The team behind the meme-inspired cryptocurrency Floki Inu ($FLOKI) has announced it’s integrating with Chainlink ($LINK) and its oracle in a bid to enter the decentralized finance (DeFi) space and offer holders numerous possibilities.
In a tweetstorm, the Twitter account tied to Floki Inu first started by pointing out that smart contracts as a “great innovation” that is limited in what it can make possible because of its “inability to access off-chain data.” An oracle, they wrote, solves the problem by “feeding them real world data in a way they can understand.”
Chainlink, the team added, is the “biggest and most respected of these oracle solutions” and while its market capitalization is around $11 billion, it helps “secure over $75 billion worth of smart contracts, ensuring secure access to tamper-proof, up-to-date, and accurate market data at all times.”
The integration, according to the Floki Inu team, could allow token holders to soon be able to stake, lend, and borrow using their tokens. The integration with Chainlink would, as such, allow FLOKI holders to use their funds as collateral on decentralized finance protocols and take out loans without losing exposure to the meme-inspired cryptocurrency.
According to the FLOKI team the Chainlink integration “has been a long time in the making, and we have been in talks with several DeFi solutions for a while now.” As CryptoGlobe reported, Floki Inu is a rival to both SHIB and DOGE that was also launched on the Binance Smart Chain (BSC), an alternative smart contract blockchain that supports tokens with the ERC-20 standard.
Floki Inu has made headlines last month after it launched an ad campaign on London’s public transport system with the slogan “Missed Doge? Get Floki” in a bid to “legitimize” the cryptocurrency.
The community behind the meme-inspired cryptocurrency has created a petition asking Nasdaq-listed cryptocurrency exchange Coinbase to list it on its platform. The petition has now been signed by over 30,000 users.
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Featured image via Floki Inu’s webste