The team behind the meme-inspired cryptocurrency Floki Inu ($FLOKI) has brought in new decentralized finance (DeFi) possibilities to token holders of the meme-inspired cryptocurrency through a new partnership with Inverse Finance.
According to an announcement the team shared on Medium, the partnership with decentralized finance platform Inverse Finance allows $FLOKI investors to access $FLOKI-backed loans and stake their meme tokens and earn Inverse Finance’s native $INV token.
So far over $45 million worth of $FLOKI have been moved onto the Inverse Finance platform according to Etherscan data. Nour Haridy, founder of Inverse Finance, noted on Twitter that in only an hour over $20 million worth of $FLOKI had been sent to the platform.
Projects like Inverse Finance use smart contracts to offer financial services to their users. Through it Floki Inu holders can now use their $FLOKi as collateral to take out a loan in the form of DOLA, a stablecoin issued by the platform that is pegged to the value of the U.S. dollar.
The Floki Inu pool that was launched has a collateral factor of 50% , meaning that $FLOKI holders will only be able to take out FLOKI-backed loans whose value is of 50% of the tokens they have on the platform. While these loans have no expiration date, CoinDesk reports, if the value of a user’s collateral drops so the borrowing limit goes over 100%, the loan is liquidated and a 13% fee is taken on top of repayment to the liquidations.
Floki Inu was added to the platform after an on-chain governance proposal was passed by the Inverse Finance community. As CryptoGlobe reported, the Floki Inu team recently entered a strategic partnership with cryptocurrency market maker Wintermute, which has a cumulative trading volume of over $1.4 trillion and is responsible for over $8 billion in daily trading volume.
Floki Inu has also recently announced it’s integrating with Chainlink ($LINK) and its oracle in a bid to enter the decentralized finance (DeFi) space and offer holders numerous possibilities.
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