A Shiba Inu (SHIB) and Dogecoin (DOGE) competitor announces a new partnership with the largest on-chain lending protocol Binance.
The team behind Floki (FLOKI) says the crypto project is partnering with the Venus Project, the second largest decentralized financial (DeFi) ecosystem on the BNB chain.
The partnership will allow FLOKI holders to use their tokens as collateral to borrow against other digital assets.
“Venus will integrate FLOKI into their Isolated Markets, thereby allowing FLOKI holders on the BNB chain to borrow a basket of cryptocurrencies from other isolated markets, while using their FLOKI tokens as collateral…
This partnership further enhances the utility of the FLOKI token by allowing FLOKI token holders to easily access liquidity without having to sell their tokens.”
According to the Floki team, The Venus Project and the blockchain of the world’s largest cryptocurrency exchange platform by volume were chosen because of their size and popularity.
“This is an important partnership for Floki. With TVL [total value locked] $1.35 billion and 84% market share of BNB [Build N Build] chain lending TVL, Venus is a DeFi behemoth and one of the biggest DeFi players in the entire industry.
Floki loves the BNB chain and continues to build and seek strategic partnerships that benefit Floki holders, the vast majority of whom prefer the BNB chain.”
Although the merging process has begun, the team behind Floki says the final product won’t be released until at least March.
News of the partnership had little impact on FLOKI as the token is trading at $0.000047 at press time, down 2.6% in the last day.
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Featured image: Shutterstock/Dmitriy Rybin/Vladyslav Severyn/CKA