Thorchain Launching DOGEFI Soon
I'll come out and say that I've never owned Dogecoin for more than a few hours, but I do know that hundreds of thousands of people either trade or recognize the brand that is Dogecoin... Actually no, there are over 4 million on chain holders of this goofy little coin.
Thorchain has announced some huge news when it comes to Dogecoin and I think that riding the hype wave on Dogecoin will pay off huge for RUNE. Thorchain is releasing what is being called "DOGEFI" during their next platform system upgrade.
Essentially Thorchain is adding native Dogecoin functionality to their cross chain swaps and liquidity pools.
This is huge because it is offering a way for people to put their Dogecoin to work for them through staking and generating a passive income off their funny little dog tokens. The APR will likely be pretty significant as well at first (and throughout it will be pretty solid too I hope) and that could present a huge marketing moment for Thorchain.
I have been accumulating RUNE and though I can't tell you that you should go out and buy it (because that would make it financial advice and I don't give that), the most difficult decision for me is deciding whether I want to put my RUNE to work or hold for an investment in case the price skyrockets.
I think that I will likely do a combination of both of these things, though I can't say that I will be participating in the Dogecoin side of things (who knows though, maybe the APR will be so solid that I'll change my mind).
The fact that the Thorchain devs are looking to implement projects with such huge fanbases is a really good move in my eyes. Ethereum people are wildly tribal about doing their DeFi on the Ethereum networks, but the rest of the crypto world is looking for a cheap way to get their assets working for them passively. Thorchain is primed for success in my opinion and hopefully DogeFi can kick things off for the project.
What do you all think about RUNE? I have written about it a bunch of times because I believe it to be one of the most promising projects in the cryptocurrency space. We are heading towards a world that is going to become wildly interconnected and we need to start using products that are going to make that connection easier. Thorchain will be the project that kicks things off in uniting blockchains, I'm happy to be a part of it.
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My name is Rob and I am a prospective law student with interests in cryptocurrency and blockchain. I have enjoyed my time thus far engaging with Web 3.0 and am looking to continue learning more and sharing what I learn through my experience
