SHIB vs. FLOKI: Which Memecoin Has the Upper Hand in DeFi?

Floki’s ebullient dual staking system tops $55M in value a week into launch, challenging Shiba Inu’s ShibaSwap.

Floki versus Shiba inu in arm wrestle.
Created by Kornelija Poderskytė from DailyCoin
  • Shiba Inu’s Layer-2 chain Shibarium holds $748,254 in total value locked (TVL).
  • Rival dog-themed coin Floki makes waves with $55M staked on new DeFi platform.
  • The tokenization venture brings Floki to a 71% monthly run to lead memecoins.

Real-world asset tokenization is a global trend on which many blockchains have started capitalizing. The DeFi competition escalated this year, with Shiba Inu (SHIB) building its own blockchain, while Floki (FLOKI) made a strong entrance into the promising tokenized asset market.

Floki, the dog-themed memecoin named after Elon Musk’s pet, recently celebrated the two-year anniversary of its all-time high of $0.00033651, set on November 4, 2021.

Dropping 90% below this price, FLOKI increases its chances of full retracement with a brand-new decentralized staking product. TokenFi, produced by Floki’s developers, launched on October 27 on UniSwap and PancakeSwap. Despite dropping out of TOP by global market cap, FLOKI’s market dominance ratio remains strong at 0.0808.

Meanwhile, SHIB enjoyed success following the Shibarium L2 release in August but later added a zero to its market price after the crypto bears took the wheel. Following the recent Bitcoin ETF progress, Shiba Inu picked up on historically high BTC correlation to soar double-digits but can’t reclaim a $1M TVL on Shibarium since September.

Floki’s DeFi Platform Offers Sky High 165% APY

Claiming an instant $100M surge in market capitalization, Floki’s new DeFi platform explores the interesting idea of tokenizing real-world assets (RWA), which enable users to trade real-world assets easily and are expected to unlock a multi-trillion dollar market soon, according to various financial analysts. 

The staking rewards are airdropped in Floki’s sister token, TokenFi (TOKEN), which has a supply of 10 billion. The proportionate tokenomics of TOKEN split half of the supply between Ethereum (ETH) and Binance Smart Chain (BSC), enabling a wide range of utility cases, including fundraising for developing DeFi projects on TokenFi’s launch pool.

This dual token system on the decentralized platform resembles Shiba Inu’s ShibaSwap decentralized exchange, which employs Bone ShibaSwap (BONE) as the gas and governance token on Shibarium, the public L2 blockchain. 

With 25 million staked via 12 validators on Shibarium’s mainnet, BONE serves a similar purpose on-chain to Floki’s TOKEN, but with a larger focus on burning SHIB Ecosystem’s main token, SHIB.

Launched just a week ago, TokenFi has already crossed the $55 million mark in staked Floki tokens. The 1.8T $LOKI stake comes from a juicy offer: annual yield ranging from 51.77% to 165% with flexible rewards. 

Naturally, this has also brought a Futures market demand for TOKEN, receiving a listing on WOO X just a week after the token’s launch.

On the Flipside

  • Shiba Inu’s Layer-2 Shibarium is a self-sufficient blockchain built on the fork of Polygon (MATIC). At the same time, Floki’s DeFi platform works on five popular blockchains: Ethereum, BNB Chain, opBNB, Base, and Arbitrum.

Why This Matters

Global asset tokenization is likely to be a catalyst for retail crypto adoption.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.