Users can now earn DeFi yields on their Dogecoin (CRYPTO: DOGE) holdings by depositing their assets on THORChain’s (CRYPTO: RUNE) decentralized liquidity network.
What Happened: On Jan. 17, THORChain unveiled support for DOGE in a newly launched liquidity pool.
In 24 hours, the DOGE liquidity pool had amassed liquidity of $3.8 million and a total volume of $9 million.
Liquidity Cap was raised for the $DOGE launch. The pool is now $3.8M deep.
Cap is now at 94%, get in before the cap is reached again! $RUNE #RAISETHECAPShttps://t.co/IqjgoWvBh2
— THORChain #DOGEFI (@THORChain) January 19, 2022
The liquidity pool allows users to earn interest on their DOGE deposits without the need for a KYC user account. At one point, the yield offered on the liquidity pool was as high as 64% APY.
“DeFi brings ownership back to Dogecoin hodlers. Your keys, Your Dogecoin!” THORChain declared in a blog.
THORChain’s DOGE pool also provides a way to connect DOGE to other DeFi services.
Users can swap DOGE for native assets like Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), Binance Coin (CRYPTO: BNB), Litecoin (CRYPTO: LTC), Bitcoin Cash (CRYPTO: BCH) and a host of other ERC-20 tokens on a decentralized exchange.
Also Read: Would You Rather Get $45K Of Dogecoin Or A Brand New Tesla Model 3?
Despite trading more than 78% below its all-time high, DOGE continues to be a popular holding among cryptocurrency investors.
Last year, Tesla Inc (NASDAQ:TSLA) CEO and popular Dogecoin advocate Elon Musk tweeted in support of DeFi which sent most DeFi tokens soaring.
As of Wednesday morning, DOGE was trading at $0.1651, up 0.68% in the last 24 hours. RUNE was trading at $5.48, down 3.80% over the same period.