THORCHain, the Uniswap of inter blockchains, has enabled support for the king of cryptocurrency memecoins, DOGE, on January 17th 2022 by creating a native DOGE pool. This allowed the popular memcoin to take on a whole new world of various Defi capabilities.
The DOGE holders now have the ability to trade their tokens for any native currency on THORChain including Ethereum, Bitcoin, Bitcoin Cash, Litecoin, XRP, BTC, BNB, BUSD, and many more. In addition, they can also provide DOGE as liquidity and earn yield on their tokens.
This post examines the DOGE holders who deposit their tokens into THORChain liquidity pools to earn fees. In exchange for facilitating DOGE swaps on THORChain, these liquidity providers receive a fee. In the following chart, we examine the growth of DOGE.RUNE liquidity providers.
The DOGE.RUNE pool attracted 48 liquidity providers on its debut day. The total number of liquidity providers providing liquidity to DOGE.RUNE pool reached 112 in the next 15 days. Please note that we have not considered the liquidity providers who quit the pool after providing liquidity for a day or two!
How many of these 112 liquidity providers are new to the THORChain platform? Do any DOGE holders have become liquidity providers on THORChain for the first time? We scanned several million blockchain records on flipside’s crypto data warehouse in order to answer these questions, and found no DOGE liquidity provider was new to the THORChain ecosystem. These 112 liquidity providers provided liquidity to at least one other THORChain pool before providing liquidity to DOGE.RUNE.