FLOKI climbed to a 5-month high after the team shared the plan.
Floki Inu developers contemplate burning nearly 5 trillion FLOKI tokens to reduce the tax applied on each transaction.The team behind the popular memecoin Floki Inu mightits bridge tokens and thus shrink the tax levied on each transaction to 0.3%. The maximum circulating supply of FLOKI will remain at 10 trillion assets even if the effort gets completed.
“We understand that the decision to burn the bridge tokens is a very significant decision and the ETH chain has a higher percentage of circulating supply, so we would be happy to help large holders who want to bridge over to BSC do so manually before the burn,” the developers stated. The proposal further displayed protection risks related to cross-chain bridges. Burning some of the tokens could reduce the chance of a potential “catastrophic impact,” the team added:
“In Floki’s case, an exploit on our main cross-chain bridge would have a catastrophic impact on the project since this bridge currently holds 55.7% of what FLOKI’s total circulating supply should be. This is a lot of tokens, and that’s more than enough to drain the project’s liquidity pools and essentially destroy the project if exploited.The native token of the project – FLOKI – spiked by almost 15% shortly after the plan was aired. Currently, it trades at a 5-month high of $0.00001258 .
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