Recently, we talked about the origin of Floki Inu. We said it is not a dog breed but the name Elon Musk gave to his Shiba dog.
Contrary to popular belief about memecoins, Floki Inu seems to be making advances on use cases. The popular dog currency is now launching Floki Finance, FlokiFi.
Floki Inu has been building a mysterious protocol for long, leaving its users eagerly waiting. A few hours ago, the memecoin came out to openly announce the release of the protocol. Is it FlokiFi? No. However, the project is under FlokiFi.
What is FlokiFi?
FlokiFi is a collective term for a set of decentralized products that Floki Inu is planning to launch. The products will make Floki Inu a complete ecosystem fully dependent on itself. The first project is the anticipated anonymous product that Floki Inu calls "Project L".
Therefore, What is Project L?
Try guessing first. What do you think it is?
Okay. The total value of cryptocurrency locked in DeFi is about $90 billion. This is according to Defillama, a popular DeFi information portal. The number increased to $251 billion at the peak of crypto's recent bull market.
Floki Inu noticed that even though the number is large, it is not large enough because it fails to capture the actual value of the DeFi space. There are billions of crypto projects and NFTs being launched daily in the crypto space. Therefore, the total value locked (TVL) is more than $251 billion.
The value is great, which is the reason as to why the DeFi space is vulnerable to cyber attacks and theft. This is why Floki Inu invented Project L.
Why Project L?
Project L is as direct as is; even I thought it would stand for something different. Project L stands for "FlokiFi Locker". There! You have it.
It is by far the most innovative and secure crypto locker in the market today. FlokiFi Locker is a digital asset solution, which allows users to lock fungible tokens like,
ERC-20/BEP-20 tokens like FLOKI,
Liquidity Pool (LP) tokens,
NFTs,
and Multi tokens.
Functions of FlokiFi and Solutions It Offers to the Crypto Space
FlokiFi allows users to lock and vest fungible tokens. The lock period is for an almost infinite amount of time, i.e.. Even up to 1000 years. The lock procedure uses UI.
FlokiFi allows users to lock NFTs.
FlokiFi is the only token to implement the ERC-1155 multi-token standard. ERC-1155 multitoken protocol allows users to have... "different types of assets — both fungible (ERC-20) and non fungible (ERC-721) — with different quantities in a single contract. ".
FlokiFi enables you to lock multiple assets in a single transaction.
FlokiFi supports many EVM- compatible blockchains compared to other locker wallets.
The FlokiFi Launch
FlokiFi is set to launch big and is in partnership with huge Crypto networks such as Chainlink, OKX Chain, Kucoin Community Chain, some of the industry’s biggest DEXs, and many others. These partners will be making their own announcements soon in coordination with FlokiFi. Certik is verifying the locker.
Who Knew That Meme Coins Would Have a Use Case?
Floki Inu says this is only the beginning and there is much more to come. I suppose everything is as you believe. I hear Shiba Inu is also launching a ShibaVerse. Everything too is as you make it work. Follow your investment strategy.
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