- DeFi platform adds Shiba Inu support following Chainlink CCIP integration completion
- Users can deposit SHIB for yields or utilize token as collateral for borrowing
- Platform offers 10.93% APY with $25,000 in current SHIB liquidity supplied
DeFi lending protocols Folks Finance has added Shiba Inu to its lending markets, after SHIB’s recent incorporation with Chainlink’s Cross-Chain Interoperability Protocol. The development allows users to access SHIB lending and borrowing services across multiple blockchain networks through a unified platform interface.
The integration enables users to deposit SHIB tokens to generate yields or pledge the asset as collateral when borrowing other digital currencies from the platform’s lending pools.
Cross-Chain Lending Features
The Chainlink CCIP integration addresses liquidity fragmentation issues that typically affect multi-chain token deployments. Instead of maintaining separate SHIB liquidity pools on individual networks, Folks Finance can create one consolidated pool accessible across all supported blockchains through the cross-chain protocol.
This unified approach allows users to interact with SHIB lending markets regardless of their preferred blockchain network. The cross-chain functionality eliminates the need for users to bridge tokens manually between different networks when accessing lending services.
Folks Finance has introduced incentive programs for SHIB depositors to encourage platform adoption and increase available liquidity. Current depositors can earn an annual percentage yield of 10.93% on their SHIB holdings through the lending protocol.
Platform statistics show approximately $25,000 worth of SHIB has been supplied as liquidity since the integration launch. The early acceptance of the new lending possibilities is demonstrated by the approximately $2,000 worth of SHIB that users have posted as collateral for other asset loans.
The Shiba Inu ecosystem team expressed enthusiasm about the Folks Finance integration, with marketing lead Lucie highlighting growing adoption trends for the meme token. The integration occurs during a period of price volatility for SHIB, as the token faces downward pressure alongside broader cryptocurrency market corrections.
The recent institutional adoption efforts for Shiba Inus are supplemented by the Folks Finance development. A Shiba Inu exchange-traded vehicle denominated in SEK was introduced earlier this week by ETF issuer Valour in four European markets: Denmark, Sweden, Norway, and Finland.
These institutional and DeFi protocol integrations provide new utility cases for SHIB beyond speculative trading. The cross-chain lending functionality through Folks Finance creates additional demand sources for the token while offering holders alternative methods to generate yields on their holdings.
Source: https://thenewscrypto.com/folks-finance-integrates-shiba-inu-through-chainlink-cross-chain-protocol/
