Connect with us

THORChain News

ThorChain Launches DOGE DeFi Yields and Swaps



 on is committed to rigorous editorial standards. We may receive compensation when you click on links to products we review. Please view our affiliate disclosure. Trading involves risk which may result in the loss of capital.

Dogecoin is finally coming into decentralized finance (DeFi). This has been made possible through the recent integration of DOGE by ThorChain. DOGE holders can now swap their Dogecoin for other coins or stake the meme coin to generate yields.

To support this DeFi initiative, ThorChain has already launched a native Dogecoin liquidity pool.

Native DOGE liquidity pool on ThorChain

ThorChain is a cross-chain liquidity protocol that will bring a wide range of DeFi capabilities to Dogecoin. The offering went live earlier this week, and it allows users to swap DOGE or generate yields through the THORSwap DEX.

DOGE holders can now swap the meme coin for other native coins such as Bitcoin, Ethereum, Binance Coin and Litecoin. Stablecoins such as Tether, USD Coin and Binance USD will also be possible.

“For years, DOGE has stood still while DeFi exploded in other ecosystems. Today that changes, as DOGE reaches a new level of self-sovereignty by being able to enter and exit without being KYC’ed,” said ThorChain’s technical lead, Chad Barraford. He added that this offering would promote DOGE as both a medium of exchange and a store of value.

The DOGE liquidity pool will operate similarly to the other pools on ThorChain. Depositors to the pool will benefit from impermanent loss protection depending on the duration of each deposit. The pool has already attracted much interest, given that on January 19, around 44 million had been contributed, with the annual percentage yield (APY) standing at 15%.

Growth in ThorChain

The ThorChain network has been recording notable growth over the years. Activity on the network peaked in November 2021, when the total value locked (TVL) surpassed $400 million. At the time, there was increased interest in cross-chain swaps.

In October, ThorChain raised $3.75 million from a private token sale. Some of the leading venture capital firms supported the sale, including Sanctor Capital, Nine Realms, IDEO CoLab Ventures, 0xVentures, etc.

The growth of this network in 2022 is significant, given that it suffered from several hacking attacks in 2021. Two major hacking attacks led to significant losses, but the network restored its operations through its treasury fund.

To learn more about this token visit our Investing in ThorChain guide.

Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN,, Bitcoinist, and NewsBTC.

Advertiser Disclosure: is committed to rigorous editorial standards to provide our readers with accurate reviews and ratings. We may receive compensation when you click on links to products we reviewed.

ESMA: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Investment advice disclaimer: The information contained on this website is provided for educational purposes, and does not constitute investment advice.

Trading Risk Disclaimer: There is a very high degree of risk involved in trading securities. Trading in any type of financial product including forex, CFDs, stocks, and cryptocurrencies.

This risk is higher with Cryptocurrencies due to markets being decentralized and non-regulated. You should be aware that you may lose a significant portion of your portfolio. is not a registered broker, analyst, or investment advisor.