The transition of Floki Inu to a Decentralized Autonomous Organization (DAO) was commenced on the 22nd of January with having assistance from several exchanges. The choice of shifting the institution into a DAO is based on several chief findings. First of all, the centralized nature of Floki Inu was cited by the centralized exchanges to be a prominent detractor when they were asked to list the token.
In addition to this, the move to a DAO provides a strong position to the token. Moreover, it points toward a wide adoption, and in the end, the statistics bring to the front that DAO is termed as the crypto industry’s future.
Many of the centralized exchanges such as PancakeSwap as well as Uniswap (having recently added FLOKI to their lists) had the support for DAO upgrade. Those holders of Floki Inu who have wallets for custodial exchange did not require doing anything during and at the end of the upgrade.
It was declared by Floki that the trading of its token FLOKI had been terminated over Binance Smart Chain as well as Ethereum. The entirety of the centralized exchanges that previously supported FLOKI put a stop to withdrawals and deposits of the token until the accomplishment of the upgrade. The DAO upgrade will prevent potential scams.
Exchanges having listed FLOKI
The exchanges such as Bitrue, DAVOS CRYPTOS, and StealthEX supported the respective upgrade. The DeFi protocols Inverse Finance and Barnbridge were also included in those, however, the rest of the DeFi protocols did not support it. Those who applied for a loan under Inverse Finance were allotted some time to recompense the dues to escape liquidation at the time of the implementation of the upgrade.
Floki pursues additional utility than SHIB
On being asked if the objective of Floki Inu was to knock over Shiba Inu the meme-themed competitor thereof, its marketing head replied in affirmative. Therefore, in the coming year, it is expected that some additional utility would be witnessed in the case of the token.
However, the executive moved on to point out that the main objective of Floki Inu was not to win against Shiba Inu, rather make more developments to its structure. Recently, some allegations were posed against Floki and the position of the company was questioned by the regulators. The financial watchdogs asserted that, in their consideration, the platform has violated advertising laws in its advertisements posted across London.