The baby meme coin project Floki Inu (FLOKI) continues its breakthroughs. Floki’s SLM program will leverage yielding NFTs to create more market liquidity. Additionally, Floki announced its integration into FlokiFi Locker with its Chainlink Keepers service to automate the token locking process.
Meme coin project Floki expands its usage area
After the success of Dogecoin, the cryptocurrency market has been flooded with dog-themed coins of the Shiba Inu breed. One of them is Floki Inu (FLOKI), inspired by the name Tesla CEO Elon Mask gave to his dog. Meme coin announced two major partnerships this week. cryptocoin.comAs you follow, Floki Inu announced its partnership with ApeSwap on Tuesday, August 16. In this context, Floki announced that it will allow users to purchase FLOKI at a discount through its new sustainable liquidity mining program.
According to the Floki Inu team, this SLM program will use yielding NFTs called Treasury Bills. It is possible for users to purchase tokens at a discount using Liquidity Provider (LP) tokens. Thus, users have the opportunity to simply sell these Treasury Bills to create more liquidity. According to experts, this will lead to an increase in demand for the FLOKI token and increase its price. The meme coin project included the following in its official announcement:
Apeswap has created a new way to create protocol-based liquidity by selling yielding NFTs called Treasury Bills. These are NFTs that users can purchase with liquidity provider (LP) tokens to receive the tokens at a discount. We have partnered with Apeswap to offer a play-to-earn for HEC and our community. Users can access discounted FLOKIs.
Floki Inu partners with Chainlink platform
In another development, Floki Inu collaborated with the Chainlink Keepers service. In this context, it announced its integration into the native token locking protocol, FlokiFi Locker. According to experts, this collaboration will help Floki Inu further develop its services and expand its user base. Floki Inu says this integration will help them automate the token locking process by leveraging Chainlink Keepers’ decentralized smart contract automation service.
FlockiFi Lockers users will request to deposit and lock their tokens via the UI. In this way, chainlink Keepers will automate all backend smart contract processes. This will create an efficient token locking process that will significantly reduce the engineers time to manage the protocol. Thus, it will further eliminate the need for centralized automation solutions that can bring a single point of failure. One of Floki’s officials said:
As an innovative DeFi protocol that prioritizes security, decentralization, and transparency, the industry-leading Chainlink is the default oracle network we’re considering. We will use Chainlink Keepers to help automate our token locking process. We will also make use of Chainlink Price Feeds to help display accurate token prices. We are excited about this collaboration.
Earlier, Floki announced that it has integrated Chainlink Price Feeds into Ethereum and BNB Chain. But now it is expanding it to other Blockchain networks such as Arbitrum, Avalanche, Fantom, Heco, Optimism and Polygon. Floki said they used these price feeds to lock in the prices of 500 different tokens.
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