THORChain: Dogecoin becomes DeFi

THORChain: Dogecoin becomes DeFi

THORChain contributors have announced that the cross-chain liquidity protocol has fully integrated platform functionality for Dogecoin. THORChain’s native DOGE liquidity pool has gone live, allowing users to earn a return on their DOGEs.

Decentralized finance has been made available to DOGE holders.

THORChain contributors today announced the full integration of Dogecoin support. Users of the decentralized and cross-chain liquidity protocol can now trade DOGE for other supported crypto assets and earn a return on their DOGE.

For example, DOGE can now be exchanged directly for BTC, ETH, BNB, BCH, various native, stable LTC, and some other Binance Smart Chain or ERC-20 assets through the THORChain liquidity protocol.

With the DOGE THORChain pool now open, Dogecoin holders can become liquidity providers, earning them a return on a protocol that helps users minimize their risk of incurring transient losses, the main risk facing liquidity providers.

Chad Barraford, CTO of THORChain, said:

For years, DOGE stood still, as DeFi exploded in other ecosystems. Today, that changes, as DOGE reaches a new level of self – sufficiency by being able to enter and exit without KYC’ed. This radically changes the basis of the asset, both as a store of value and as a medium of exchange. »

THORChain allows users to exchange their native crypto assets (e.g. Bitcoin for Litecoin) or provide liquidity to earn a return on their native assets. The protocol saves users from ” and wrap up their coins or tokens – which means one can use BTC in Ethereum DeFi protocol without tossing them in ” BTC folded“, Or wBTC. Also, users do not have to rely on bridges between strings. The network currently supports five chains: Bitcoin, Ethereum, Binance Smart Chain, Litecoin, and Bitcoin Cash.

Dogecoin integration comes after a difficult year for THORChain. In July 2021, one of THORChain’s network protocols, Chaosnet, suffered a $ 5 million hack, and just a week later, the network’s Bifröst protocol received a $ 8 million blow. In both cases, the network was suspended and the lost funds were repaid through the project fund.

Better news came in October, when ETH exchanges restarted the protocol and closed the network’s main decentralized exchange, THORSwap, closing a $ 3.75 million token sale.

As for Dogecoin, Elon Musk announced Friday that it will be accepted as a payment method for Tesla products.

Despite today’s news, neither the DOGE token nor THORChain’s RUNE token were able to counter the negative price action seen in the markets, with the coins losing more than 5% and 8% respectively in 24 hours anuas.

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