The OG meme coin, Dogecoin [DOGE] was back in action. The coin’s popularity, as well as price, witnessed significant growth following Tesla’s integration of DOGE. Now, the altcoin was making news by entering the decentralized finance a.k.a. DeFi space.
Despite being relatively new to the crypto industry, Thorchain grew in popularity quickly. However, an array of hacks encountered in July 2021 put the network in a bad light. Now, back in action, the Thorchain was yearning to revolutionize the DeFi space with the inclusion of Dogecoin.
Labeling the inclusion of DOGE “the most significant events in Defi history,” the network tweeted,
This brand-new integration allows users of the Thorchain to swap DOGE directly for other cryptocurrencies. Earlier users were allowed to swap crypto for only synthetic versions of digital assets like wrapped Bitcoin [wBTC] and wrapped ETH [wETH]. The consistent use of the meme coin on the chain could undoubtedly spruce up its price in the near future.
Additionally, the decentralized, cross-chain liquidity protocol hopes to lure in users by offering yield. Dogecoin holders can earn a yield on their respective DOGE by simply depositing the meme coin liquidity on the Thorchain.
Dogecoin and DeFi
The decentralized finance arena rose to popularity as a virtual bank. Further taking leaves off the bank’s books, DeFi rolled out lending and borrowing services, however, in a decentralized manner. Currently, the DeFi space has about $231 billion stacked. The latest inclusion of DOGE into DeFi could strengthen both parties.
This isn’t the first time that Dogecoin was associated with the DeFi space.
Elon Musk has time and again endorsed DOGE as if it were his own. Recently, Tesla even began accepting DOGE for payments on select merchandise. Just before the year 2021 ended, Musk pitched Dogecoin for the DeFi space.
Ethereum’s high gas fee has been an issue to many. While most of the DeFi space runs on ETH, a news portal was seen expressing concerns over the same. Further adding to the tweet, Musk typed, “Dooooge.”
Dogecoin’s entry into the DeFi didn’t make much of a difference to its price, yet. Mirroring the market sentiment, DOGE was dropping by 2.63% over the last 24-hours. During the time of writing, the meme coin was priced at $0.1663.