DogeCoin cryptocurrency was created as a joke, however, it has been around for seven years. DeFi app users now have access to it through the renDOGE token.
The DeFi Ren project, which releases tokenized versions of various cryptocurrencies on Ethereum, has partnered with OpenDAO to launch renDOGE token. Now users of decentralized exchanges will be able to trade renDOGE in pairs with other tokens and take loans from them. In the near future, with renDOGE, users will be able to issue the USD-backed stablecoin DOGEO.
“If you are an investor in DogeCoin, you can transfer your coins and take out a loan on the OpenDAO platform. Once OpenDAO has completed all required audits, users will be able to use renDOGE as collateral to issue USD pegged stablecoins, ”Ren said in a statement.
The famous American entrepreneur Elon Mask drew attention to DogeCoin at the end of last year, after which the coin rate increased significantly. Following Ren’s announcement, the DogeCoin rate also showed tremendous growth – in just a few hours, the cryptocurrency doubled. Now the coin rate has dropped slightly.
“DogeCoin is no longer just a crypto-meme, it is now a reliable, completely independent financial instrument,” concludes Ren.
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