Floki is a dog-themed memecoin named after Elon Musk’s Shiba Inu self-described as “the people’s cryptocurrency.”
Floki is a dog-themed memecoin named after Elon Musk’s Shiba Inu self-described as “the people’s cryptocurrency.”
Before Ethereum took its longstanding #2 position to Bitcoin, a dog-themed memecoin joined the first wave of crypto. Launched in 2013 by two developers with a sense of humour, Dogecoin was simply a joke coded into reality. DOGE’s creators never knew that their project would inspire a pack of canine coins like Shiba Inu (SHIB), Samoyedcoin (SAMO), and many others that followed.
Floki was created in 2021, during a bull market where memecoins thrived. The token was originally introduced as an ERC-20 token on the Ethereum blockchain, and was later expanded to the Binance Smart Chain. "The people’s cryptocurrency” was launched with the aim to capitalize on decentralized finance (DeFi) offerings, non-fungible tokens (NFTs), and a tailor-made game based on FLOKI’s token economics. It has since fostered a community that pushed it easily into the top-100 cryptocurrencies by market cap.
How was Floki developed?
In late June 2021, Elon Musk posted on Twitter that his “Shiba Inu will be named Floki,” ostensibly after the character in the popular TV show Vikings. The developers of Floki (then called “Floki Inu”) quickly took advantage of both the timely rise of the cryptocurrency market and the massive public attention paid to Musk. Their token took its design inspiration—and community-minded mission—from other Shiba Inu-themed coins, DOGE and SHIB. However, as a reference to its original namesake, the cartoon dog depicted as its symbol wears a stylized Viking helmet.
Floki launched less than two weeks after Musk’s tweet—but not before experiencing its share of drama. According to posts from the development team, one of the original developers built code for a rug-pull (a type of scam) into FLOKI before being cast out. A second developer then stole tokens from the development team just before launch, prompting the rest of the team to build a new token contract. This rocky start led many to question if Floki would succeed, but it survived the early obstacles and its popularity rose. Development of Floki is led by Jackie Xu, a software engineer who has worked in the blockchain space since 2012.
Since 2021, Floki has been active in its community-building as much as its growth in services. In addition to core DeFi, NFT, and gaming products, the team has also developed a Floki Name Service (like the Ethereum Name Service), trading bots, and made partnerships with third parties to strengthen its position in the market.
The team has also spent money to market the token in traditional venues such as sports sponsorships and digital billboard advertising in Times Square, New York. Like those in the Dogecoin community, Floki “Vikings” (community members) have focused on charity efforts, including a pledge to build schools in developing countries.
How does Floki work?
The Floki ecosystem is a multi-part effort that spans some of the biggest themes in cryptocurrency. The token’s developers and community aim to bring utility to the token in several ways, including:
FlokiFi
A portmanteau of “Floki” and “finance” (modeled after “DeFi”), FlokiFi is an overarching term for the financial offerings powered by the FLOKI token. Its primary product is the FlokiFi Locker, which allows developers and users to lock liquidity pool (LP) tokens, NFTs, and fungible tokens (like ERC-20 tokens on Ethereum) for purposes of vesting and other functions. Transaction fees for this service help to refill the Floki treasury and control FLOKI’s tokenomics (see below).
Valhalla
Floki’s development community has developed a blockchain-based game powered by FLOKI. As an NFT metaverse game using in-game tokens, it is considered a part of the game finance (GameFi) industry. Valhalla’s theme references the token’s namesake, and players “play-to-earn” by creating players and capture and battle with creatures.
Other features
TokenFi – sister project of Floki, which provides a suite of tools for creating new tokens and tokenizing real world assets (RWAs)
NFTs – three special NFT collections that provide holders benefits within Floki’s ecosystem
FlokiPlaces – a marketplace for NFTs and Floki-branded merchandise
Floki University – a platform meant to educate the public about crypto and bring awareness to FLOKI
How is the FLOKI token used?
FLOKI is used in the Floki ecosystem’s multiple products/services as a medium of exchange among individuals and smart contracts. For instance, in FlokiFi, 25% of all FLOKI transaction fees are burned (destroyed), while 75% goes to the Floki treasury. In Valhalla, it is used for playing, earning, and making in-game purchases.
The token can also be used for staking. Staked FLOKI allows users to earn the project’s sister token, TOKEN.
Tokenomics
There is a maximum total supply of 10 trillion FLOKI tokens. All tokens were released simultaneously onto the market. The community voted to burn 2% of the total supply in March 2024, decreasing the maximum supply. Additionally, tokens are burned through portions of FlokiFi’s transaction fees and the Telegram-based trading bot. Therefore, multiple mechanisms across Floki’s ecosystem create a deflationary pressure on the supply.
Conclusion
Floki (formerly Floki Inu) is a dog-themed memecoin available on multiple blockchains.
The FLOKI token has had a passionate, active development and user community that guides its directions; these have included, so far, DeFi, GameFi, and NFT efforts.
All FLOKI have been released to the market, and there are multiple ways the token is “burned” to reduce its supply, creating deflation.