$FLOKI to upgrade to DAO tomorrow, here's why it is important for the RealFlokiInu community
According to the article in the FLOKI blog, the transition into DAO will ensure further decentralization for the coin, and the ecosystem and will potentially allow Floki Inu to be listed on centralized crypto exchanges . The latter has been a major goal of FLOKI devs.
DAO stands for decentralized autonomous organization, which is collectively owned and managed by its community members. Decisions on DAOs are made by voting, DAO tokens can be bought by members to fund the organization's further development and holders of DAO coins also receive a fixed percentage from the transaction volume on crypto exchanges. Thus, holding these coins can be compared to holding a company's equities.
The developers warn that FLOKI holders do not need to undertake any actions to participate in the first part of this DAO transition. All CEXes where FLOKI is listed now are going to support the upgrade, so FLOKI coins held by the community will be covered whether held in an exchange or an off-exchange wallet.Users who have used their FLOKI as collateral are recommended to repay their loans until next Friday unless they want to be liquidated. Those users who have their FLOKI staked in DeFi protocols other than BarnBridge or Inverse Finance are also strongly recommended to unstake their meme coins.