Floki Inu’s Twitter account has shared the news that tomorrow, on Jan. 22, the Floki Inu blockchain will begin its transition to DAO. Crypto exchanges plan to support the upgrade.
A blog post published on Medium several hours ago explains why this upgrade is important and what it will give the Floki Inu platform and community.
Phase 1 of the #FLOKIDAO upgrade will begin on Saturday, January 22.
— Floki Inu (@RealFlokiInu) January 20, 2022
Potential CEX listings and more decentralization for FLOKI
According to the article in the FLOKI blog, the transition into DAO will ensure further decentralization for the coin, and the ecosystem and will potentially allow Floki Inu to be listed on centralized crypto exchanges (CEXes). The latter has been a major goal of FLOKI devs.
DAO stands for decentralized autonomous organization, which is collectively owned and managed by its community members. Decisions on DAOs are made by voting, DAO tokens can be bought by members to fund the organization’s further development and holders of DAO coins also receive a fixed percentage from the transaction volume on crypto exchanges. Thus, holding these coins can be compared to holding a company’s equities.
Popular DAO coins at the moment include UNI, MAKER, DASH, SUSHI, ZRX, AAVE and COMP.
Besides, the FLOKI team believes that turning Floki Inu into a DAO will boost its adoption and increase its chances to become one of the top-ranked cryptocurrencies.
Here’s when the upgrade happens
The upgrade will take place on Saturday, Jan. 22, in the morning UTC and will take approximately 48 hours. More details will be provided by the team as soon as the process starts.
The developers warn that FLOKI holders do not need to undertake any actions to participate in the first part of this DAO transition.
All CEXes where FLOKI is listed now are going to support the upgrade, so FLOKI coins held by the community will be covered whether held in an exchange or an off-exchange wallet.
Staked FLOKI tokens will be liquidated
Users who have used their FLOKI as collateral are recommended to repay their loans until next Friday unless they want to be liquidated. Those users who have their FLOKI staked in DeFi protocols other than BarnBridge or Inverse Finance are also strongly recommended to unstake their meme coins.