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Dogecoin is now a part of the decentralized financial system

Thorchain, a decentralized liquidity system, has added Dogecoin support. This eliminates the need for centralized exchanges when exchanging the meme coin for Bitcoin, Ether, Litecoin, and other compatible cryptocurrencies.

Thorchain operates on an automated market maker (AMM) model, similar to prominent DEXes like Uniswap.

The main difference is that it allows genuine cryptocurrencies to be traded rather than fictitious synthetic ones like “wrapped Bitcoin” (wBTC) or “wrapped Ethereum” (wETH) (wETH).

Most importantly, for the first time, Dogecoin holders can earn a return by providing liquidity.

Thorchain, founded by an unnamed group of developers in 2018, released its blockchain in April.

Thorchain came under fire in July after being hacked several times in less than a month. Due to the attacks, the protocol’s native token, RUNE, was clobbered, although it was able to recover. The fact that the network had to be briefly shut down to deal with the aftermath from the hacking prompted worries about centralization.

Despite the fact that some thought Dogecoin would fade into obscurity following its enormous gain in 2021, the meme coin is still going strong, now ranking 11th in terms of market capitalization.

Elon Musk, the CEO of Tesla, said last week that the e-car company has begun accepting DOGE for select products.

Musk underlined in a previous tweet about Dogecoin’s frivolous aim that the most entertaining outcome is the most likely.

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