DeFi
BinStarter Leverages Floki’s DeFi Locker Solution for Liquidity Token Security
To strategically enhance the security of its liquidity tokens, BinStarter, a leading decentralized launchpad, has announcement its adoption of Floki’s DeFi locking protocol, FlokiFi Locker. As noted, the protocol will help BinStarter securely lock its liquidity tokens again.
BinStarter Relocks Liquidity with Floki’s Locker
Monday, the team behind Floki took to Platform X (formerly Twitter) to share the update with the crypto community. By adopting the Locker, the cross-chain launchpad plans to re-lock its liquidity tokens, protecting them from potential criminal activity and boosting investor confidence. Challenge This procedure is important because it prevents liquidity from being withdrawn too early, which could compromise the stability of a project and jeopardize the interest of investors.
According to the team, this relocking demonstrates the “firm and reliable cooperation” it has had with BinStarter since August 2022. With this collaboration, the project hopes to accelerate the widespread acceptance of the Locker protocol and make it a standard feature for projects around the world.
The message read:
This relocking highlights the strong and trusted partnership we have had with BinStarter since August 2022. This partnership aims to drive mass adoption of the FlokiFi Locker protocol and establish it as a standard feature for projects around the world.
So far, the project team has taken steps to dispel any misconceptions about the development, noting that a project implementing a lock with its locking solution does not mean that it endorses the project. Rather, it underscores the use of its cryptographic locking system.
After its initial launch in 2022, the locker solution quickly gained popularity in the cryptocurrency space, securing major partnerships with key protocols like Chain linkApeSwap and others. Beyond the benefits of each integration, Floki hopes to expand its reach in the blockchain industry through these collaborations, which introduce the service to new and potential investors.
According to the team, the solution is the only locking protocol in the world that has adopted the ERC-1155 standard. Additionally, the lock is the only protocol that allows batch locking of NFTs and locking multiple assets in a single transaction.
Team warns against fraudulent tokens
This recent development comes after the platform warned its robust community about the emergence of fake FLOKI tokens on the Solana and Base blockchain. This warning is particularly relevant with the current wave of negative sentiment seen around the meme coin market.
The team stressed that these fake tokens are meant to take advantage of unsuspecting investors by imitating the brand name and are not supported by the project. Thus, they urged the community to avoid FLOKI– branded tokens on the Solana and Base blockchain, emphasizing that the token only works on the Ethereum and BSC networks.
Featured image from Adobe Stock, chart from Tradingview.com