The Thorchain Decentralized Liquidity Protocol has added support for the Dogecoin digital currency. This makes it possible to exchange Meme Coins with Bitcoin, Ethereum, Litecoin and other supported cryptocurrencies without relying on centralized exchanges.
Thorchain uses the automated marketing model (AMM), meaning it has the same functionality as popular DEXs like Uniswap.
The important difference, however, is that it allows real digital currencies to be traded instead of artificial versions of ersatz, such as “complex bitcoin” (wBTC) or “complex alliance” (wETH).
Most importantly, Dogecoin holders can now make a profit by offering cash for the first time. Thorchain, originally launched in 2018 by a team of anonymous developers, launched Blockchain in April.
In July, Thorchain was criticized for enduring a series of hacks within a month. The protocol’s native token, RUNE, crashed due to hooliganism, but was later recovered. The fact that the network had to be temporarily shut down to mitigate the consequences of hacking also raised concerns about focus.
Dogecoin is still in the spotlight
Although some critics have predicted that Dogecoin will rapidly fall into obscurity after its massive growth in 2021, it still remains, and is currently ranked 11th in terms of market value. Last week, Tesla CEO Ilan Musk announced that electronics maker Tesla had begun accepting DOGE for some products.
In his latest tweet pointing to Dogecoin’s futile goal, Musk reiterated that the funniest result is the most likely.
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