Following a successful listing by THORchain, after a long wait by the market participants, Dogecoin can finally be purchased on a decentralized exchange (DEX). The cross-chain liquidity network THORChain in a recent announcement unveiled that it has enabled support for Dogecoin opening doors to decentralized finance (DeFi) capabilities for the token.
The support by THORchain is set to deliver the first-ever DeFi protocol connection to the meme token blockchain network enabling users to swap their DOGE for Bitcoin, ERC-20 tokens, BSC tokens, LTC native tokens, and stablecoins.
The Dog Enters the Defi Race
The integration allows users to enter and exit the market free of Know Your Customer (KYC) regulations thus providing more sovereignty to the asset. In addition to that, a liquidity pool established for DOGE gives the assets liquidity providers the ability to earn yields on their deposits from trading fees. Similar to other liquidity providers on THORChain, depositors have impermanent loss protection based on the length of time of each deposit.
Additionally, the non-custodial offering is set to open new yield farming opportunities for bigger investors looking to obtain better harvests from their stacks through a new permissionless DOGE liquidity pool.
Further, DOGEs DeFi venture is expected to put the memecoin in a better place both in terms of its store of value narrative and as a medium of exchange. Dogecoin, for a long time, had been a spectator of DeFi growth but this integration puts the blockchain at the forefront of the DeFi ecosystem thus promoting all-over growth.
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