$44 million Worth of Floki Inu Makes its way to DeFi’s Inverse Finance

Vinod Dsouza
Floki Inu partners with Defi Inverse Finance
Floki Inu enters the DeFi world with Inverse Finance.

Floki Inu has partnered with decentralized finance (DeFi) project ‘Inverse Finance’. Over $44 million worth of Floki Inu tokens were transferred to the new liquidity pool. All this happened in less than 24-hours of its launch. The development indicates that Floki is moving away from the ‘meme-token’ tag and getting its users the benefits of DeFi.

$20 million worth of Floki were deposited to Inverse Finance in just an hour after the launch, data shows. Floki is bringing DeFi to its users on a silver platter and close to 370,000 holders would benefit from it.

For the uninitiated, Inverse Finance runs on smart contracts and sidelines the centralized middlemen who offer financial services to crypto-users. The DeFi firm allows users to take token loans by lending their protocol as collateral.

The firm allows users to take 50% as a loan in accordance with the value of their staked Floki. The loan borrowing amount differs from user to user and is not fixed at a particular price. Inverse Finance claims that it pegs on a one-to-one basis with the U.S. dollar or other cryptocurrencies.

The point to be noted is that there is no expiration date on the loan borrowed by the user. It is advised to be cautious while borrowing and not take out the full limit allowed by the DeFi firm.

“This process is automated and cannot be stopped. So please borrow responsibly and do not borrow the full limit,” read the document published by Inverse Finance.

“#FLOKI partners with @InverseFinance to bring DeFi to FLOKI’s 370,000+ holders! We have always been particular about our focus on utility, and $INV is the future of DeFi. This is one exciting partnership we are very pleased about!,” tweeted the official handle of Floki Inu.

Floki Inu Dips Despite Venturing Into DeFi

Despite venturing into new territories such as DeFi, Floki Inu’s price dipped and is trading in the red. The token is already down –2.0% and is down -32.9% since the last 30-trading days. However, the token is expected to pick up steam and race ahead once the DeFi transfers are fully complete.

Floki Inu is also venturing into sports signed partnership deals with flight clubs in Italy, Spain, and India. It also partnered with the Italian football club SSC Napoli and is slowly yet steadily reaching the mainstream audience.

At the time of publishing, Floki Inu was trading at $0.00011946 and is down -2.1% in the 24-hours day trade. It is down -64.3% from its all-time high of $0.00033651 which it reached on November 4, 2021.