In an effort to enter the decentralized finance (DeFi) space and to provide Floki holders with numerous possibilities of income generation and usability, Floki Inu ($FLOKI) integrated with Chainlink and its oracle in a bid to offer its holders decentralized finance (DeFi).
Why integration of Floki Inu and Chainlink?
Floki Inu Expressed: “Let’s not ignore the fact that Floki being integrated with an $11 billion crypto giant securing $75 billion+ worth of smart contracts is BIG, but also realize that this isn’t a casual integration. It required serious due diligence from Chainlink and further legitimizes Floki.
his integration puts Floki in a league of its own and positions us for serious utility. The price feeds that Chainlink helps Floki enable gives us endless possibilities when it comes to utility.”
Good for P2E NFT Games: Due to this integration, staking Lending and Borrowing will be made possible for Floki Users. This integration will help keep Floki’s P2E NFT game function efficiently.
To give a perspective, instead of having to sell your Floki tokens, you can use it as a collateral in a DeFi protocol we integrate with (which wouldn’t be possible without Chainlink!) and take a loan in USDT, ETH, BTC, or some other cryptocurrency.
You can stake your Floki tokens or lend it out and earn interest on it depending on the individual arrangement of the DeFi protocol that Floki integrates with or based on the provisions of the protocol on which Floki is built on.
About Chainlink: In 2017 Sergey Nazarov and Steve Ellis created Chainlink. The network services smart contracts, was formally launched in 2019. In 2018, Chainlink integrated Town Crier, which connects the Ethereum blockchain with web sources that use HTTPS.
In April 2021, Chainlink published a second white paper. Chainlink 2.0: Next Steps in the Evolution of Decentralized Oracle Networks to include hybrid smart contracts, which utilize on-chain code and off-chain services provided by oracle networks
What is so Special about ChainLink?
Chainlink is a distributed network of nodes that provide data and information from off-blockchain sources to smart contracts on the blockchain. This process, along with extra secure hardware, eliminates the reliability issues that might occur if only one source is used.
The integration of Chainlink Price Feeds
Chainlink infrastructure is seamless to integrate and it is time-tested in production. It has been integrated in several protocols. There is an integration happening with Chainlink oracle literally every day.
The addition of this feature will offer users stronger assurances that the price obtained in a transaction is accurate, and it will ensure a smoother transaction process between buyer and seller.
FLOKI is a project that aims to disrupt the cryptocurrency industry by utilizing memes to ensure mainstream appeal and adoption.
Using an oracle network, makes it possible for Floki to fetch aggregated price data off-chain, thus making it available directly on-chain to feed their applications with the data. Once off-chain data is made available it will be possible for Floki to make it available directly on-chain and to start breaking into DeFi.
Chainlink Price Feeds provide a multitude of critical features: High-Quality Data, Secure Node Operators, Decentralized Network and a Reputation System.
Get the latest Crypto & Blockchain News in your inbox.