Floki announced today that the Total Value Locked (TVL) in its Decentralized Finance (DeFi) offering has soared to a new All-Time High (ATH) of $80.2 million.
As detailed on the project’s official X account, the Floki team said the project hit the record after soaring by over 10% in 12 hours. Within this timeframe, the capital locked on its Crypto Locker protocol jumped to the ATH of $80.2 million from $72.8 million.
Floki Changing the Standard
In relishing the milestone, Floki acknowledged that it has not let its limiting “memecoin” label deter it from striving to push for relevance in the industry.
While it jostles for dominance with its peers, including Dogecoin (DOGE), Shiba Inu (SHIB) and PEPE, Floki reiterated its commitment to providing “tangible solutions” that can benefit today’s crypto users.
As one of its flagship solutions, the Crypto Locker protocol grants users the opportunity to lock their assets in return for rewards. The design model places it almost on par with other unique DeFi offerings including staking and farming.
For Crypto Locker by Floki, users can lock up their Liquidity Pool (LP) tokens as well as their Non-Fungible Tokens (NFTs). According to a screenshot the team shared, there are 14 supported chains for these offerings with exactly $80,241,181 lodged across the board. Additionally, the protocol has seen a total of 56 NFTs locked thus far.
The launch of the Floki Staking product complemented the growing TVL, as it came with an instant embrace, causing Floki’s TVL to soar by almost $50 million in three days. This underscored the growing demand for cross-chain, high-yield DeFi products.
The TokenFi Sentiment
It is also worth noting that Floki’s agenda to diversify its mission also encompasses the prospects of its newly launched tokenization platform dubbed TokenFi (TOKEN). The team plans to tap into the growing tokenization scene where even top banking giants like HSBC are pushing to enter.
It remains unclear how much traction TokenFi will show in coming months but the hype and determination of the Floki team suggests there’s a potential to watch out for.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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