A recent governance proposal that aimed to burn 4.2 trillion FLOKI tokens on a cross-chain bridge and lower transactional tax has been approved by Floki Inu community.
According to developers, the proposal was approved by a 99.97% majority in support of burning the bridge tokens.
The FLOKI transaction tax will be reduced to 0.3% on February 3rd at 20:00 UTC.
Whereas 4.2 trillion tokens will be permanently burned on February 9th, 2023 at 20:00 UTC.
The proposal also cited the safety risks associated with the bridge. Over $2 billion was lost or stolen from cross-chain bridges in the past year alone.
As per the Coingeeko data, Floki Inu’s price surged by 105% in 24hrs.
At the time of writing, the FLOKI price is $0.00002429 USD.