Floki Inu (FLOKI) Warns Holders to Beware of Scammers During DAO Upgrade

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In Brief
  • Floki Inu began phase 1 upgrade to a DAO.

  • Users with their tokens on exchanges did not need to take any action as a result.

  • Prior to centralized exchange listings, one could only obtain Floki Inu from PancakeSwap and Uniswap.

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Floki Inu’s transition to a DAO started on Saturday, Jan. 22, 2022, at 8 am UTC, with support from multiple exchanges.

Floki Inu announced upgrades to FlokiDAO on Jan. 18, 2022. Phase 1 of the upgrade commenced at 8 am UTC on Saturday, Jan. 22, 2022. The decision to turn Floki Inu into a Decentralized Autonomous Organization (DAO) comes from several key findings. Firstly, centralized exchanges cited Floki Inu’s centralized nature as a key detractor when asked to list it. Secondly, the migration to a DAO positions the token strongly.

Thirdly, it means wider adoption, and lastly, statistics show that the future of crypto is the DAO. Most centralized exchanges that have recently listed FLOKI (it was previously only listed on PancakeSwap and Uniswap) supported the upgrade to a DAO. Floki Inu holders that have their tokens in a custodial exchange wallet did not need to take any action during and after the upgrade.

Floki announced that FLOKI trading had been disabled on Ethereum and Binance Smart Chain. They also, at this point, took a snapshot of those who held the token. All centralized exchanges with FLOKI holders disabled deposits and withdrawals until the upgrade finished.

All upgraded smart contract addresses will be made public before the upgrade is completed. This will be done to prevent scammers from fooling those eagerly awaiting the changes brought by the upgrade. At approximately 8:36 am UTC, Floki warned people not to entertain messages from those claiming to hold upgraded contracts. The two upgraded contract addresses for Ethereum and Binance Smart Chain are https://etherscan.io/address/0xcf0c122c6b73ff809c693db761e7baebe62b6a2e and https://bscscan.com/token/0xfb5b838b6cfeedc2873ab27866079ac55363d37e.

Exchanges That List Floki

Exchanges StealthEX, DAVOS CRYPTOS, and Bitrue all supported the upgrade. DeFi protocols Barnbridge and Inverse Finance also were supported, but other DeFi protocols were not. For those who took out loans on Inverse Finance, Floki gave them time to pay the loans to avoid liquidation when the upgrade took place.

FLOKI Looking For More Utility Compared to SHIB

When asked by BeInCrypto regarding whether Floki Inu’s goal is to overturn its meme-coin competitor Shiba Inu, the marketing head said, “That’s the goal. We really believe that next year we’re going to have more utility than Shiba…” He added that the primary purpose of Floki Inu is not to compete with Shiba Inu, but more to develop and improve Floki Inu.” Floki was recently called upon to answer for Floki Inu advertisements in London, which were thought to violate advertising laws.

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David is an electronic engineer with nine years of experience. He joined BeInCrypto to combine his passion for writing and his interest in fast-moving industries, cultivated from his university days. He hopes to make crypto easy to understand.

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