THORChain developers announced that their cross-chain liquidity protocol has fully integrated the platform’s features for Dogecoin. THORChain’s local DOGE liquidity pool is operational, allowing users to trade their DOGE and earn returns on their DOGE. As Somagnews, we convey the details…
Dogecoin moves to decentralized finance
With the THORChain integration, DOGE holders are provided with decentralized finance (DeFi) opportunities. Thus, users of the decentralized, cross-chain liquidity protocol can now exchange DOGE for other supported cryptoassets and earn returns. For example, DOGE can now be directly traded for native BTC, ETH, BNB, BCH, LTC, various stablecoins and several other BSC and ERC-20 assets via the THORChain liquidity protocol.
Now that the THORChain DOGE pool is open, Dogecoin holders can become liquidity providers and earn net returns on the protocol which helps minimize the risks of users suffering permanent losses. Chad Barraford, technical lead at THORChain, said:
DOGE has been standing firm for years. DeFi, on the other hand, has exploded in other ecosystems. Today, this marks an integration where DOGE can be traded without the need for a KYC (customer-knowledge) procedure. This significantly changes the foundations of existence as both a store of value and a medium of exchange.
THORChain allows users to trade local crypto assets of various networks or provide liquidity to earn returns on one’s local assets. The protocol does not require a “wrapped” version of coins. The network currently supports five chains: Bitcoin, Ethereum, Binance Smart Chain, Litecoin and Bitcoin Cash. The latest news does not seem to have caused a change in the price of DOGE and THORChain (RUNE).