Can Dogecoin’s Defi Venture push DOGE price?

The Dog Enters the Defi Race 

The integration allows users to enter and exit the market free of Know Your Customer (KYC) regulations thus providing more sovereignty to the asset. In addition to that, a liquidity pool established for DOGE gives the asset’s liquidity providers the ability to earn yields on their deposits from trading fees. Similar to other liquidity providers on THORChain, depositors have impermanent loss protection based on the length of time of each deposit.

Additionally, the non-custodial offering is set to open new yield farming opportunities for bigger investors looking to obtain better harvests from their stacks through a new permissionless DOGE liquidity pool.

Further, DOGE’s DeFi venture is expected to put the memecoin in a better place both in terms of its store of value narrative and as a medium of exchange. Dogecoin, for a long time, had been a spectator of DeFi growth but this integration puts the blockchain at the forefront of the DeFi ecosystem thus promoting all-over growth. 

That said, over the last month, major market developments like Tesla accepting Dogecoin for its merch have more or less failed to push spot prices in the right direction. 

Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button