THORChain Introduces Dogecoin Support – Crypto Briefing

THORChain contributors have announced that the cross-chain liquidity protocol has fully integrated the platform’s features for Dogecoin. THORChain’s native DOGE liquidity pool has gone live, allowing users to trade their DOGE as well as earn yield on their DOGE. 

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Dogecoin Goes DeFi

Decentralized finance has been made available to DOGE holders.

THORChain contributors announced today the full integration of Dogecoin support. Users of the decentralized, cross-chain liquidity protocol can now swap DOGE for other supported crypto assets as well as earn yield on their DOGE. 

For example, DOGE can now be swapped directly for native BTC (as opposed to wrapped BTC), ETH, BNB, BCH, LTC, various stablecoins, and several other Binance Smart Chain or ERC-20 assets via the THORChain liquidity protocol. 

Since the THORChain DOGE pool is now open, Dogecoin holders can become liquidity providers, netting them yield on a protocol that helps users minimize their risk of suffering from impermanent loss—the primary risk liquidity providers expose themselves to. 

THORChain’s Technical Lead Chad Barraford remarked:

“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. This changes the fundamentals of the asset significantly both as a store of value and as a medium of exchange.”

THORChain allows users to swap their native crypto assets (i.e. Bitcoin for Litecoin) or provide liquidity in order to earn yield in one’s native assets. The protocol prevents users from having to “wrap” their coins or tokens—meaning one might use…