Science

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 DOGE.

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 traded directly for native BTC, ETH, BNB, BCH, LTC, various stablecoins, and various other Binance Smart Chain or ERC-20 assets via the THORChain liquidity protocol.

With THORChain’s DOGE pool now open, Dogecoin holders can become liquidity providers, giving them a return on a protocol that helps users minimize the risk of incurring a temporary loss, the main risk they face. liquidity providers face.

Chad Barraford, CTO of THORChain, said:

“For years, DOGE stood still, while DeFi exploded in other ecosystems. Today, that is changing, as DOGE achieves a new level of self-sovereignty by being able to get in and out without being KYC’ed. This drastically changes the fundamentals of the asset, both as a store of value and as a medium of exchange. »

THORChain allows users to trade their native crypto assets (eg Bitcoin for Litecoin) or provide liquidity to earn a return on their native assets. The protocol prevents users from having to “wrap” their coins or tokens, meaning one can use BTC in an Ethereum DeFi protocol without having to wrap them in “wrapped BTC” or wBTC. In addition, users do not have to rely on chain bridges. The network currently supports five chains: Bitcoin, Ethereum, Binance Smart Chain, Litecoin, and Bitcoin Cash.

The Dogecoin integration comes after a difficult year for THORChain. In July 2021, one of the THORChain network protocols, Chaosnet, suffered a $5 million attack and just a week later, the network’s Bifröst protocol took an $8 million hit. In both cases, the network was suspended and the lost funds were reimbursed through the project treasury.

October brought better news, as ETH trades restarted on the protocol and the network’s leading decentralized exchange, THORSwap, closed a $3.75 million token sale.

As for Dogecoin, Elon Musk announced on Friday that it would be accepted as a means of payment for Tesla products.

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

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