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THORChain Integrates Dogecoin In Its Liquidity Network 

THORChain, a decentralized liquidity network that supports blockchain-based native tokens including Bitcoin, Ethereum, Litecoin, and Binance, has added Dogecoin to its list of supported tokens. On the decentralized finance (DeFi) platform, Dogecoin will be completely integrated and supported.

Dogecoin has always been unique in that its rise and fall are based on speculation and news rather than market performance. Dogecoin will now provide features such as yield farming and coin swaps for Doge holders. Dogecoin liquidity providers will earn rewards on their native tokens and trade them in exchange for another token or coin such as Ethereum.

Dogecoin has entered the DeFi market. Dogecoin now has access to THORChain platform capabilities like the Cross-chain liquidity protocol, allowing users to earn a return on their token while trading it.

Decentralized Finance (DeFi) For Dogecoin Holders 

Dogecoin is currently supported by the THORChain team, which enables DeFi functionalities to Dogecoin holders. Doge holders can use the cross-chain liquidity protocol to exchange their tokens for other native cryptocurrencies accepted on THORChain while also earning returns on their DOGE.

DOGE holders can use the THORChain liquidity protocol to exchange Dogecoin for native BTC, ETH, BNB, BCH, LTC, Stablecoins, and Binance Smart Chain ERC-20 assets. Through the yield, Dogecoin liquidity providers can assist in lowering the risk of losing money.

As part of the DeFi space, this new advancement makes Dogecoin more autonomous and valuable. When users offer liquidity to the trading pool, they can earn liquidity incentives in their native assets. Thanks to the cross-chain liquidity protocol, users can use a native token in another DeFi protocol without wrapping the coins. Users can utilize BTC without converting it to wrapped BTC in the Ethereum DeFi protocol.

Another benefit of the decentralized THORChain network is that users are not restricted to using bridges between chains. Ethereum, Litecoin, Bitcoin Cash, Binance Smart Chain, and Bitcoin are all supported by THORChain.

As part of the DeFi space, this new advancement makes Dogecoin more autonomous and valuable. When users offer liquidity to the trading pool, they can earn liquidity incentives in their native assets. Thanks to the cross-chain liquidity protocol, users can use a native token in another DeFi protocol without wrapping the coins. Users can utilize BTC without converting it to wrapped BTC in the Ethereum DeFi protocol.

Another benefit of the decentralized THORChain network is that users are not restricted to using bridges between chains. Ethereum, Litecoin, Bitcoin Cash, Binance Smart Chain, and Bitcoin are all supported by THORChain.

Since July 2021, THORChain has been experiencing obstacles before the ultimate integration of Dogecoin on its DeFi network. After being hacked, Chaosnet, a THORChain network protocol, lost $5 million. The following week, the Bifrost procedure lost $8 million. On the other hand, the network recovered its losses and rebounded in October. On the protocol, it started trading Ethereum, and THORSwap, a prominent DEX on the network, sold $3.75 million tokens.

While this will benefit Dogecoin in the long run, it is currently seeing negative price fluctuation across the crypto market. On the other hand, Dogecoin has climbed by 1.01 percent in the last 24 hours. THORChain’s RUNE token, on the other hand, has dropped 8% in the previous 24 hours.

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