Welcome to DeFi, $DOGE!
The native $DOGE pool is now live.
Users can now deposit, trade, and earn $DOGE on their $DOGE.
Liquidity will deepen significantly throughout the week. pic.twitter.com/nyIXsgkTHp
— THORChain #DOGEFI (@THORChain) January 17, 2022
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 asset’s 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, DOGE’s 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.
That said, over the last month, major market developments like Tesla accepting Dogecoin for its merch have more or less failed to push spot prices in the right direction.
