Floki Inu was launched with the slogan “people’s cryptocurrency” and the crypto platform seems to live up to its claims with each progressive step enroute. Recently, the Floki Inu team declared on Twitter about its foray into the DeFi space with a power-packed integration with Chainlink. Much to the delight of FLOKI holders, Floki Inu’s latest integration with Chainlink will open up a sea of possibilities and great utilities for the holders.

Chainlink is the esteemed platform for developing, accessing as well as selling of oracle services that help the smart contracts to access off-chain data. In a recent tweet earlier this month. The Floki Inu team mentioned that while smart contracts are excellent innovations they are restricted to explore their full length of functionalities. The problem is, smart contracts are unable to access off-chain data given certain blockchain restrictions which prevents them from operating at their fullest. As per the tweet, integration with an oracle solution will help to resolve this problem as oracles enable smart contracts to gain access to real-world data.

But, what would FLOKI’s entry into DeFi space with Chainlink integration mean to the FLOKI holders? Well, a bunch of great benefits. 

Access to Secured, updated market data

To start with, bustling with around 11 billion dollars of market capitalization, Chainlink stands tall as the largest decentralized oracle solution. The platform helps to secure more than 75 billion dollars worth of cutting-edge smart contracts, thereby ensuring easy access to updated, tamper-proof as well as accurate real-time market data all the time. Floki Inu’s integration with Chainlink will allow the platform to empower its holders with a guarantee of up-to-date, tamper-proof, and accurate market information. 

Lending, staking, and borrowing

The Chainlink integration will also enable Floki Inu to expand the range of utilities of the FLOKI token. As FLOKI breaks into the DeFi space with Chainlink oracle, the FLOKI holders will now have the facility to borrow, lend or stake using their FLOKI tokens. Put simply, the FLOKI holders will now be able to use the token as collateral and borrow loans against the FLOKI token. This way, they would probably never have to sell off their FLOKI tokens.  

The Floki Inu team shared that their token holders have been asking for this functionality for a long time and they are happy that finally they would be able to do it now with FLOKI tokens. 

Better functionality for Valhalla

Valhalla is FLOKI’s state-of-the-art Play-to-Earn NFT game which is currently under development. The game requires a reliable price feed that will help to effectively gauge the value of treasury for quest/battle rewards and other kinds of P2E mechanics. Floki Inu’s integration with Chainlink Price Feed will enable the game to function more efficiently.

The fast-rising cryptocurrency platform has been in talks with multiple DeFi platforms for months and finally decided to sign up with Chainlink for its robust infrastructure. Chainlink assures most premium quality data as it sources information from a versatile range of sources. Moreover, Chainlink Feeds are backed by security-reviewed, Sybil-resistant, and independent oracle nodes that help it to assure tamper-proof data.