A Shiba Inu (SHIB) and Dogecoin (DOGE) competitor is announcing a new partnership with the Binance Chain’s biggest lending protocol.
The team behind Floki (FLOKI) says that the crypto project is collaborating with the Venus Project, the second-largest decentralized finance (DeFi) ecosystem on the BNB Chain.
The partnership will allow FLOKI holders to use their tokens as collateral to borrow other digital assets.
“Venus will be integrating FLOKI in their Isolated Money Markets, thereby allowing FLOKI holders on the BNB chain to borrow a basket of other isolated markets cryptocurrencies while using their FLOKI tokens as collateral…
This partnership further enhances the utility value of the FLOKI token as it allows 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 crypto exchange platform by volume were chosen due to their size and popularity.
“This is a significant partnership for Floki. With a TVL [total value locked] of $1.35 billion and an 84% market share of the 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 out strategic partnerships that benefit Floki holders, the overwhelming majority of whom have a preference for the BNB chain.”
Though the merger process has begun, the team behind Floki says that the finalized product won’t be launched until at least March.
News of the partnership had little impact on FLOKI as the token is trading for $0.000047 at time of writing, a 2.6% drop during the last day.
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