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Floki DAO Slashes Taxation on TokenFi Transactions
Floki DAO, the decentralized governance body of the memecoin protocol Floki, has announced a reduction in the on-chain taxation charged on transactions involving its maiden protocol TokenFi (TOKEN). The move aims to lower barriers to entry and attract more users to the TokenFi ecosystem.
Floki DAO and the New Taxation Reality
When Floki introduced TokenFi on October 26, it implemented a taxation rate of 20% for the first hour of launch on Uniswap and PancakeSwap. This was intended to discourage excessive selloffs that could destabilize the market valuation. The plan was then to reduce the taxation to 5% after the first hour and leave the decision to slash or raise the limit to Floki DAO.
However, with the latest announcement, the buy/sell transaction tax is now non-existent. This change is aimed at making it easier for new users to join and participate in the TokenFi ecosystem.
Floki’s Ambition in the Tokenization World
Floki aims to position TokenFi as a strong competitor in the fast-growing tokenization niche, which is projected to reach a valuation of $16 trillion by 2030. The launch of TokenFi has allowed Floki to evolve from being just a memecoin into a protocol with defined functionality and use cases.
The upcoming testnet launch has already generated significant interest in TOKEN, leading to a positive impact on FLOKI’s market capitalization, which surged by over 80% temporarily, returning it to the top 100 spot.
TokenFi Gains Prominent Listings
TOKEN has gained traction through prominent exchange listings. In addition to Uniswap and PancakeSwap, top centralized exchanges such as Binance, KuCoin, and Bybit have embraced TOKEN. While Bitget initially listed TOKEN, it later accused the Floki team of manipulating the circulating supply. However, Floki addressed the issue by clarifying that Bitget had listed an unauthorized version of TOKEN.
The reduction in taxation may attract new buyers and potentially revive the prices of both TOKEN and FLOKI, which have experienced declines.
Hot Take: Floki DAO Reduces Taxation on TokenFi Transactions
Floki DAO has announced a significant change in its tax policy for transactions involving TokenFi. The removal of the buy/sell transaction tax aims to make it easier for users to enter the TokenFi ecosystem and drive adoption. This move aligns with Floki’s ambition to position TokenFi as a strong competitor in the growing tokenization market. With prominent exchange listings and reduced taxation, there is potential for a revival in the prices of both TOKEN and FLOKI. However, it is important to conduct thorough market research before making any cryptocurrency investments.
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Hot Take: Floki DAO Reduces Taxation on TokenFi Transactions
Floki DAO has announced a significant change in its tax policy for transactions involving TokenFi. The removal of the buy/sell transaction tax aims to make it easier for users to enter the TokenFi ecosystem and drive adoption. This move aligns with Floki’s ambition to position TokenFi as a strong competitor in the growing tokenization market. With prominent exchange listings and reduced taxation, there is potential for a revival in the prices of both TOKEN and FLOKI. However, it is important to conduct thorough market research before making any cryptocurrency investments.
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