The sister project of the popular meme token Floki (FLOKI), TokenFi (TOKEN), plans to launch its highly anticipated real-world asset (RWA) tokenization platform in 2024.
A $16 Trillion Venture from FLOKI
The high-risk project is seen as an attempt to capture a part of the growing tokenization industry, which is expected to reach $16 trillion by 2030. The team announced that it will provide technical support for the upcoming module together with other key partners such as Chainlink (LINK). TokenFi revealed that the RWA platform will utilize Chainlink’s flagship products such as the Cross-Chain Interoperability Protocol (CCIP) and Proof of Reserve (PoR).
TokenFi’s collaboration with Chainlink could be a significant achievement, considering the latter’s long history of providing RWA technology infrastructure. Chainlink’s advanced product arsenal, which has enabled over $9 trillion in transactions, is powering the growth of RWA platforms.
Analytics Firm Reports on Altcoin
RWA tokenization has become one of the hottest crypto stories in the bear market. Tokenization involves representing real-world assets such as real estate, commodities, and bonds as tokens on a blockchain. Utilizing data from DeFiLlama, it was noted that RWA protocols have a total value locked (TVL) of $5.7 billion. TokenFi had previously mentioned the implementation of the ERC-3643 standard. TokenFi claims that using the standard option, assets worth $28 billion were brought onto the chain.
Since its launch last month, TokenFi has garnered significant interest in the cryptocurrency space. At the heart of the project lies the native asset TOKEN, which is traded on selected decentralized and centralized exchanges. According to CoinMarketCap, the token’s value has stabilized since its initial venture and is trading at $0.0271 at the time of writing. However, FLOKI has not achieved similar success recently. The fourth-largest meme token by market value lost more than 10% of its value last month and is trading at $0.00003213 at the time of writing.
- TokenFi set to launch in 2024, focusing on RWA tokenization.
- Chainlink partnership enhances TokenFi’s RWA platform capabilities.
- TokenFi’s TOKEN asset gains stability as Floki struggles.