Floki, the memecoin giant, has launched its Name Service on the BNB Chain mainnet, bringing enhanced user experience and value to its holders.

Decentralized .floki Domain Names

The Floki Name Service is a decentralized domain offering that allows anyone to create a .floki domain name. These domain names can be used to launch decentralized websites, blogs, or résumés when the project's decentralized website service goes live soon. The team utilized the SPACE ID infrastructure, enabling integration with major Decentralized Applications (DApps) in the crypto industry.

Utility and Fundamentals of FLOKI

The main payment method for this service involves the use of the platform's native token, FLOKI. This development positively impacts the utility of the digital currency and the fundamentals of the Floki ecosystem. The project charges 160,000 FLOKI ($42.79) per year for a 4-char domain name and 660,000 FLOKI ($176.49) per year for a 3-char domain name.

Rivalry with Shiba Inu

Floki is now ranked as one of the top memecoins in the industry, with an active growth and value addition strategy. The launch of the Name Service is a way to challenge the dominance of its closest rival, Shiba Inu (SHIB), which has also launched its own name service with the .shib domain names.

Value Addition and Price Implications

The enhanced utility brought by the Name Service is adding value to the FLOKI token. Floki has also launched a trading bot to improve accessibility for users. Additionally, the project is making a push in the tokenization world through its TokenFi platform, aiming to secure a market share in the $16 trillion tokenization ecosystem.

The implication for the ecosystem is that the Name Service update might trigger an increase in the token's price. Coupled with the consistent burning campaign, the token might see a more significant jump. However, the price will need to clean off its current drawdown before picking up a new rally. At the time of writing, FLOKI is down by 5.82% in the past 24 hours to $0.0002633.