Floki Inu (CCC:FLOKI-USD) borrows a lot of imagery from vikings. Of course, when one thinks of vikings, they think of large, brutish people with the classic horned helmets and brawny physique. But, if one is going to push this imagery as the face of their digital currency, they better back it up with some serious fundamental strength. Like a viking, the currency must be large and infallible. And while some skeptics might think Floki doesn’t align with this characterization, developers are working to flip the script. With this week’s Floki Inu news, the token is now a DeFi play that’s proving to be a very popular method of growing passive wealth.
When FLOKI launched, it faced the same criticisms that other pupcoins before it had. Its high total supply, lack of utility and microscopic value didn’t look all that different from that of Shiba Inu (CCC:SHIB-USD), Dogelon Mars (CCC:ELON-USD), Kishu Inu (CCC:KISHU-USD) and many others. As such, it was an easy write-off among crypto investors interested in fundamental value and utility.
Still though, it is developing a vast following of dedicated fans — the aptly named “Floki Vikings” — and developers are working diligently to convince others to join the ranks. The network is developing a metaverse, a slew of non-fungible tokens (NFTs) and an educational tool. Now, though, it’s showing its aptitude as a DeFi token. Indeed, users can now use their FLOKI to build passive income through staking and loaning.
Floki Inu News: FLOKI Gets a New Use Case Through DeFi Partnership
This week’s Floki Inu news sees the network get a convincing new use for the token. Developers are teaming up with Inverse Finance (CCC:INV-USD) to make FLOKI a DeFi token. Users are proving to be quite excited by the news as well, with millions in FLOKI already flowing into the platform.
Floki is announcing this week that it is partnering with Inverse to integrate the FLOKI token on the network as a staking tool. Any of the 370,000 active FLOKI holders can port their currency to the Inverse platform. From there, one can stake their tokens in a INV/FLOKI pool and earn INV at a rate relative to the amount of FLOKI staked. Users can also stake their FLOKI as collateral to borrow INV. They can also borrow coins like Bitcoin (CCC:BTC-USD) and Ethereum (CCC:ETH-USD).
The news is huge for Floki Inu. FLOKI holders can finally go to a DeFi protocol and start directly earning through their holdings. The partnership is sure to help FLOKI in the long run, but investors are seeing the success of it immediately. In the first 24 hours of the FLOKI integration, the Inverse network saw an inflow of FLOKI worth $44 million. That’s equivalent to over 204 billion tokens at current values. The partnership is paying off in dividends for both parties; Inverse founder Nour Haridy is showing Twitter users how drastically the partnership is affecting traffic on Inverse.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
