Floki developers will today launch a tokenization platform dedicated to the rising real-world asset (RWA) segment in an effort to position the former memecoin project as a serious DeFi contender.
Called TokenFi – with token (TOKEN) as the native digital asset – the platform lets users launch any cryptocurrency without writing code. Users can then raise funds from the Floki community, connect with exchanges and market makers for liquidity, and float tokens tied to real-world assets that are not deemed securities.
Developers say they are trying to capture a piece of the global asset tokenization market.
“The tokenization industry is projected to be a $16 trillion industry by the year 2030,” Floki lead developer ‘B’ told CoinDesk in a Telegram message. “BlackRock, the world’s biggest institutional investor with $10 trillion of assets under management, strongly believes in the industry’s potential, which they call "the next evolution in markets.”
RWA refers to a physical asset, such as real estate or a car, digitized and made available in decentralized finance (DeFi) applications. Several analysts peg this as a “trillion-dollar opportunity,” as such products can theoretically allow anyone in the world to trade or invest in any global asset – which was currently a complex process governed by stringent business and financial laws.
The protocol will launch initially on five leading Ethereum, BNB Chain, opBNB, Base and Arbitrum networks but will expand to more blockchains in the coming months.
Incentives will be offered to users who use the protocol to launch their tokens or smart contracts. A percentage of TokenFi tokens will be set aside to reward protocol usage based on daily activity – which may create a flywheel effect that attracts users who keep using the platform for even more rewards.
Initial trading for TOKEN is scheduled for 3 P.M. UTC to launch on Ethereum and BNB Chain networks on Friday, where the cryptocurrency will be offered at an initial fully diluted market capitalization of $500,000.
TokenFi supply will be split evenly between the BSC and ETH chains: There will be 5 billion tokens on BNB Chain and 5 billion tokens on Ethereum for a combined total of 10 billion tokens.
However, more of TOKEN's supply can be acquired by staking FLOKI tokens, as previously reported.
“Users will be able to earn the reward token by locking up their FLOKI tokens for a period of between 3 months to 4 years,” B told CoinDesk last week. "We envision this resulting in a significant portion of FLOKI tokens being locked up for an extended period of time, which will significantly reduce the amount of FLOKI tokens in circulation and add significant value to the FLOKI token.”
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