On January 22, phase 1 of the FLOKI DAO upgrade will be implemented, becoming more decentralized
Floki Inu’s Twitter account has shared the news that tomorrow, on Jan. 22, the Floki Inu blockchain will begin its transition to DAO. Crypto exchanges plan to support the upgrade.
A blog post published on Medium several hours ago explains why this update is important and what it will bring to the platform and the Floki Inu community.
Potential CEX listings and more decentralization for FLOKI
According to the article in the FLOKI blog, the transition into DAO will ensure further decentralization for the coin, and the ecosystem and will potentially allow Floki Inu to be listed on centralized crypto exchanges (CEXes). The latter has been a major goal of FLOKI devs.
DAO stands for Decentralized Autonomous Organization, collectively owned and managed by its community members. Decisions on DAOs are made by voting, DAO tokens can be purchased by members to fund the further development of the organization, and DAO coin holders also receive a fixed percentage of trading volume on crypto exchanges. Thus, owning these coins can be compared to owning the shares of a company.
Popular DAO coins at the moment include UNI, MAKER, DASH, SUSHI, ZRX, AAVE and COMP.
Additionally, the FLOKI team believes that turning Floki Inu into a DAO will boost its adoption and increase its chances of becoming one of the top-ranked cryptocurrencies.
Here’s when the upgrade happens
The upgrade will take place on Saturday, Jan. 22, in the morning UTC and will take approximately 48 hours. More details will be provided by the team as soon as the process starts.
The developers warn that FLOKI holders do not need to take any action to participate in the first part of this DAO transition.
All CEXes where FLOKI is listed now are going to support the upgrade, so FLOKI coins held by the community will be covered whether held in an exchange or an off-exchange wallet.
Staked FLOKI tokens will be liquidated
Users who have used their FLOKI as collateral are recommended to repay their loans until next Friday unless they wish to be liquidated. Users whose FLOKI is staked in DeFi protocols other than BarnBridge or Inverse Finance are also highly recommended to withdraw their meme coins.