Meme-based cryptocurrency Floki Inu (CRYPTO: FLOKI) has partnered with major oracle solution provider Chainlink (CRYPTO: LINK) in an effort to extend its utility into the realm of decentralized finance.
What Happened: In a Nov. 4 announcement, Floki Inu said it had integrated Chainlink with the aim of bringing popular DeFi functions such as lending, staking and borrowing to its community of token holders.
More importantly, Chainlink helps secure over $75 billion worth of smart contracts, ensuring secure access to tamper-proof, up-to-date and accurate market data at all times.
This makes oracles like Chainlink the backbone behind DeFi and a lot of blockchain communication.
— Floki Inu (@RealFlokiInu) December 3, 2021
“The price feeds that Chainlink helps FLOKI enable gives us endless possibilities when it comes to utility,” said Floki Inu.
“In other words, thanks to this Chainlink integration and the DeFi integrations it will facilitate, you will be able to use your FLOKI tokens as collateral and borrow loans against them — possibly never having to sell your tokens.”
Users will soon be able to use their FLOKI tokens as collateral in a DeFi protocol and take out a loan in Tether (CRYPTO: USDT), Ethereum (CRYPTO: ETH), Bitcoin (CRYPTO: BTC) and other major cryptocurrencies.
Why It Matters: Floki’s move to branch into DeFi comes on the back of a trend of several meme-coins transitioning into tokens with “real utility.”
Fellow Dogecoin (CRYPTO: DOGE) rival Shiba Inu (CRYPTO: SHIB) recently unveiled a partnership with a former Activision executive to build a Shiba Inu NFT game that will play a key role in its plans to “implement the metaverse” on Shibarium.
However, Floki’s large-scale marketing efforts have caused a stir in some regions. The crypto project’s recent London underground ad campaign propelled the U.K.’s advertising watchdog to launch a formal investigation.
Floki-related promotions were also scrutinized by Dogecoin co-creator Billy Markus, who stated that advertising “it’ll make you rich” is “slimy AF.”
Price Action: FLOKI is trading at $0.0001262, down 14.7% in the last 24 hours.
Photo by Jaycee Xie on Unsplash.