• Written by: Harpreet Kaur
  • Thu, 20 Jan 2022
  •   India

Bengaluru, January 20th, 2022: THORChain, a cross-chain liquidity network, has released an update for Dogecoin (DOGE) users, giving the famous meme coin a set of new decentralised finance (DeFi) capabilities. Dogecoin is now actively supported on a decentralised finance platform for the very first time. Dogecoin is a cryptocurrency that is inspired from the doge […]

THORChain introduces DeFi yields and swaps to DOGE

Bengaluru, January 20th, 2022: THORChain, a cross-chain liquidity network, has released an update for Dogecoin (DOGE) users, giving the famous meme coin a set of new decentralised finance (DeFi) capabilities. Dogecoin is now actively supported on a decentralised finance platform for the very first time.

Dogecoin is a cryptocurrency that is inspired from the doge meme. Dogecoin is really not controlled by a single company or individual. Technically, it functions as per the norms that have been agreed upon by consensus rather than by some founder or ownership entity. Doge is the funny and friendly mascot.  Dogecoin is represented by the Shiba Inu, a Japanese breed of dog which became famous as a digital meme.

Users can now use THORSwap, a non-custodial decentralised exchange, through which you can swap DOGE or gain yields on their DOGE holdings as of this week. Allows users to exchange DOGE for native assets including Bitcoin (BTC), Ether (ETH), Binance Coin (BNB), Litecoin (LTC), as well as stable coins including Tether (USDT), USD Coin (USDC), as well as Binance USD (BUSD). With no need to link, wrap, or peg assets, any exchanges between THORChain assets, especially DOGE, may be done in one move.

About THORChain

THORChain is the decentralised as well as autonomous cross chain liquidity platform. Through a network of public THORNodes as well as ecosystem products, THORChain aspires to decentralise cryptocurrency liquidity. Any individual, product, or organization can use its native as well as cross-chain liquidity.

That means that anybody in the world can exchange one virtual asset solely on a single chain for just another virtual asset on some other chain in a seamless, decentralised, and trust-free manner. There have been no guardians on the premises. There’s not any wrapping. THORChain further enables anybody to earn a return on their virtual assets in a frictionless, decentralised, as well as trust-free manner.

On April 13th, 2021, the true multi-chain, mainnet edition of THORChain became public. Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Binance Chain, as well as Tether are all supported natively. Several additional leading ERC-20s will follow soon.

The network’s security practises are completely transparent. On-chain verification of solvency is possible.

The liquidity pool for DOGE has indeed been established, according to the announcement from the THORChain contributors. The pool allows DOGE liquidity providers to receive yields on their deposits by charging trading fees. Depositors, like some other THORChain liquidity providers, have temporary loss protection dependent on the amount of period each deposit is carried.

The connection enables DOGE “a new degree of self-sovereignty,” according to Chad Barraford, THORChain’s technical lead, by letting people to enter and leave the market without having to comply with Know Your Customer (KYC) laws. Dogecoin’s expanded DeFi capability, according to Barraford, “alters the basics of the asset as a store of value and also as a means of trade.”

THORChain gathered nearly $400 million in total value locked, or TVL, at its maximum in November 2021, indicating a huge early interest in cross-chain swapping options. THORSwap had just completed a $3.75 million private token sale funded by IDEO CoLab Ventures, Sanctor Capital, Nine Realms, 0xVentures, as  wel as many others a month prior.

THORChain announced support for DOGE in a recently created liquidity pool on January 17, 2022. The DOGE liquidity pool had generated $3.8 million in liquidity as well as a total volume of $9 million in under 24 hours.

DOGE is a preferred holding amongst cryptocurrency investors, albeit trading more than 78 percent below its all-time high. Elon Musk ( popular Dogecoin advocate) , as well as the CEO of Tesla, tweeted in favour of DeFi the year before, sending most DeFi tokens surging.

DOGE became well-known in early 2021 when major influencers, like Elon Musk, praised the memecoin on social networking sites. DOGE has become an acceptable payment method for Dallas Mavericks tickets as well as, more recently, Tesla products as a result of this process. Thus according to CoinMarketCap, it is now ranked 11th in terms of total market capitalization, with a value of $21.8 billion.