DOGE DeFi: Dogecoin Pool On THORChain Sees $3.8M Liquidity In A Single Day

Users can now earn DeFi yields on their Dogecoin DOGE/USD holdings by depositing their assets on THORChain’s RUNE/USD 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 BTC/USD, Ethereum ETH/USD, Binance Coin BNB/USD, Litecoin LTC/USD, Bitcoin Cash BCH/USD 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 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.