Floki staking crosses $64M – Will it bring down the infamous volatility?
- The staked amount was nearly 21% of FLOKI’s circulating supply.
- FLOKI was up 76% over the past month at press time.
Meme coin project Floki [FLOKI] has been hogging the limelight in the crypto market lately.
Floki staking becomes a rage
More than $64 million worth of FLOKI tokens have been deposited on the platform’s staking program which was launched just two weeks ago.
Talking about the achievement in a lengthy post on social platform X, Floki stated that the staked amount was nearly 21% of the crypto’s circulating supply.
The mad rush to stake coins was driven by Floki’s new asset tokenization platform TokenFi [TOKEN].
The sister project was launched to capture a slice of the growing industry which involves representing real-world assets as tokens on a blockchain.
While the token was available on trading platforms, more than half the supply was reserved for those who stake their FLOKI tokens for a minimum duration.
Users can opt for staking periods ranging from a minimum of 3 months to 48 months. The longer the staking duration, the higher the annual percentage yield (APY) earned, Floki claimed.
For example, user staking for a year can earn 2x the invested amount as rewards. The same shoots up to 4x if a user decides to lock their FLOKI for four years.
Good days coming for FLOKI?
While it was still early days, the TokenFi factor had the potential to bring a significant chunk of FLOKI’s liquid supply into staking. This could also help in reducing the asset’s volatility, the infamous label attached with memecoins.
Moreover, this presented a new use case for FLOKI. Unlike some of its competitions, the Floki project had a utility-oriented approach towards adoption.
FLOKI created various products such as NFT-based games, NFT collections, and even a crypto debit card.
How much are 1,10,100 FLOKIs worth today?
To the contrary, Pepe [PEPE] with a higher market cap, neither has any intrinsic value nor any roadmap for the future. It will be interesting to see if FLOKI manages to outperform PEPE in the trading arena.