Floki (FLOKI) developers plan to introduce a staking feature in exchange for a new utility token, lead developer “B” told CoinDesk in a Telegram message on Wednesday. The wagering feature and the new token will increase investor interest in the Floki ecosystem.
The main way to earn the new, as-yet-unnamed token is by staking FLOKI tokens, which were exchanging hands for $0.000017 as of publication time. There will be no pre-sales or fundraising for these tokens, and the majority of the supply can only be earned by staking FLOKI.
“Users can earn the reward token by locking their FLOKI tokens for a period of 3 months to 4 years,” B said in the DAO proposal shared with CoinDesk. “We anticipate that this will result in a significant portion of FLOKI tokens being locked up for an extended period of time, which will significantly reduce the number of FLOKI tokens in circulation and add significant value to the FLOKI token.”
Staking refers to locking tokens on a platform in exchange for annualized return rewards – which can attract investor capital.
The project had hired several new developers to ensure that other Floki-based projects were not affected and that the new token’s tokenomics were designed to “ensure the long-term sustainability of development for this project,” B added to.
Floki was created after the popular Shiba Inu dog breed, which fueled the development of popular tokens such as dogecoin (DOGE) and shiba inu (SHIB). Dog-themed coins were the most popular tokens in 2021, rising nearly 10,000% in a nine-month period.
However, the hype fizzled out as a broader crypto bear market put pressure on riskier bets, causing tokens like FLOKI to fall as much as 94% from their highs.
Floki developers have since been working to build foundational protocols within the FLOKI ecosystem to shake off the project’s meme coin tag for a serious DeFi project. Earlier this year, developers released the first part of a metaverse game where players can interact with each other, perform microtransactions and create a valuable in-game economy.
