[ad_1] <br><div><div><p>Tokens of Shiba Inu-themed Floki can quickly be used as collateral to borrow a basket of cryptocurrencies on Venus Protocol, the second-largest lending platform on the BNB Chain, Floki builders informed CoinDesk on Friday.</p></div></div><div><div><p>The transfer is a part of a broader plan to make FLOKI, which was initially a meme coin named after billionaire Elon Musk's pet canine, as a critical decentralized-finance (<a target="_blank" href="https://www.coindesk.com/learn/what-is-defi/" rel="noopener">DeFi</a>) token.</p></div></div><div><div><p>Venus offers a simple-to-use crypto asset lending and borrowing product that permits customers to instantly borrow towards collateral at a excessive pace whereas shedding much less to transaction charges. It held over $800 million in locked tokens as of Friday.</p></div></div><div><div><p>Venus will likely be integrating FLOKI in its money-market platform, thereby permitting FLOKI holders on the BNB Chain to borrow USDT, USDC, BNB and a basket of different cryptocurrencies whereas utilizing their FLOKI tokens as collateral.</p></div></div><div><div><p>This enables FLOKI token holders to simply entry liquidity with out having to promote their tokens.</p></div></div><div><div><p>The transfer is predicted to learn FLOKI holders, builders say, as they proceed to construct and search strategic partnerships that finally profit the token’s worth.</p></div></div><div><div><p>The FLOKI integration course of on Venus has began, and is predicted to be accomplished in March. After that, FLOKI holders will be capable of seamlessly lend and borrow on Venus whereas utilizing their FLOKI tokens as collateral.</p></div></div><div><div><p>FLOKI has to date been one of many strongest crypto performers this 12 months, tripling in worth over a 30-day rolling interval, in accordance with CoinGecko. Curiosity within the tokens has heightened in current months following a <a target="_blank" href="https://www.coindesk.com/markets/2023/01/30/floki-inu-dao-passes-proposal-to-burn-over-100m-worth-of-tokens/" rel="noopener">$100 million token burn</a> and a push to focus on Valhalla, Floki’s metaverse recreation, to the <a target="_blank" href="https://www.coindesk.com/web3/2023/02/07/shiba-inu-themed-floki-to-release-chinese-version-of-its-upcoming-valhalla-game/" rel="noopener">multibillion-dollar</a><a target="_blank" href="https://www.coindesk.com/web3/2023/02/07/shiba-inu-themed-floki-to-release-chinese-version-of-its-upcoming-valhalla-game/" rel="noopener"> Chinese gaming market</a>.</p></div></div> <br>[ad_2] <br><a href="https://www.coindesk.com/markets/2023/02/24/bnb-chains-second-largest-defi-protocol-venus-to-accept-floki-tokens-as-lending-collateral/?outputType=amp">Source link </a>