BNB Chain’s Second-Largest DeFi Protocol Venus to Accept Floki Tokens as Lending Collateral

The move is expected to benefit FLOKI holders, developers say, as they continue to build and seek strategic partnerships.

AccessTimeIconFeb 24, 2023 at 1:37 p.m. UTC
Updated Feb 24, 2023 at 4:08 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Tokens of Shiba Inu-themed Floki can soon be used as collateral to borrow a basket of cryptocurrencies on Venus Protocol, the second-largest lending platform on the BNB Chain, Floki developers told CoinDesk on Friday.

The move is part of a broader plan to make FLOKI, which was originally a meme coin named after billionaire Elon Musk's pet dog, as a serious decentralized-finance (DeFi) token.

Venus provides a simple-to-use crypto asset lending and borrowing product that allows users to directly borrow against collateral at a high speed while losing less to transaction fees. It held over $800 million in locked tokens as of Friday.

Venus will be integrating FLOKI in its money-market platform, thereby allowing FLOKI holders on the BNB Chain to borrow USDT, USDC, BNB and a basket of other cryptocurrencies while using their FLOKI tokens as collateral.

This allows FLOKI token holders to easily access liquidity without having to sell their tokens.

The move is expected to benefit FLOKI holders, developers say, as they continue to build and seek strategic partnerships that ultimately benefit the token’s value.

The FLOKI integration process on Venus has started, and is expected to be completed in March. After that, FLOKI holders will be able to seamlessly lend and borrow on Venus while using their FLOKI tokens as collateral.

FLOKI has so far been one of the strongest crypto performers this year, tripling in value over a 30-day rolling period, according to CoinGecko. Interest in the tokens has heightened in recent months following a $100 million token burn and a push to target Valhalla, Floki’s metaverse game, to the multibillion-dollar Chinese gaming market.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.