To strategically improve the security of its liquidity tokens, BinStarter, a top decentralized launchpad, has announced its adoption of Floki’s DeFi locker protocol, FlokiFi Locker. As disclosed, the protocol will help BinStarter lock its liquidity tokens safely again.
BinStarter Re-Locks Liquidity With Floki’s Locker
On Monday, the team behind Floki took to the X (formerly Twitter) platform to share the update with the crypto community. By adopting the Locker, the cross-chain launchpad plans to relock its liquidity tokens, protecting them from any potential criminal activity and boosting investor confidence.
In the DeFi space, this procedure is important since it keeps liquidity from being removed too early, which could undermine a project’s stability and jeopardize the interest of investors.
According to the team, this relock demonstrates the “firm and dependable cooperation” it has had with BinStarter since August 2022. With this collaboration, the project hopes to accelerate the Locker protocol’s widespread acceptance and make it a standard feature for projects worldwide.
The post read:
This relock highlights the robust and reliable partnership we have maintained with BinStarter since August 2022. This partnership aims to spur the mass adoption of the FlokiFi Locker protocol and establish it as a standard feature for projects around the world.
Thus far, the project’s team has taken measures to address any misconception of the development, noting that a project carrying out a lock with its locker solution does not mean they endorse the project. Rather, it underscores the use of its crypto locker system.
Following its initial launch in 2022, the locker solution quickly gained popularity in crypto, securing major partnerships with key protocols like Chainlink, ApeSwap, and others. Beyond the benefits of each integration, Floki hopes to expand its reach in the blockchain business through these collaborations, which introduce the service to new and prospective investors.
According to the team, the solution is the only locker protocol in the world that has embraced the ERC-1155 standard. Furthermore, the locker is the sole protocol that enables batch locking of NFTs and multiple asset locking in a single transaction.
The Team Warns Of 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 especially relevant with the current wave of negative sentiment witnessed around the meme coin market.
The team emphasized that these fake tokens are intended to take advantage of unsuspecting investors by imitating the brand’s name and are not supported by the project. Thus, they have urged the community to avoid FLOKI-branded tokens on the Solana and Base blockchain, underlining that the token only functions on the Ethereum and BSC networks.
FLOKI trading at $0.00018367 on the 1D chart | Source: FLOKIUSDT on Tradingview.com
Featured image from Adobe Stock, chart from Tradingview.com
