Flokinomics: Elastic Supply Token and NFT Marketplace

What is Flokinomics

Friends, imagine you have a magical wallet where the amount of money automatically adjusts based on market conditions, keeping your purchasing power relatively stable. Flokinomics (FLOKIN) is such a project—it plays the role of an NFT marketplace in the blockchain world, and its token FLOKIN features a special “auto-adjustment” function.

Simply put, Flokinomics is a platform built on the Binance Smart Chain (BSC), which acts like a highway for faster transactions and lower fees. Its core is the FLOKIN token, whose most unique aspect is that it’s a “rebase token.”

Rebase Token: You can think of it as a currency that automatically adjusts its total supply based on market price. If the token price rises, the system may increase your token amount, but the value per token will adjust accordingly; if the price falls, the system may decrease your token amount, aiming to restore the value per token. Flokinomics’ goal is to use this mechanism to regulate the value of the FLOKIN token.

Beyond this token feature, Flokinomics is also developing an NFT marketplace. NFT (Non-Fungible Token) can be understood as unique digital collectibles, such as digital art or game items. Flokinomics’ NFT marketplace is like an online gallery or shop, allowing everyone to buy and sell these unique digital assets.

Project Vision and Value Proposition

Flokinomics’ vision is to provide users with an innovative digital asset trading experience through its unique token mechanism and NFT marketplace.

The core problem it aims to solve is the extreme price volatility of tokens in the crypto market, and the elastic supply mechanism is designed to automatically adjust token supply via algorithms, thereby stabilizing token value to some extent. It’s like an autopilot system, trying to make the token’s value curve less “bumpy.”

Compared to similar projects, Flokinomics’ differentiator is its combination of elastic supply tokens and an NFT marketplace. Many rebase tokens may focus only on price stability or volatility, while Flokinomics attempts to apply this mechanism to a real-world use case—an NFT trading platform.

Technical Features

Flokinomics’ technical core is mainly reflected in the following aspects:

Blockchain Platform

Flokinomics runs on the Binance Smart Chain (BSC). BSC is an efficient blockchain with fast transaction speeds and relatively low fees, which is very advantageous for NFT marketplaces that require frequent transactions.

Elastic Supply Mechanism

The FLOKIN token uses a unique “elastic supply” (rebase) algorithm. This algorithm automatically adjusts the number of FLOKIN tokens in each user’s wallet based on the token’s market price. If the token price is above a target price, the system may increase supply; if below, it may decrease supply. This mechanism aims to influence the token’s value by changing the supply, steering it toward a preset “anchor price,” although Flokinomics’ goal is to achieve a continuously growing anchor price.

NFT Marketplace

The project is developing an NFT marketplace similar to platforms like OpenSea, allowing users to mint, buy, and sell NFTs. Additionally, they plan to develop an NFT DAO voting system, enabling users to participate in platform governance and decision-making by holding NFTs.

Tokenomics

Flokinomics’ token is FLOKIN, issued on the Binance Smart Chain (BEP-20).

Token Basic Information

• Token Symbol: FLOKIN
• Issuing Chain: Binance Smart Chain (BEP-20)
• Total Supply: 7,900,000,000 FLOKIN (self-reported circulating supply)

Token Distribution and Mechanism

Flokinomics’ tokenomics are designed to reward holders and support project development. It allocates funds via transaction taxes:

• Rewards: 5% of the token supply will be used to reward holders, especially in the form of DOGE rewards.
• Developers and Team: 2% of the token supply is allocated to developers and the team for ongoing development and operations.
• Liquidity: 3% of the token supply is used to provide liquidity, ensuring smooth trading of the token on decentralized exchanges (such as PancakeSwap).
• Marketing: 5% of the token supply is used for marketing activities to promote the project and attract more users.

Additionally, the whitepaper mentions that FLOKINOMICS regulates market value by increasing the base exchange rate of the token, rather than simply adjusting supply. It also refers to buyback and burn mechanisms for FLOKI (note: this is another project) and ETHFLOKI (possibly an early version or related project of Flokinomics) to enhance deflationary pressure and reward holders.

Team, Governance, and Funding

Core Members

According to the project’s official website, Flokinomics’ core team members include:

• Omar: Chief Executive Officer (CEO)
• Devan: Chief Operating Officer (COO)
• Monkey Shanti: Head Developer
• Tyler: NFT Manager

Governance Mechanism

The project plans to develop an NFT DAO voting system. This means that in the future, users holding specific NFTs will be able to participate in project decisions, such as determining the direction of marketing funds and future development plans. This is a decentralized governance approach that gives community members a voice.

DAO (Decentralized Autonomous Organization): You can think of it as a company without a central leader, where all decisions are made by community members holding tokens or specific NFTs through voting.

Funding

The project’s funding mainly comes from the allocation of token transaction taxes, with part used for marketing and development, and another part for providing liquidity and rewarding holders.

Roadmap

Flokinomics’ roadmap shows its past and future development plans:

Key Historical Milestones (as of October 2021)

• Launch: The Flokinomics project was launched in 2021.
• Token Launch: Released a revolutionary cryptocurrency contract with reward features and buyback mechanisms.
• NFT Smart Contract: Owns its own NFT smart contract and can transfer it to the marketplace.
• Audit Report: Released a smart contract audit report.

Future Key Plans

• NFT Marketplace Version 2: Developing version 2 of the NFT marketplace.
• NFT DAO Voting System: Planning to develop an NFT DAO voting system, where users can gain voting rights by spending BNB (or equivalent amount) on the platform and vote on the use of marketing funds and future development directions.
• “Reserve Price” Auction: Introducing a “reserve price” auction model on the website, where the auction only starts when the reserve price is met.
• Website Update: Updating the website homepage, including a landing page and a market homepage with rolling real-time auctions and featured collections.
• Interactive Features: Adding options to leave comments under NFTs and send messages directly to followers in the marketplace.
• Subscription Feature: Establishing a subscription feature that allows users to subscribe to creators/artists for early releases and exclusive content.
• Mini-Games and Play-to-Earn: Hosting dozens of mini-games on the website and allowing users to create NFTs that can be embedded in these games. It will also include PVP games and Play-to-Earn games, where users can earn NFTs, BNB, or FLOKIN tokens by playing.

Common Risk Reminders

Investing in any cryptocurrency project comes with risks, and Flokinomics is no exception. Here are some common risk reminders:

Technical and Security Risks

• Smart Contract Risk: Although the project mentions audit reports, smart contracts may still have undiscovered vulnerabilities that could lead to loss of funds.
• Complexity of Elastic Supply Mechanism: The mechanism of elastic supply tokens is relatively complex, and their price behavior may be hard to predict and may not always operate as expected, potentially causing fluctuations in the number of tokens held by users.
• NFT Marketplace Security: NFT marketplaces may face security risks such as hacking and fraud, affecting user assets.

Economic Risks

• Market Volatility: The cryptocurrency market itself is highly volatile, and the price of FLOKIN tokens may fluctuate sharply due to market sentiment, macroeconomic factors, and other influences.
• Liquidity Risk: If token trading volume is insufficient, users may find it difficult to buy or sell FLOKIN tokens at their desired price.
• Competition Risk: The NFT marketplace and elastic supply token sectors are highly competitive, and Flokinomics may find it difficult to stand out.

Compliance and Operational Risks

• Regulatory Uncertainty: Global regulatory policies for cryptocurrencies are still evolving, and future policy changes may adversely affect project operations.
• Team Execution Risk: The realization of the project roadmap depends on the team’s execution ability and resources; if the team fails to complete development on time, it may affect project progress.
• Centralization Risk: Although DAO governance is planned, in the early stages the project may still be led by the core team, posing a certain degree of centralization risk.

Please remember, the above information is for reference only and does not constitute investment advice. Before making any investment decisions, be sure to do your own research (DYOR - Do Your Own Research).

Verification Checklist

When researching a project in depth, here are some key pieces of information you can verify yourself:

• Block Explorer Contract Address: You can look up FLOKIN’s contract address on the Binance Smart Chain block explorer (such as BscScan):
  0x97eA5EfDCb5961A99bA5C96123042507C0210Ec1
  . Through the contract address, you can view token transaction records, holder distribution, and other information.
• GitHub Activity: Check whether the project has a public GitHub repository and observe its code update frequency and community contributions, which can reflect the project’s development activity.
• Official Website: Visit Flokinomics’ official website (for example: https://app.flokinomics.net) for the latest information and announcements.
• Whitepaper: Read the project’s whitepaper (for example: https://app.flokinomics.net/assets/terms/FlokinWhitepaper.pdf) to understand its detailed technology, economic model, and vision.
• Audit Report: Find and read the project’s smart contract audit report (for example: https://cbb353b7-15af-4249-8f91-cf282decdc17.filesusr.com/) to understand the security assessment of the contract.
• Community Activity: Follow the project’s social media (such as Twitter, Telegram, Reddit) to learn about the level of community discussion and the interaction between the team and the community.

Project Summary

Flokinomics (FLOKIN) is an NFT marketplace project based on Binance Smart Chain, whose core feature is the FLOKIN token with an elastic supply (rebase) mechanism. The project aims to provide users with an innovative digital asset ecosystem through this unique token economic model, combined with the NFT marketplace and future Play-to-Earn game features.

Its vision is to use elastic supply to regulate token value and build a feature-rich NFT platform, including DAO governance and various interactive functions. The team members are listed on the official website, and the project has a clear roadmap, planning for NFT Marketplace 2.0, DAO voting system, and games as future development directions.

However, like any emerging cryptocurrency project, Flokinomics faces multiple risks in technology, market, and compliance. The complexity of elastic supply tokens, high market volatility, and challenges in project execution are all potential risk factors.

Overall, Flokinomics is a project attempting innovation in the NFT and elastic supply token sectors. For those interested, it is recommended to carefully study its whitepaper and official materials, and closely follow its community dynamics and development progress. Remember, cryptocurrency investment is highly risky—be cautious and conduct thorough research yourself.

For more details, please research independently.