Venus Protocol on BNB Chain to Accept FLOKI as Collateral
Venus Protocol on BNB Chain to Accept FLOKI as Collateral
Venus Protocol, the second-largest DeFi project on the BNB Chain, has announced it will soon accept Floki (FLOKI) as collateral for borrowing other cryptocurrencies.
Floki is a memecoin project named after Elon Musk’s Shiba Inu dog, launched in 2021.
With this move, Venus aims to position Floki as a viable collateral asset for loans on its platform, which currently boasts a Total Value Locked (TVL) of up to $800 million at the time of writing.
BNB Chain users will be able to use FLOKI as collateral to secure loans in USDT, USDC, BNB, and a range of other altcoins. This allows FLOKI holders to access new liquidity options without having to sell their tokens.
🎉Welcome to Venus $FLOKI Family! Looking forward to seeing our vaults integrated and accessible directly on https://t.co/C7brNVlcjH soon! $XVS $VAI $FLOKI #DeFi @bnbchain https://t.co/7dRCcqTB8H
— Venus Protocol (@VenusProtocol) February 24, 2023
The integration of FLOKI into Venus has already begun and is expected to be completed by March.
At the beginning of 2023, FLOKI has been one of the strongest-performing coins, surging over 700% in less than 60 days.
In late January, Floki passed a proposal to burn 100 million tokens and ramped up the development of its metaverse game project, Vahalla.
Price movement of FLOKI from the beginning of 2023 to now, screenshot from CoinMarketCap as of 9:50 PM on February 24, 2023
