The DAO has a choice: Should excess tokens be returned to the Floki Ecosystem, or burned?
Inflation Bug, Blacklisted Wallets
Floki Inu has officially launched two public proposals on how to resolve the issue of blacklisted wallets that benefitted from an inflation bug in version V1 of the platform.
In April 2021, the Floki Inu development team informed users not to buy $FLOKI V1 anymore because this version had a smart contract that was extremely badly written and had many bugs, resulting in the $FLOKI supply increasing by 14 times in less than two weeks.
At the time, the project team planned to deploy a better audited and programmed version V2, which went live in July 2021.
Not only did the inflation bug in V1 result in all users receiving more tokens than they should have, but erroneous calculations in the airdrop formula used in the migration from V1 to V2 resulted in many V1 holders getting more V2 tokens than they should have. That compounding error was discovered when the Floki team was preparing for another upgrade to its contract to allow for Decentralized Autonomous Organization (DAO) functionality.
For more information about the bugs and errors, read this Floki Medium post from January.
“It is important to note that the original blacklist referenced in this article isn’t a permanent one or an indictment of crime,” according to the post.
“Many of the beneficiaries of the bug most likely had no idea they were beneficiaries. The team also had no idea that there was such a problem until an audit of the distribution was done while preparing for the DAO upgrade.”
Reinvest or Burn?
On Feb. 11, the Floki DAO passed a vote to decide that blacklisted wallets that accidentally benefited from the V1 bug would return excess tokens they received to Floki multisig wallet. You can find more details about the amount and index of tokens that have been returned and the amount to be paid in the future here.
In the first proposal now before the DAO, Floki Inu presents the community with two options on what to do with the excess tokens that have been voluntarily returned by blacklisted wallets:
Excess tokens will be allocated to Valhalla & Floki Ecosystem to help $FLOKI grow much faster.
Excess tokens will be burned.
In the second proposal, Floki Inu is asking if a deadline of Sept. 12 should be set for blacklisted wallets to return the excess V1 tokens they had received due to the inflation bug.
Blacklisted wallets that do not send their tokens before this deadline will be permanently blacklisted. Users who submit their tokens before the Sept. 12 deadline will not be penalized and will continue to receive their legal tokens according to their personal bidding schedule.
Cleaning Up in the Bear Market
The two latest proposals can be seen as an attempt by Floki to be transparent, accountable and decentralized, after admitting the errors of Floki V1 and the V1-V2 migration, then proposing solutions to be decided by users.
In terms of project development and expansion, Floki Inu is showing progress in the current difficult period for the market.
Earlier this week, Floki Inu was listed on one of Europe’s largest cryptocurrency trading platforms. Following this event, the price of $FLOKI grew by almost 10% as of press time.
Although it is just a single project, $FLOKI has not taken a backseat to the world’s leading exchanges like Binance or FTX in the field of sports sponsorship. Since the beginning of 2022, $FLOKI has expanded its sponsorship list of football clubs to include Indian Super League’s Kerala Blasters, Cádiz CF in Laliga, S.S.C. Napoli in Serie A, Fenerbahçe in Süper Lig, Leverkusen in Bundesliga and Spartak-Moscow in Russia.
In addition, $FLOKI also released its 2022 roadmap update after successfully integrating with Chainlink with the ambition to enter the DeFi space. Finally, on the social media branding aspect, Floki Inu continues to push for major marketing in London, following on a successful YouTube ad campaign in late 2021.
What is Floki Inu:
Floki Inu began with a tweet from Elon Musk. When the billionaire announced he would name his Shiba Inu puppy Floki, it created a deluge of ‘Floki’ dogcoins. The most successful of these is Floki Inu. Floki Inu is currently the third most popular meme token on the market behind Dogecoin and Shiba Inu. It is backed by a community of committed enthusiasts and a strong marketing campaign.
Where to find Floki Inu:
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