8.1.2025
Tutorials
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The Runes Protocol has brought many new tokens to the Bitcoin blockchain, including meme coins such as DOG•GO•TO•THE•MOON (DOG). DOG is one of the most widely recognized Runes projects and has become the loudest barking meme coin on Bitcoin.
Read on to learn about DOG, find out how to buy and sell it, and learn you can earn a yield on DOG as a liquidity provider (LP) on Sovryn.
DOG•GO•TO•THE•MOON (DOG) is a dog-themed meme coin based on the Bitcoin-powered Runes protocol.
DOG was launched as an airdrop to all holders of Runestone, an inscription predating the Runes protocol. This strategy made DOG immediately available to early adopters of the technology, ensuring that a community for this meme coin already existed.
DOG is the most popular meme coin in the Bitcoin ecosystem and has a market capitalization of hundreds of millions of dollars.
The meme coin’s branding is a Shiba Inu puppy wearing an orange hoodie that promises to “go to the Moon.”
By providing DOG to the Bitcoin community as a meme coin, the team behind DOG•GO•TO•THE•MOON hopes to prove that even meme coins, which traditionally don’t have a specific use case, “can indeed influence the broader trajectory of cryptocurrency adoption.”
Sovryn’s DEX 2.0 lets you buy and sell any runes tokens quickly, easily, and with low fees.
Here’s how it works:
First, you’ll have to top up your wallet. Set up a MetaMask wallet — the DEX is launched on BOB (Build on Bitcoin), and its dapps are built for EVM (Ethereum Virtual Machine)-compatible environments.
When you’ve set up and funded your wallet with ETH, you need to add the BOB network to it.
On the BOB website, you can find an ‘Add to MetaMask’ button in the lowest left corner of your screen. Switch the network in the wallet to BOB, then add the DOG Runes token to the wallet’s interface by clicking on Import token (this will allow you to see it in the wallet once you buy it).
You’ll also have to bridge ETH to BOB to swap it for runes. The process is straightforward in the BOB app: you just enter the amount of ETH you’re swapping and follow the steps shown.
In the Sovryn dapp, switch the network to BOB in the upper right corner by clicking on the downward arrow. Then, click on ‘Get Started’ to connect MetaMask to the dapp.
Then, click on ‘Convert’ to swap your ETH for the DOG Runes token, and you’re done!
The DOG tokens will be automatically added to the MetaMask wallet you connected with the DEX. The process is near-instantaneous and charges low fees.
If you want to sell your DOG token for ETH, BTC, or any other supported cryptoasset, use the ‘Convert’ tab and enter the DOG amount you want to sell and the coin you want to receive in return.
After clicking Confirm, the token you chose will show up in your wallet in a bit. Make sure you’ve added it to the wallet using the ‘Import’ token option so it’s shown immediately on your interface.
As a trustless, decentralized, non-custodial finance platform, Sovryn relies on users to provide liquidity to its markets to enable quick trades and swaps.
This eliminates the need for exact matches between buy and sell orders. In return, users providing liquidity are rewarded with a percentage of the total fees being paid for these trades.
You can earn a yield on your DOG runes by providing liquidity to Sovryn’s automated market maker (AMM).
There are two main types of pools: default AMMs, where you have to provide equal values of both the assets listed in a pair to balance them, and dynamic automated market makers (DAMMs), where you can provide any ratio of the paired assets, or even just one asset. This is because DAMMs use dynamic pool asset ratio balancing to mitigate divergence loss, which is the loss that occurs when the relative price between the two assets changes significantly and they’re not rebalanced in time.
The vast majority of pools on Sovryn are double-sided, so you’ll need to provide both assets when earning yield on runes. Single-sided liquidity is only available on the first Sovryn DEX, built on the Rootstock (RSK) sidechain, and on select pairs. No runes pairs are offered in this DEX version.
You can browse the available liquidity pools to see which paired asset works best for you.
Make sure you’re looking at the pairs offered on BOB, since this is where you’ll find runes. Once you find a DOG pair you like, click on the ‘Deposit’ button on the right-hand side, offer the amount of DOG and paired asset you want to deposit, and confirm your choice.
The list will show you the rewards you’re eligible for, the amount of fees given to liquidity providers (which will appear once you deposit), and the current pool balance, among other info.
Once you’re providing liquidity, you can also withdraw some or all of the assets you’ve deposited.
Click on the ‘Adjust’ option, which appears instead of the Deposit option, and enter how much you’d like to add or withdraw. This also lets you add more DOG in case you want to earn a comparatively higher yield.
You can buy DOG tokens on different platforms that offer these runes. On Sovryn, you’ll need to connect a wallet like MetaMask that supports the BOB network, fund it with ETH in order to swap it for DOG, then use the ‘Convert’ tab in the dapp. The process charges low fees and works the same way when you want to sell DOG as well.
It’s possible to earn a yield on DOG runes on compatible financial platforms like Sovryn. You can provide liquidity into their Automated Market Makers (AMMs) in pairs of DOG and another coin or token, depending on the pool requirements. In return, you will receive a percentage of the fees paid by those using the pools. Be aware that balanced AMM pools subject users to the risk of divergence loss.
