FLOKI Staking Hits $54M TVL In One Week. Bullish?

• Floki’s TokenFi aims for a $16 trillion tokenization market by 2030.
• 50% of the TOKEN supply is allocated to FLOKI stakers with a 160% APY.

Floki, a prominent memecoin, is dominating discussions not only due to its recent price actions but also its significant updates and a recent conflict with a major exchange. It introduced TokenFi, a tokenization platform, and its native asset TOKEN, with the ambitious goal of becoming a key player in the rapidly expanding tokenization industry, expected to reach a staggering $16 trillion in valuation by 2030. On October 27, the platform was officially launched.

The launch sparked a series of events, as FLOKI reached a six-month high on October 27, arousing the interest of investors. However, the excitement was tempered by a conflict with Bybit, a major exchange, which delisted the TokenFi token. Bybit’s decision was rooted in concerns that the Floki team had tried to manipulate initial liquidity by injecting a mere $2,000 worth of tokens into decentralized exchange (DEX) liquidity pools. They also raised questions about the token’s unclear economic model and vesting schedule. 

The Floki team countered by asserting that they had submitted a proposal to the Floki decentralized autonomous organization (DAO) on October 18 for a staking program with a reward token targeting a trillion-dollar industry. However, the DAO proposal lacked details about the token’s name and the purpose of the reward token. The Floki team maintained that they had shared this information with multiple centralized exchanges.

On a Positive Side

Following a week of contentious discussions involving FLOKI, TokenFi, and Bitget exchange, TOKEN secured a listing on Binance, the largest exchange in terms of trading volume. This listing allows for futures trading with up to 50X leverage, granting TOKEN access to one of the most liquid cryptocurrency perpetuals markets.

In another significant development, FLOKI staking saw a total value locked (TVL) of $54.4 million within the first week of going live. This represents 17% of the total FLOKI supply or nearly 18% of the circulating supply. Notably, a substantial portion of these tokens is being staked for extended periods, with many locked up for up to four years, which could lead to reduced circulation.

In a tweet, it was revealed that over 50% of the total supply of Floki’s sister token, TokenFi/TOKEN, has been allocated to FLOKI stakers. Stakers have the opportunity to earn these tokens over a four-year period, with an impressive annual percentage yield (APY) of up to 160%.

TokenFi is also conveniently accessible on several top centralized exchanges (CEXs), including Binance, OKX, KuCoin, Bybit, and Gate, with the option to withdraw to your wallet. Additionally, it is available for purchase on prominent decentralized exchanges (DEXs) like Uniswap and PancakeSwap.

As of the most recent update, FLOKI is trading at $0.00003144 with a 5% increase in the past 24 hours, while TOKEN is trading at $0.03974481, reflecting an 18% decrease during the same period.