On the 30th of October 2022, Thorchain announced yet another milestone in the DOGE – Thorchain relationship which accumulated a total of $6 million in swap volume.
Almost 10k unwrapped $DOGE swaps, $6m volume on $3m in liquidity.
Compared with wrapped Doge on BSC – $1m volume, 1k swaps, $2m liquidity.
How do you like them apples? pic.twitter.com/PteQ3aIa5p
— THORChain (@THORChain) October 30, 2022
With almost 10K DOGE swapped on the Thorchain, and with $3 million in liquidity, this is a milestone for the crypto project that was once standing still in the DeFi space.
The figures above were then compared with the statistics of wrapped DOGE on the Binance chain, which has $1 million in volume, 1k token swaps, and $2 million in liquidity.
All of this is possible, thanks to the successful listing of Dogecoin on the Thorchain. This was a very welcome development as the Doge blockchain has been a stand-alone without any impact in a DeFi space. With the benefits of decentralized financing expanding in other blockchains, the DOGE ecosystem would finally not be left out.
This also opens the door to liquidity farming for DOGE holders allowing them to yield additional rewards for their diamond hands, through a new liquidity pool.
According to Chad Barraford, the technical lead at Thorchain, the addition of the meme coin, DOGE, is necessary to protect both the DOGE ecosystem and the privacy of its long-term holders.
This allows the holders of DOGE, free entry and exit without the fear of KYC regulations. Thereby, elevating the asset, both as a means of exchange and a store of value.
Another factor that has seen an increase in the exposure for the meme coin is a pivotal social media deal by its forefront advocator Elon musk.
The deal to purchase Twitter is finally coming to a close, DOGE has risen by 10% in 24 hours.
The effects of the Twitter deal was seen in April when rumors that DOGE will be added as a payment method for Twitter’s subscription, led to a surge in price for the coin.
Thorchain’s announcement garnered a positive response from its users. In response to Thorchain’s question “how do you like them apples?”, They tweeted in response, “that’s some fire apples doc”.