FLOKI is on track to become the second memecoin to launch a regulated Exchange-Traded Product (ETP), following the trail blazed by Dogecoin. This significant development comes after a decisive vote by the Floki Decentralized Autonomous Organization (DAO), which saw an overwhelming majority in favor of allocating tokens for ETP liquidity. The proposal gained massive support, with 332.7 billion tokens (99.9%) voting in favor, 328.9 million abstaining, and none opposing. This remarkable outcome marks a historic moment as it is the first time a DAO proposal was passed without any dissenting votes.
Floki DAO’s Unanimous Decision
According to an official statement from the team on platform X, the proposal will see a portion of 16,310,285,772.6 FLOKI tokens, currently residing in a ‘community buyback wallet,’ being utilized to provide liquidity for the Floki ETP. The remainder of these tokens will be burned. This strategic move aligns with FLOKI’s broader vision of establishing itself as a significant player in the crypto space.
FLOKI Aims To Mirror Dogecoin
The community views this development as a milestone event, with the Floki ETP set to launch in early Q1 2025. The launch will be in collaboration with a respected Asset Manager and an ETP Issuer. Notably, it will be listed on the SIX Swiss Exchange, one of Europe’s largest stock exchanges, which is expected to enhance FLOKI’s standing in traditional financial markets.
Why the SIX Swiss Exchange Matters
Currently, Dogecoin is the only other memecoin with an active ETP, traded on Sweden’s Spotlight Stock Market. Listing on the Swiss exchange could attract more attention from institutional and retail investors seeking regulated crypto asset exposure. The DAO proposal highlights that the new ETP will provide institutional investors, regulated entities, and retail investors with a regulated way to gain exposure to FLOKI, marking a significant step forward in the cryptocurrency market.
Maintaining Control and Flexibility
While many specifics are confidential due to nondisclosure agreements, the team disclosed that any tokens allocated for liquidity would remain under Floki’s ownership. This arrangement allows for withdrawal if sufficient third-party liquidity is achieved within the ETP, ensuring flexibility and control over the tokens.
Regulatory Spotlight and Market Impact
This news follows a recent Commodity Futures Trading Commission’s Global Markets Advisory Committee meeting, where FLOKI was used as a “case study of a utility token.” Such regulatory attention can significantly boost a token’s credibility, especially in a market sensitive to compliance signals.
DAO-Centric Approach
The DAO-centric approach remains integral to FLOKI’s philosophy, with community votes and proposals continually shaping the project’s trajectory. Community members have consistently supported initiatives aimed at boosting the memecoin’s recognition, striving to make it “the world’s most known and most used cryptocurrency.”
Community and Market Reactions
The broader crypto community has reacted enthusiastically to the news. Notably, crypto analyst Shelby, a prominent figure with a substantial following, commented via X, “Huge milestone – FLOKI about to make history as 2nd memecoin ETP! Clear sign of institutional adoption while keeping decentralized roots. Not DOGE, not SHIB, but FLOKI leading the charge in bridging TradFi and DeFi.”
Current Market Performance
At the time of writing, FLOKI was trading at $0.0001798, having reclaimed the 200-day Exponential Moving Average (EMA), often referred to as a “bull line.” Despite this progress, the memecoin still trades below the major resistance area between $0.000205 and $0.000215. Overcoming this zone could pave the way for a new surge toward the yearly high of $0.000349 achieved in June.
