THORChain Introduces Dogecoin Support - Aliens: AI Crypto News & Markets Updates
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THORChain Introduces Dogecoin Support

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Crypto Briefing

Mon, Jan 17, 2022

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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.

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.

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.

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