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FLOKI Detailed explanation of the tax mechanism
Whenever $FLOKI is traded on a decentralized exchange, a small portion of the transaction amount is reallocated before reaching the buyer. On BNB Chain and Ethereum, a transaction tax of 0.3% is required for each online purchase and sale. The contract address on Ethereum is 0xcf0c122 c6b73 ff809c693 db761 e7 baee62 b6a2e. This fee is deducted directly from each transaction to fund activities that support the development and growth of the Floki ecosystem. Proceeds go to Floki's treasury, and the allocation of funds is determined by DAO governance.
This tax only applies to decentralized exchange (DEX) transactions. There is no tax on transfers between wallets. When users bridge tokens between blockchains, the 0.3% transaction tax also does not apply, which means that holders of $FLOKI transfer between Ethereum and BNB Chain do not have to pay additional fees. Transactions on centralized exchanges are also unaffected, so the trading of DEX becomes the only source of national revenue under this mechanism.
DAO-driven tax rate cuts, target zero
The current tax rate is the result of a landmark governance decision. FLOKI tokens are initially subject to a transaction tax of 3%. The DAO proposes reducing it to 0.3%, citing the need to align the tax rate with Uniswap's default fees, thereby reducing obstacles for traders. The transaction tax was officially reduced to 0.3% at 20:00 UTC on February 3, 2023, and the proposal was passed with an overwhelming majority of 99.97%.
Floki's project has stated that the tax is not a permanent arrangement. The long-term goal of the project is to make Floki self-sufficient in revenue generated by its utility products, thereby completely eliminating transaction taxes. The team said the tax rate will be phased out as product revenue grows enough to replace the tax. No specific timetable has been set yet.
Prior to this, the treasury still relied on taxes on each DEX exchange to maintain funds, and the DAO retained control over fund allocation and further tax rate adjustments.
