THORSwap to support swapping of DOGE to other leading native tokens. DOGE will is no more just a meme coin; Doge to support DeFi protocols...
In recent times, meme coins have been the biggest craze among crypto enthusiasts. The arrival of Dogecoin changed the lives of a few hundred traders, making them millionaires. But still, there is a hesitation when it comes to investing in Dogecoin. This is because dogecoins are meme cryptocurrencies without any sole purpose. Still, can you invest in Doge?
Elon Musk’s Tweets can be the reason behind the hype created around DOGE. Recently, on Jan 14, 2022, he tweeted that Tesla merch can be bought with DOGE, creating a sudden market emotion and demand towards the coin.
With that being said, even proper crypto investors are heading to put their funds in a few meme coins, notably DOGE and SHIB. So are meme coins the future of finance?
DOGE supports DeFi protocols
THORSwap, a decentralized non-custodial cryptocurrency exchange platform, has enabled the Dogecoin users to swap their meme coins for another leading crypto asset like BTC, BNB, ETH, and stablecoins. This adds up to the valid reasons to invest in DOGE. Dogecoin, to date, is the famous meme coin that did not support DeFi. But, THORSwap has added a new suite DeFi capabilities to it.
THORSwap is fueled by THORChain, a decentralized and autonomous cross-chain liquidity network. It allows the users to swap DOGE to any of the native assets, including but not limited to BTC, LTC, ETH, and Stablecoin such as BUSD, USDT, and USDC. Furthermore, the swap between THORchain assets and other coins can be done seamlessly without wrapping, bridging, or pegging the assets.
Can you earn from DOGE?
In short, yes. THORSwap has a dedicated liquidity pool for DOGE. Any decentralized cryptocurrency exchange, including THORSwap, depends on Automated Market Making (AMM)protocol. The pool requires liquidity to execute the trades, and a lack of liquidity will lead to a rug-pull issue. The DOGE holders can add liquidity to the pools and, in return, can earn yields proportional to the added liquidity. The yields are sourced from the trading fee incurred by THORSwap. In addition, the depositors can enjoy impermanent loss protection depending on the deposit duration.
As of Jan 19, 2022, THORSwap’s DOGE pool has a liquidity of $4 million and is said to offer up to 15% APY for the liquidity providers.
Can you invest in DOGE in 2022?
The initiation of THORSWap to integrate DOGE has offered the meme coin self-sovereignty. This is an added advantage to the DOGE holders as they enter and exit the market without regulatory complications or KYC. Furthermore, integrating DeFi protocols with DOGE made it a proper medium of exchange and store value like other crypto assets.
Dogecoin will no longer be a meme coin with no functions other than HODL. Now, people can stake and add liquidity with DOGE.