Floki’s Staking Takes Off, But CEX Honeypots Sour Launch

Floki’s Staking Takes Off, But CEX Honeypots Sour Launch

 The decentralized community organization Floki, announced the launch of TokenFi, a new cryptocurrency and asset tokenization platform.

The launch has generated lots of interest, especially with the launch of Floki staking, which has drawn a lot of attention and increasing expectations of more investment to come.

According to reports, TokenFi recorded a Total Value Locked (TVL) of $27.2 million within the first four hours of its launch.

Floki believes that this excitement will lead to more investment over the next few weeks and months.

The platform works by rewarding users with TokenFi’s native token, TOKEN, for staking the ecosystem’s FLOKI token.

Notably, there are no limits on the amount of FLOKI that can be staked, and users can claim their rewards at their convenience. 

However, withdrawals are subject to a lock-in period, ranging from 3 months to 4 years, depending on the chosen staking option.

Despite the successful launch, Floki has raised concerns about unauthorized listings of TOKEN on Centralized Exchanges (CEX). 

The organization has clarified that any listing of TOKEN on a CEX after October 27 without their authorization is not valid. Consequelnty, users are advised to verify that they are trading the genuine TokenFi token.

Investors who purchased TOKEN on a CEX are strongly encouraged to withdraw their tokens to ensure they possess the authentic TokenFi token

This situation has ignited discussions about CEXs listing tokens without proper approval, shedding light on potential shortcomings in the decentralized finance landscape.

Some users have also reported instances where their tokens were withdrawn by exchanges without prior notice or consent.

One user stated on X expressed his frustration:

“I bought from CoinW (900 000 token). suddenly they withdrow the tokens without even my permission and then give yme back my my usdt without even my permission also can I sue them for that? I want my token back”

The unauthorized listings have left investors in a difficult position, especially when they wish to realize profits contrary to Floki’s guidelines. Floki has announced that they are collaborating with exchanges to establish official listing timelines soon.

In response to these, the price of Floki (FLOKI) has dropped around 15% and is currently trading at $0.000035. 

Nonetheless, the launch of TokenFi has been a remarkable success. Shortly after the successful launch, Floki shared that CoinMarketCap has listed TokenFi as one of the cryptocurrencies they are actively tracking.

Also Read: Meme Coins Back in Trend, PEPE and FLOKI Prices Boost

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