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What is a wDogecoin : A Complete Overview

Updated on :  

08 min read.

In 2020, Dogecoin emerged to become one of the most popular cryptos. Its popularity reached the level of Bitcoin. Celebrities like Mark Cuban, Jordan Belford and Elon Musk were responsible for rocking Dogecoin’s popularity. They often promoted this coin on their Twitter accounts. 

Notably, a new cryptocurrency token named wDogecoin was recently launched, with the sole aim to mine Dogecoin via yield farming.

The following sections provide an overview of wDogecoin.

What is wDogecoin?

wDogecoin is a recently launched BSC20-based yield farm token. You can use these tokens to mine Dogecoin crypto by staking them for the long term via yield farming.

wDogecoin: Features

  • The low transaction fees of Smart Chain make transactions simple for all.
  • The dividends or profit get accrued to the accounts of users in real-time daily. Notably, users can withdraw these dividends at any time.
  • wDogecoin is creating its own NFT farm. Here, you can use your wDogecoin to farm NFTs.
  • It is a community-driven platform.
  • The creators have the vision to be a leading Dogecoin and Bitcoin farm on the Binance Smart Chain, possessing fair and transparent metrics and bringing returns.

How to buy and sell wDogecoin?

You can purchase and sell wDogecoin on Pancake Swap, a SWAP platform.

To purchase wDogecoin, you will require this wDogecoin address: 0xf40c1f421ee02a550afdd8712ef34dce97eec6f2. 

If you want to purchase wDogecoin, you need to transfer some BTC or BNB to your wallet and link it to Pancake Swap. After linking the wallet, you can exchange BTC or BNB for wDogecoin on Pancake Swap. 

An overview of yield farming

For those unaware, yield farming is a procedure similar to staking. It enables investors to put their tokens or coins in a decentralised application (dApp) to earn yield. Generally, yield farmers use decentralised exchanges or DEXs to borrow, lend or stake coins to speculate on price swings and earn interest. Smart contracts help facilitate yield farming across DeFi. 

Yield farmers willing to increase their yield output can use more complicated tactics. For instance, yield farmers can constantly shift their cryptocurrencies between multiple loan platforms to optimise their gains.

Risks of yield farming

Yield farming is a complex procedure which exposes both lenders and borrowers to financial risk. When markets are turbulent, users face a high risk of price slippage and temporary loss. These are some risks with yield farming:

  • Volatility

When tokens are locked up, their value may increase or drop. This is a significant risk to yield farmers, particularly when the cryptocurrency space experiences a bear run.

  • Rug pulls

These are a form of an exit scam where a crypto developer collects investor cash for a particular project and abandons it without any repayment to the investors.

If you are looking forward to yield farming and wDogecoin, you must consider all the abovementioned points. Additionally, you must note that the crypto space is highly volatile, so conduct thorough research before making a decision.