- Floki’s SLM program will leverage yield-bearing NFTs dubbed Treasury Bills to create more market liquidity.
- Floki also announces integration with Chainlink Keepers service into FlokiFi Locker, to automate its token-locking process.
Dog-themed cryptocurrency Floki Inu is back in the news once again after announcing two major important partnerships this week. On Tuesday, August 16, Floki Inu announced its partnership with ApeSwap.
The dog-themed meme platform announced that it will allow users to purchase the FLOKI token at a discount through its new sustainable liquidity mining program.
As per the Floki Inu team, this SLM program will leverage yield-bearing NFTs dubbed Treasury Bills. Users can purchase them via the use of Liquidity Provider (LP) tokens as a means of getting tokens at a discount. Thus, in order to create more liquidity, users can simply sell these Treasury Bills. This will further lead to an increased demand for the FLOKI Inu token driving its price higher. The official announcement reads:
@ape_swap has created a new way to generate protocol-owned liquidity by selling yield-bearing NFTs called Treasury Bills. These are NFTs that users can purchase with their liquidity provider (LP) tokens to receive tokens at a discount.
We set up a Bill with @ape_swap to offer a win-win for HEC and our community. Users get access to discounted $FLOKI tokens. We get to build protocol-owned liquidity – a more sustainable, cost-effective way to source liquidity.
Floki Inu partners with the Chainlink platform
In another development, Floki Inu announced its integration with Chainlink Keepers service into FlokiFi Locker, its native token-locking protocol. This will help Floki Inu to improve its services further and expand its user base.
Floki Inu said that this integration will help them automate its token locking process by leveraging Chainlink Keepers’ decentralized smart contract automation service.
As users of FlockiFi Lockers deposit their tokens and request to lock them through the UI, chainlink Keepers will automate all the backend smart contract processes. This will create an efficient token locking process that will significantly save engineers’ time on managing the protocol. It further eliminates any need for centralized automation solutions that can bring a single point of failure. One of the core contributors of Floki said:
As an innovative DeFi protocol that prioritizes security, decentralization, and transparency, the industry-leading Chainlink is the default oracle network we considered. We’re excited to use Chainlink Keepers to help automate our token locking process, and Chainlink Price Feeds to help display accurate token prices.
Previously, Floki announced its integration of Chainlink Price Feeds on Ethereum and BNB Chain. However, they are now expanding it to other blockchain networks such as Arbitrum, Avalanche, Fantom, Heco, Optimism, and Polygon. Floki said that they are using these price feeds for locking token prices for 500 different tokens.