By using Chianlink’s smart contracts automation service, Floki will automate the token-locking process at their end.
On Monday, August 15, Floki Inu announced that its token locking platform FlockiFi Lockers has integrated its Chainlink Keepers to the Ethereum mainnet and the BNB Chain.
This comes as part of Floki’s ongoing commitment to improving its services and further expanding its user base. Floki said that they will leverage Chainlink’s decentralized smart contract automation service. As a result, they will be able to securely automate the token locking process. This will also make the FlockiFi Locker more efficient and faster. On Monday, August 15, the official Twitter handle of Chainlink tweeted:
Floki works as a community-powered ecosystem with the goal of giving people absolute control over their finances through DeFi, Metaverse, and NFTs. It is working on a suite of decentralized finance (DeFi) products under the Floki brand.
On the other hand, Chainlink Keepers is a decentralized service built purposefully to manage tasks on behalf of smart contracts. By using Chainlink Keepers, FlokiFi Lockers will automate the token locking process.
After users deposit their tokens and make a request to lock them through the UI, Chainlink Keepers will help in automating the entire backend processes. This considerably reduces the time and effort for engineers to manage the protocol. It also eliminates the use of centralized automation platforms having a single point of failure.
Floki Inu Leveraging Chainlink Price Feeds
In the past, Floki Inu has worked with Chainlink for integrating the Chainlink Price Feed services into FlockiFi locker. The reason behind this integration was high-quality data, decentralized network, secure node operators, transparency, etc. As Floki notes:
“By leveraging Chainlink Price Feeds, we’re able to display token locking prices for over 500 assets across our multi-chain protocol. By leveraging the industry-leading price data solution, which underpins the DeFi economy, we’re able to display highly accurate, reliable, and decentralized price data on our protocol.”
“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,”explained one of the core contributors at Floki.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Source: https://www.coinspeaker.com/floki-inu-integration-chainlink/