Lens1000
VIP Contributor
Thorchain, a decentralized liquidity protocol, has introduced support for Dogecoin, a meme cryptocurrency.
This eliminates the need for centralized exchanges to exchange the meme coin for Bitcoin, Ether, Litecoin, and other compatible cryptocurrencies.
Thorchain operates on the automated market maker (AMM) paradigm, which is similar to prominent DEXes like Uniswap.
The main difference is that it allows actual cryptocurrencies to be traded rather than phony synthetic ones like "wrapped Bitcoin" (wBTC) or "wrapped ETH" (wETH).
Most crucially, for the first time, Dogecoin holders can now earn a return by providing liquidity.
Thorchain, which was founded by a group of unknown developers in 2018, released its blockchain in April.
Thorchain came under fire in July after being hacked several times in less than a month. Due to the attacks, the protocol's native token, RUNE, was clobbered, although it was able to recover. The fact that the network had to be briefly shut down to deal with the aftermath from the hacking prompted worries about centralization.
Despite predictions that Dogecoin would fall into obscurity following its big gain in 2021, the meme coin is still alive and well, now ranking 11th in terms of market capitalization.
Elon Musk, the CEO of Tesla, said last week that the e-car company has begun accepting DOGE for select products.
Musk underlined in a previous tweet about Dogecoin's frivolous aim that the most entertaining outcome is the most likely.
This eliminates the need for centralized exchanges to exchange the meme coin for Bitcoin, Ether, Litecoin, and other compatible cryptocurrencies.
Thorchain operates on the automated market maker (AMM) paradigm, which is similar to prominent DEXes like Uniswap.
The main difference is that it allows actual cryptocurrencies to be traded rather than phony synthetic ones like "wrapped Bitcoin" (wBTC) or "wrapped ETH" (wETH).
Most crucially, for the first time, Dogecoin holders can now earn a return by providing liquidity.
Thorchain, which was founded by a group of unknown developers in 2018, released its blockchain in April.
Thorchain came under fire in July after being hacked several times in less than a month. Due to the attacks, the protocol's native token, RUNE, was clobbered, although it was able to recover. The fact that the network had to be briefly shut down to deal with the aftermath from the hacking prompted worries about centralization.
Despite predictions that Dogecoin would fall into obscurity following its big gain in 2021, the meme coin is still alive and well, now ranking 11th in terms of market capitalization.
Elon Musk, the CEO of Tesla, said last week that the e-car company has begun accepting DOGE for select products.
Musk underlined in a previous tweet about Dogecoin's frivolous aim that the most entertaining outcome is the most likely.
