The developers of the popular meme coin, Shiba Inu-themed Floki, have announced a major step towards establishing the token as a serious decentralized finance (DeFi) player. In an exciting development for FLOKI holders, the token will soon be accepted as collateral on Venus Protocol’s lending platform, the second-largest lending platform on the BNB Chain.
With over $800 million in locked tokens, Venus Protocol’s lending and borrowing product provides users with a simple and fast way to borrow against collateral while losing less to transaction fees. By integrating FLOKI on its platform, Venus Protocol will allow FLOKI holders on the BNB Chain to borrow USDT, USDC, BNB, and a basket of other cryptocurrencies while using their FLOKI tokens as collateral. This will enable FLOKI holders to easily access liquidity without having to sell their tokens.
The integration process has already begun and is expected to be completed by March. FLOKI holders will then be able to seamlessly lend and borrow on Venus Protocol, using their FLOKI tokens as collateral.
FLOKI has been one of the strongest performers in the crypto market, tripling in value over a 30-day rolling period. This has been driven by a $100 million token burn and a push to target the multibillion-dollar Chinese gaming market with Floki’s metaverse game, Valhalla. With this major integration on Venus Protocol’s lending platform, FLOKI is set to cement its position as a serious player in the DeFi space.