FLOKI takes another step forward by incorporating Chainlink Price Feeds into its system. This allowed a seamless transition into the DeFi. FLOKI is a project that promises to disrupt the business by providing people with dependable utility while also harnessing memes to secure global attention. FLOKI’s user base is steadily increasing. Currently, they have over 350,000 holders. FLOKI is quickly establishing itself as one of the world’s most popular cryptocurrencies.
FLOKI gains access to high-quality, tamper-proof price feeds needed to read an accurate on-chain price. It has to be integrated with Chainlink Price Feeds on the ETH and BSC blockchains.
This enables critical integrations that will assist the cryptocurrency to introduce DeFi to as many people as possible. Meaning, integrations would allow more ordinary investors to enter the crypto scene. The integration will give consumers peace of mind by ensuring that they are always receiving correct market data.
MrBrown Whale, FLOKI’s Core Strategist, emphasized that the integration of Chainlink Price Feeds is an important step in FLOKI’s DeFi journey. He also mentioned that they have access to high-quality price data. Meaning, the data will help FLOKI’s DeFi establish important integrations.
Faster process integration with Chainlink
Chainlink is a market-leading platform that connects investors to the services they need to fuel hybrid contracts on any blockchain. Oracle networks are a type of network that connects smart contracts to any external API. This allows them to take advantage of off-chain computations for more accurate outcomes.
In the DeFi, insurance, gaming, and other key businesses, Chainlink has secured tens of billions of dollars.
Chainlink was chosen as FLOKI’s official oracle solution. It offers a unified architecture that enables it to integrate processes more quickly than any other oracle solution. Furthermore, Chainlink maintained its security despite unanticipated circumstances like exchange failures, flash crashes, and data tampering efforts through flash loans, thus strengthening its reputation.
The #FLOKI x Chainlink Integration: A Quick Overview
Here’s a quick overview of the #FLOKI x Chainlink integration we announced today — and how important it is!
First of all, what is #Chainlink?
Chainlink is the world’s foremost decentralized blockchain oracle solution. pic.twitter.com/WzrPlr18yY
— Floki Inu (@RealFlokiInu) December 3, 2021
Advantages of the integration
DeFi integration takes Floki to a new level of usefulness, putting the company in a better position for long-term success. When it comes to utility, Chainlink’s pricing feeds allow Floki to present them with an infinite number of possibilities.
Floki’s merger with an $11 billion crypto powerhouse securing $75 billion+ in smart contracts is significant. Chainlink has to carry out significant due research, which confirms Floki’s legitimacy.
Staking Lending and Borrowing will be offered to Floki users as a result of this connection, which is suitable for P2E NFT games. This integration will make Floki’s P2E NFT game run more smoothly.
For example, rather than selling your Floki tokens, you might use them as collateral in a Defi protocol. You can bet your Floki tokens or lend them out and earn interest in them. This depends on the particular configuration of the Defi protocol that Floki integrates into. It also depends on the requirements of the protocol on which Floki is based.
Your capital is at risk.
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Source: https://insidebitcoins.com/news/floki-integrates-with-chainlink-allowing-users-to-stake-lend-and-borrow