The second largest DeFi project on BNB Chain is Venus Protocol which will allow collateralized memecoin FLOKI to borrow other coins.
Venus Protocol, the leading lending protocol on BNB Chain, says it is about to accept Floki (FLOKI) as collateral.
Floki is a “dog system” memecoin project named after billionaire Elon Musk’s dog Floki, launched in 2021.
With this move, Venus expects to be able to turn Floki into an option as collateral to borrow money from the project, which is recording a lockout value (TVL) of up to $800 million at the time of writing. .
— Venus Protocol (@VenusProtocol) February 24, 2023
BNB Chain users can collateralize FLOKI as collateral for loans USDT, USDC, BNB, and a basket of other altcoins. This gives FLOKI holders access to new liquidity options without having to sell tokens.
The process of integrating FLOKI into Venus has now begun and is expected to be completed in March.
The FLOKI price during the early part of 2023 has been one of the strongest performers, jumping more than 700% in less than 60 days.
Floki at the end of January approved a proposal to burn 100 million tokens, as well as speed up the development of the Vahalla metaverse game project.