The recently announced proposal by the well-known FLOKI memecoin, which advocates for the launch of a whole new token to reward staking by its users, has now been passed with a staggering 98.51% approval rate.
The proposal itself, which was a response to community demand for a staking feature, details that execution will begin on October 27, and be initially geared around staking functionality, ‘Project TL’ (“the platform for the token is built around”), and the reward token itself – now clarified as the ‘Mystery Project’.
Screenshot taken from Snapshot.org
The proposal also clarified the tokenomic layout of the new token which, unlike many new tokens in the cryptocurrency ecosystem, does not feature an allocation reserved specifically for investors or team members – something the FLOKI community will likely be pleased to see.
The new token’s allocation schedule. Source: Snapshot.org
The Impact of FLOKI’s Proposal
Unlike with major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), FLOKI’s recent price surge began before October 24.
Since the aforementioned proposal was passed on October 20, FLOKI’s market capitalization has risen by nearly $100 million, to now stand at around the $254 million mark. This constitutes a price increase of around 47% on the week, according to data from CoinMarketCap.
FLOKI’s price (7D). Source: CoinMarketCap
In addition, and as reported by the @RealFlokiInu account itself, FLOKI rose to become the world’s most traded memecoin, with a staggering $200 million in daily spot trading volume, and even became the most traded gaming token on leading crypto exchange, Binance.
