge. Users can deposit their FLOKI tokens into a pool as Seniors or Juniors. The former is the low-risk side, which receives less reward. The latter are high-risk parties who can get more rewards (or losses). Both parties deposit tokens in the hope of making a profit when the FLOKI price rises. However, Seniors do not receive as much reward (since they do not take much risk), while Juniors receive high rewards but have increased chances of losses. The BarnBridge protocol helps to equalize the situation. The protocol redistributes tokens so that Seniors receive 35% downside protection, and Juniors receive upside leverage when the price goes up.
Some Floki Inu ecosystem products are still developing and expected to be launched soon. These include:
- FlokiPlaces is a branded NFT and merchandise store within which users will be able to buy and sell NFTs and merchandise.
- Floki University is an educational platform for users who want to improve their knowledge about blockchain and cryptocurrencies.
- Gemstone NFTs is a collection that includes three Gemstone NFTs: Aurum Gemstone of Truth NFT, Diamond Mind Gemstone NFT, and the Ruby Heart Gemstone NFT. The crucial point is that Gemstone NFTs holders will receive exclusive perks and early access to the Floki Debit Card.
- Floki Debit Card will be available to users in Q4 2022. Gemstone NFTs holders will be rewarded with early access to the card.
Floki Inu Tokenomics
FLOKI is a native token of the Floki Inu ecosystem. The token supply is limited to 10 trillion, of which 9,318.01B FLOKI are in circulation.FLOKI combines the ERC-20 and BEP-20 standards. In addition, the project team has launched an ETH-BSC bridge that allows users to quickly and seamlessly bridge FLOKI tokens between Ethereum and Binance Smart Chain.
Each FLOKI transaction is subject to a 3% tax, which is sent to the treasury of the project for further development, expansion of partner relations, charity, and marketing. In the future, the developers plan to reduce the tax.
Floki Inu is young but managed to get its minute-of-fame cryptocurrency. The project has a strong developer team and a cohesive community that makes FLOKI attractive practically. To date, the project developers are making many efforts to promote the project. For example, at the end of October 2021, the project team launched a massive marketing campaign on public transport in London. The slogan “Missed Doge? Get Floki” was flaunted in the underground, on trains, and on buses. The FlokiVikings squad continues to multiply, the project is broadcast on TV, and the list of partnerships continues to expand.
By the end of 2022, the project team plans to hand over the reins to the DAO, allowing community members to directly participate in the Floki Inu future.