Floki DAO has resolved to pay the Simon’s Cat team $223,815.20, in response to the cancellation of the Simon’s Cat Token (CAT) presale.
This decision has been strongly supported from the Floki community, securing a 97.72% approval rate in a recent vote, underscoring their dedication to maintain fairness and transparency in their operations.
The presale, intended to offer CAT tokens to Floki (FLOKI) holders, was acancelled bruptly as a result of aggressive botting attacks. These attempts compromised the integrity of the sale, leading Floki’s team to take decisive action.
Instead of proceeding with a compromised sale, Floki decided to protect its community by converting the presale into a free airdrop for eligible users.
As part of this decision, Floki will pay the Simon’s Cat team the sum of $223,815.20. This amount represents the funds that would have been generated from the second presale, which was also thwarted by sophisticated bot attacks.
By providing this compensation, Floki ensures that the Simon’s Cat team receives the financial support initially anticipated, despite the cancellation of the presale.
Eligible Floki holders will be allocated a portion of the 315 billion CAT tokens, which constitutes 3.5% of the total issuance.
To qualify, participants must have at least 400,000 FLOKI tokens on-chain during two key snapshot periods: the initial one on August 22, 2024, and the concluding snapshot on August 29, 2024. It is crucial for holders to maintain their tokens on-chain during these periods; any transfers out will render them ineligible for the airdrop.
This compensation and airdrop come at a critical time, as Simon’s Cat Token made its market debut on KuCoin on August 20, 2024. The token benefits from official support and intellectual property rights from the original Simon’s Cat company, adding credibility to the project.
Floki’s decision to allocate $223,815.20 to the Simon’s Cat team reflects confidence in the token’s long-term potential.
Moreover, Floki’s actions emphasize its dedication to safeguarding the interests of its community. The compensation and airdrop aim to ensure fairness and transparency, reinforcing the platform’s commitment to its stakeholders.
The airdrop will target 3,707 legitimate Champion tier users, with each receiving approximately $55.345 worth of CAT tokens based on the presale valuation. Floki has also identified and excluded 337 wallets associated with botting attempts, ensuring that only genuine community members benefit from the airdrop.
By compensating the Simon’s Cat team and converting the presale into an airdrop, Floki demonstrates its proactive approach to maintaining a fair and equitable environment for its users.
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