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- THORChain, a cross-chain liquidity network, has enabled support for Dogecoin (DOGE), offering the popular meme coin a new set of decentralized finance (DeFi) features.
- All THORChain asset swaps, including DOGE, may be done in a single step, eliminating the need to bridge, wrap, or peg assets.
- Dogecoin lovers may now utilize THORSwap to exchange their beloved meme coin for native BTC, ETH, BNB, and stablecoins.
Beginning this week, users may utilize THORSwap, a non-custodial decentralized exchange, to swap DOGE or earn returns on their DOGE holdings.
In reality, this means that users may exchange DOGE for native assets like Bitcoin (BTC), Ether (ETH), Binance Coin (BNB), Litecoin (LTC), and stablecoins like Tether (USDT), USD Coin (USDC), and Binance USD (BUSD).
“A new degree of self-sovereignty”
A THORChain developer notified Cointelegraph that a DOGE liquidity pool had been created. The pool allows Dogecoin liquidity providers to earn interest on their deposits through trading fees. Depositors, like other liquidity providers on THORChain, have impermanent loss protection dependent on the amount of time their deposit is held. The developer also stated that the DOGE pool had around $4 million in liquidity as of Jan. 19 and was paying up to 15% APY to liquidity providers.
According to Chad Barraford, THORChain’s technical lead, the connection provides Dogecoin with “a new degree of self-sovereignty” by letting users enter and exit the market without following with Know Your Customer (KYC) rules. Dogecoin’s expanded DeFi capability, according to Barraford, “changes the foundations of the asset both as a store of value and as a means of trade.”
THORChain gathered nearly $400 million in total value locked, or TVL, at its height in November 2021, reflecting a large early interest in cross-chain exchanging options. IDEO CoLab Ventures, Sanctor Capital, Nine Realms, 0xVentures, and others have just completed a $3.75 million private token sale for THORSwap.
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Huge support behind DOGE
DOGE became well-known in early 2021 when key influencers Like Elon Musk, praised the meme coin on social media. DOGE became an acceptable method of payment for Dallas Mavericks tickets and, more recently, Tesla products as a result of this procedure.
According to CoinMarketCap, it is now ranked 11th in terms of total market capitalization, with a value of $21.8 billion and trading at $0.1654.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
