Floki, the meme-inspired cryptocurrency, has partnered with Venus Protocol, the largest lending platform on the Binance Smart Chain (BNB). Venus Protocol has a total value locked of $1.35 billion, representing 84% of the market share of BNB Chain lending TVL.
According to a blog post by Floki, Venus Protocol will integrate Floki into its isolated money markets, allowing FLOKI token holders to borrow various cryptocurrencies, such as BNB, USDC, USDT, etc., by using FLOKI as collateral. The integration process has already started and is expected to be completed by March, after which Floki holders can easily lend and borrow on Venus.
Floki is focused on building on the BNB Chain and creating strategic partnerships to increase the token’s utility, providing its users’ access to liquidity without selling their tokens. Initially, Floki was a meme coin but has since evolved into a full-fledged Web3 venture with a notable presence in the DeFi space.
The popularity of Floki has secured the top spot on Binance’s list of trending cryptocurrencies. The announcement caused Floki to rise by nearly 3%, but the price has since fallen. In contrast, Venus Protocol’s native token, XVS, has dropped more than 3%.
About Venus Platform
Venus is one of the largest synthetic stablecoin and algorithmic money markets protocol on the BNB chain. It allows users to borrow and lend a basket of stablecoins. Further, this protocol is backed by Binance which is the largest cryptocurrency exchange in the world in terms of the trading volume.