Floki DAO Compensates Simon's Cat Team $223,815.20 After Presale Cancellation

Floki DAO has resolved to pay the Simon’s Cat team $223,815.20, in response to the cancellation of the Simon’s Cat Token (CAT) presale.

Floki DAO has decided to pay the Simon’s Cat team $223,815.20 following the cancellation of the highly anticipated Simon’s Cat Token (CAT) presale.

This decision aligns with the overwhelming support expressed by the Floki community, with 97.72% approving the measure in a recent vote. Floki is renowned for its commitment to transparency and community involvement, and this incident showcases these values in action.

The presale aimed to distribute CAT tokens among Floki (FLOKI) holders, but aggressive botting attempts forced a swift cancellation. These attempts threatened the integrity of the sale, prompting Floki’s team to prioritize the well-being of its community.

In response to the botting attacks, Floki opted to convert the presale into a free airdrop for eligible users, canceling the planned sale.

As part of this decision, Floki will compensate the Simon's Cat team with $223,815.20, representing the funds that would have been generated from the second presale, which was also impacted by advanced botting techniques.

This compensation ensures that the Simon's Cat team receives the financial support initially anticipated, despite the cancellation of the presale.

Eligible Floki holders will receive a portion of the 315 billion CAT tokens, which constitute 3.5% of the total issuance.

To qualify for the airdrop, participants must maintain at least 400,000 FLOKI tokens on-chain during two key snapshot periods: the initial snapshot on August 22, 2024, and the concluding snapshot on August 29, 2024. It is essential for holders to maintain their tokens on-chain during these periods; any transfers out will render them ineligible for the airdrop.

This compensation and airdrop coincide with the market debut of Simon’s Cat Token on KuCoin on August 20, 2024. The token benefits from official support and intellectual property rights from the original Simon’s Cat company, adding credibility to the project.

Floki’s decision to allocate $223,815.20 to the Simon’s Cat team reflects confidence in the token’s long-term potential.

Furthermore, Floki emphasizes its dedication to safeguarding the interests of its community through this compensation and airdrop. The aim is to ensure fairness and transparency, reinforcing the platform’s commitment to its stakeholders.

The airdrop will target 3,707 legitimate Champion tier users, with each receiving approximately $55.345 worth of CAT tokens based on the presale valuation. Floki has also identified and excluded 337 wallets associated with botting attempts, ensuring that only genuine community members benefit from the airdrop.

By compensating the Simon’s Cat team and converting the presale into an airdrop, Floki demonstrates its proactive approach to maintaining a fair and equitable environment for its users.

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