In an ongoing collaboration with token wrapping protocol Ren, OpenDAO has enabled Dogecoin for use as collateral to mint a dollar-pegged and doggy themed stablecoin known as DOGEO.
Dogecoin aficionados and traders can now take out DeFi loans utilizing their Shiba Inu-themed digital belongings as collateral. The method begins by changing DOGE right into a wrapped token on the Ren protocol known as renDOGE. After which, it may be used for DeFi operations;
“DOGE is not ‘only a meme’ coin, and is now a viable monetary instrument in its personal proper.”