- Floki’s sister project leaped 5x in value since launch.
- More than $56 million in FLOKI has been locked into the new staking protocol.
TokenFi [TOKEN], a newly launched asset tokenization platform, has been making waves in the crypto circles. The sister project of popular memecoin Floki [FLOKI] has leaped 5x times in value since it started to move between public hands.
At press time, the native asset of the platform TOKEN was trading at $0.0295, up 2.42% in the last 24 hours, according to CoinMarketCap.
High-profile deal to provide further boost?
The high-stakes project wanted to grab a piece of the growing tokenization industry, anticipated to expand to $16 trillion by 2030. The platform offers users the ability to create tokens and tokenized assets without having any prior coding knowledge.
With an eye on boosting its adoption in institutional circles, TokenFi announced a strategic partnership with Web3 investment firm DWF Labs. DWF labs became the first institutional partner to join hands with TokenFi, serving as the project’s primary liquidity provider on exchanges.
As is well known, liquidity providers are entities that introduce buy and sell orders to increase market liquidity on exchanges. By doing so, they ensure efficiency in trading operations and prevent prices from fluctuating wildly.
TokenFi mentioned that DWF Labs was bullish on the project’s long-term prospects. Driven by this, it showed keen interest in purchasing TOKEN in the future.
A new use case for FLOKI
It was evident that TokenFi was stepping up its efforts to increase demand for the platform and token. Incentives have been announced to entice users to utilize the platform and launch their own tokens.
The project also had deep links with the sister meme coin project Floki. A new staking program was launched parallel to TokenFi, wherein holders who stake their FLOKI coins would be rewarded with mostly TOKEN.
The announcement got a thumbs up from holders. More than $56 million in FLOKI have been locked at press time, as per the coin’s official staking portal.
How much are 1,10,100 FLOKIs worth today?
However, it wasn’t just the clamor for TOKEN that was pushing FLOKI holders towards staking. Attractive yields on the staked amount, based on the staking duration, also proved to be a major driver for staking.
At the time of writing, FLOKI was exchanging hands at $0.00003056, up 0.85% in 24 hours, as per CoinMarketCap.