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For the first time, the owners of “dogs” will be able to earn on the provision of liquidity. How is it implemented?
Memcoin, one of the largest cryptocurrencies and Elon Musk’s pet dogcoin, is becoming part of the DeFi industry. Support for the coin was added by the Thorchain decentralized liquidity protocol.
Thorchain works like Uniswap and other automated market makers. But with an important amendment: instead of wrapped tokens – wBTC, wETH and others – it allows you to exchange real coins running on different blockchains.
Now DOGE owners will be able to exchange their savings for Bitcoin, Litecoin, Ethereum and other assets, bypassing centralized platforms. Perhaps more importantly, for the first time, Dogecoin holders will be able to earn additional income by providing their coins to market maker liquidity pools.
This is the second important news for the Great Dane since the beginning of 2022. The first comes, of course, from Elon – the head of Tesla confirmed: his company now accepts payment for some goods in the popular cryptocurrency.
#Dogecoin #Joins #DeFi