What is Floki and what is its role in crypto?
Floki started as a meme coin and now powers a game, staking and payments. Its token runs on Ethereum and BNB Chain instead of a chain of its own.
Vahe HakobyanEditor-in-chief
Updated Oct 6, 20263 min readFact-checked
On this page
- FLOKI runs as a token on Ethereum and BNB Chain.
- It began in 2021 as a meme coin and later added products.
- Its uses include the Valhalla game, staking and payments.
- UK regulators banned an ad, and US plaintiffs filed a class action.
A meme coin leans on internet culture more than on a product. Floki added a game and other tools, so the token has jobs beyond the joke.
What is Floki and what does it do?
Floki began in 2021 as a meme-based asset and later moved to a model built on community, utility and charity. FLOKI is the money players use inside Valhalla, and the project also runs FlokiFi Locker, which secures digital assets, and the University of FLOKI, which teaches web3.
- You can pay for items inside the Valhalla game.
- FlokiFi Locker lets you lock digital assets.
- Floki says its prepaid debit card works at stores worldwide.
- Floki says it funds school projects in Ghana and Nigeria.
Which blockchain and who made Floki?
FLOKI does not have a blockchain of its own. It is a token that runs on Ethereum and on BNB Chain, so the same asset exists on two networks. The project launched in 2021 and took its name from Floki, Elon Musk's Shiba Inu dog. The team behind it has stayed anonymous.
How is Floki different from other meme coins?
Dogecoin and Shiba Inu came first, and Floki shares their joke-and-dog roots. What sets it apart is what the team built around the token: a game, DeFi tools and a DAO where holders vote.
What legal issues has Floki faced?
Floki has faced action on two fronts. The UK's Advertising Standards Authority banned an ad campaign for the token, and US investors filed a class action claiming its promotion broke securities rules. The team has denied the claims.
Frequently asked questions
No court has ruled that FLOKI is a security, and the SEC has not named it one. The class action claimed it was an unregistered security, and US courts use the Howey test to decide.
Valhalla is the project's metaverse game, where players collect creatures, level up their characters and use FLOKI as the main currency inside it. The game has launched.
Staking means locking tokens in a contract to earn rewards. Floki says the rewards are paid in a sister token, not in more FLOKI.
No. Mining creates new coins on proof-of-work networks such as Bitcoin and secures their ledgers. FLOKI is a token on existing networks and is not mined.
