Contributors of ThorChain (RUNE/USD) have announced the network will offer full integration for Dogecoin. This will allow Dogecoin (DOGE/USD) holders to have a chance of participating in the booming decentralized finance (DeFi) sector.
ThorChain is a cross-chain liquidity protocol that will feature a native DOGE liquidity pool. This pool is already live.
DOGE liquidity pool on ThorChain
Through the DOGE liquidity pool, users on the platform will have a chance to trade their Dogecoin and earn yield from their holdings. Holders of Dogecoin can also swap the meme coin with the other cryptocurrencies supported on the platform.
DOGE holders can swap the token for Bitcoin, Ether, Binance Coin, Bitcoin Cash, Litecoin, and several stablecoins. Other assets on Binance Smart Chain and Ethereum will also be supported.
The launch of this pool will allow holders of Dogecoin to become liquidity providers on ThorChain. As such, they will generate yields on the protocol. ThorChain allows users to lower the risk of suffering from the same losses as primary risk liquidity providers.
The technical lead at ThorChain, Chad Barraford, commented on this saying,
For years, DOGE has stood still, while DeFi exploded in other ecosystems. Today that changes, as DOGE reaches a new level of self-sovereignty by being able to enter and exit without being KYC’ed.
ThorChain is recovering from consecutive hacks
The integration of Dogecoin on ThorChain is like a breath of fresh year, given the rough months the protocol faced in 2021. In July 2021, one of the protocols on ThorChain, Chaosnet, suffered from a $5M hack. Another hack on the Bifrost protocol followed shortly after. However, the network managed to recover through its treasury fund.
The last quarter of 2021 was also good for ThorChain. Trading for Ethereum resumed on the platform in October. Additionally, THORSwap, a decentralized exchange, secured $3.75 million during a token sale.
The news has not affected the prices of Dogecoin. Earlier on, Tesla’s CEO, Elon Musk, had announced that the electric vehicle manufacturer would accept DOGE as payment for its merchandise, which resulted in slight gains. However, the coin has dipped by around 1.8% during the past 24 hours.
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