DeFi Lending Protocol Venus To Start Accepting Floki As Collateral admin January 30, 2022

DeFi Lending Protocol Venus To Start Accepting Floki As Collateral

Business and FinanceCrypto LendingDecentralized Finance (DeFi)defiFLOKI

  • BNB Chain’s Venus Protocol has announced a partnership with Floki. 
  • Venus will integrate Floki in their isolated markets allowing users to pledge FLOKI tokens as collateral.
  • FLOKI surged more than 2.5% following the announcement of the partnership. 
  • The former meme coin has secured the top spot on Binance’s list of trending cryptocurrencies. 

Floki has partnered up with Venus Protocol, the biggest lending protocol on the BNB Chain. As the second largest DeFi protocol on the BNB Chain, Venus boasts an impressive total value locked (TVL) of a whopping $1.35 billion, representing 84% of the market share of the BNB Chain lending TVL. 

Venus will integrate Floki into its isolated money markets

According to a blog post by Floki earlier today, Venus Protocol will soon integrate Floki into its isolated money markets. The DeFi lending giant will allow holders of the FLOKI token on the BNB Chain to borrow a wide range of cryptocurrencies like BNB, USDC, USDT, etc. by using FLOKI as collateral. 

The FLOKI integration process on Venus has started, and this is expected to be finalized in March after which Floki holders will be able to seamlessly lend and borrow on Venus while using their FLOKI tokens as collateral.”

The blog post further stated that Floki is looking forward to continuing building on the BNB Chain and making strategic partnerships to benefit FLOKI holders by enhancing the token’s utility and allowing its users to access liquidity without having to sell their tokens. The token, which started out as a meme coin, has evolved into a full-fledged Web3 venture with a considerable presence in the DeFi space. 

The growing popularity of FLOKI has helped it secure the top spot on Binance’s list of trending cryptocurrencies. News of the announcement sent FLOKI soaring nearly 3% earlier today. The price has since fallen considerably. On the other hand, Venus Protocol’s native token, XVS, has plummeted by more than 3%. 

Source : Ethereum World News

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