LinkSwap is a recently released Defi project providing automated market makers(AMM). It has since hosted a world of features aiming to make it thrive against its peers, including the already established UniSwap and SushiSwap. The reigning native currency in the LinkSwap platform is YFL, used as a base for lots of services.
Currently, the platform provides users with opportunities to trade and pair with ERC-20 tokens as long as they have either the ETH or Link base. Users can either participate in Swapping, liquidity provision, or staking at the LinkSwap platform, all guaranteed to provide reasonable returns.
The most recent introduction on LinkSwap is RenDoge, designed to give the investors alternative pairs and investment options. LinkSwap believes that renDoge is an irresistible investment, and soon, it will be thriving in the Defi world.
What is RenDoge?
RenDOGE is a product of a recent collaboration between Dogecoin and the Ren protocol. Dogecoin is an open-source P2P asset launched in December 2013. Ren protocol is one unique blockchain network designed to provide excellent cross-blockchain liquidity, especially for dApps.
Leveraging the RenVM, the platform fosters great networking of dApps, easing cross-chain exchanges, collateralization, and lending. It’s for its interoperability properties that the platform fits to be the best for creating a unique asset dubbed RenDoge.
Providing a stablecoin kind of option for a Crypto asset has vast advantages, making the asset set its foot in the Defi world. Moreover, another benefit of a minted asset is its increased utility, reliability, and scalability.
Because of the reliability and investment prospects of RenDoge, LinkSwap has chosen to feature the asset, providing investors with several opportunities for using RenDoge.
RenDoge Minting on LinkSwap
LinkSwap provides a straightforward approach to minting RenDoge. It includes the following steps;
The first step for any successful use of LinkSwap is connecting your wallet. The platform directly links to wallets like Metamask, Trustwallett, and Coinbase wallet; as such, you can use either of the three in your hassle. However, the better wallet option for any ETH dealings is Metamask.
In the home interface of LinkSwap, navigate to the RenDoge page. A small dashboard dubbed RenDoge bridge will appear on opening this page, providing Mint and burn options. Since you want to convert Doge to RenDoge, you need to select the mint option.
Immediately a new address with a 24-hour validity will generate. Make sure you send your Doge to that address directly. Also, be very keen on the address.
The Doge will arrive at the ETH blockchain. At this point, the platform begins minting, a process that can take almost 1 hour to complete, within which you will receive your RenDoge.
LinkSwap Provides RenDoge Liquidity Pairs
The platform merges liquidity pairs to bolster the strength of RenDoge. There are currently two RenDoge dependent pairs in the LinkSwap platform, namely RenDoge/ETH and RenDoge/link.
Instilling the pairs creates opportunities for investors to earn from the soon to increase trading volumes of the pair. Soon the trading volumes of the RenDoge will surge on LinkSwap, making it one of the best investment options for users. Once the trading volumes increase, liquidity won’t be a problem.
Get back Your Doge
After enjoying the benefits of using RenDoge, a user may feel the need to get back their Dogecoin. To revert the minting process, the investor has to burn the renDoge to receive the Doge in return.
The process is also effortless with just a few steps;
- After navigating to the RenDoge page, select the burn option
- On the amount section, state the amount of RenDoge you are willing to burn for Doge Also, name the DOGE address
- You need to click the ‘Burn’ button to release the RenDoge
- Immediately afterward, the amount of DOGE will be credited to your wallet
Security of Clients
Link swap ensures the security of its users is maintained at all times. However, in the case of personal mistakes, like depositing multiple TXs, sending assets to wrong addresses, etc., LinkSwap will not take responsibility so that you will lose your funds.
It would be best to exercise caution and always be sure of the details you filled in before pressing the send button.
Benefits of The RenDoge Introduction on LinkSwap
Dogecoin, as a Crypto asset, has many followers owing to its excellent prospects. Due to the RenDoge introduction, more people will get the opportunity of earning from a Doge related investment.
RenDoge liquidity will also be stronger since LinkSwap will instill RenDoge pairs.
The RenDoge will enjoy the benefits of linking to Defi and being used by more Defi users. Decentralized lending, exchanges, etc., will benefit from RenDoge, and vice versa is also true.
The introduction or RenDoge in the LinkSwap platform is a move in the right direction. LinkSwap eases the process of getting the minted Doge, i.e., RenDoge, since a user has to follow just a few steps and mint the asset. The reversal process is also easy with a few steps, and in just a matter of an hour or less, the user has their Doge back.
However, the clients are advised to be very keen when filling in their details in the RenDoge platform since any mistakes could lead to severe irreversible losses.
RenDoge will be the Defi version of Dogecoin; thus, the coin will benefit from a range of Defi benefits, including collateralizing, lending, etc. RenDoge is here, LinkSwap and all Defi users should plan to take advantage.