The biggest meme coin, Dogecoin (DOGE), has been on a cruise amid the current bloodbath and demise in the cryptocurrency market thanks to the buzz surrounding the newly established blockchain called Dogechain.
New blockchains dedicated to offering games and NFTs continue to emerge frequently. However, Dogechain, which caters specifically to Dogecoin holders, seems to have the potential to turn some heads.
That begin Of the Dogechain and the rise in Dogecoin prices are mainly the result of the euphoria surrounding the Ethereum upgrade and the ongoing momentum in the cryptocurrency sector.
The Dogechain team stated that they were amazed at Dogechain’s reception and that since the network opened a week ago, over 58,000 wallets with a total of over 480,000 transactions have been registered.
What is Dogechain?
Dogechain, an EVM-compatible proof-of-stake blockchain, aims to bring scalability, security, robustness, and utility to Dogecoin. In other words, Dogechain does not compete with Dogecoin. Instead, it seeks to complement the numero uno meme cryptocurrency and add smart contract functionality to it.
As a Layer 2 scaling solution, Dogechain is advertised as supporting DeFi, NFTs, and games. However, according to its whitepaper, DogeChain is not based on the Dogecoin network, but on the “private label” framework Polygon Edge, which is compatible with Ethereum.
In addition, since it is compatible with the Ethereum Virtual Machine, it is able to run dapps built for Ethereum. This will carry the gamble and strive to find the DOGE user base and supporters of its ecosystem.
Dogechain’s native currency: the $DC token
The Ethereum-compatible blockchain also introduces a native cryptocurrency, the Dogechain token ($DC), alongside $wDOGE. This community-focused coin has multiple uses and acts as the main governance token for the network.
It is worth noting that when the mainnet launches, the entire amount of $DC tokens will be pre-mined. A limited amount of $wdoge (1000 tokens) will be simultaneously generated by the protocol to be used as fuel for signing the initial bridging gas fees.
$DC will take on the role of “go-to token” for powering transactions, smart contracts and dApps once the blockchain stabilizes.
Users have a choice as they are eligible to pay two different transaction fee options for Dogechain – $wdoge and $DC.
Such a community! Many friends! Many gifts!
- Community members who hold $DC tokens have access to exclusive Hodlers Only benefits and features such as: B. Membership in the private Dogechain Alliance Club on Discord.
- Additionally, thanks to token entitlements, $DC holders can compete for free seats to Dogechain Conference 2023. The conference is a major draw for ecosystem developers looking to network and showcase their work.
- $DC tokens, as Dogechain’s official token, allow users to participate in demonstrating stake governance.
- The Dogechain team is also preparing to airdrop millions of $DC tokens to the Dogecoin community.
Purpose of Dogechain
It is not the first time that an unauthorized project has become an essential element in the DOGE ecosystem. Dogechain’s main goal is to expand the use cases for Dogecoin by providing it with much-needed utility.
To achieve this, Dogecoin users just need to wrap their $DOGE in Dogechain smart contracts to get $wDOGE PoS tokens. Users can enjoy an ecosystem of DeFi products, NFTs and GameFi with $wDOGE tokens built on the blockchain and indirectly powered by their original $DOGE tokens.
Also, the icing on the cake is that Dogechain users can use $DOGE for gas fees. Dogechain thus brings benefit to Dogecoin users who are tired of just hodling $DOGE!
Possible use cases
- Mint and trade NFTs while buying gas with $DOGE to participate in the NFT market.
- Engage with the expanding blockchain gaming community and profitable GameFi prospects.
- Participate in decentralized exchanges to trade tokens and make value predictions.
- Access cutting edge financial tools such as liquidity mining, lending and staking.
- Participate in the Metaverse revolution via dogechain-based NFTs.
- Contribute to DAOs and provide funding to entire communities.
However, there are promises on the Dogechain website. It promises to be a brand new blockchain, created and scheduled under user control. There are no VCs and no high claims that the company cannot keep e.g. The overarching goal of the initiative is to provide Dogecoin users with access to blockchain applications.
Key features of Dogechain
Some of the high-level features that really set it apart are the following:
- EVM Compatible: Existing Ethereum smart contracts can be easily ported over to Dogechain without requiring any additional modifications.
- Cross Chain Compatibility: The Logechain network can use DogEcoin simply by wrapping it over the Dogechain bridge and sending it back to the Dotecoin network when needed.
- IBFT Proof of Stake (PoS) consensus: The network allows community users to participate and ensures a permissionless and decentralized blockchain.
- Decentralized Governance: Community members (token holders) can propose ideas, assign authority, cast votes on blockchain-related issues and activities, and have a say in governance decisions.
Despite all the use cases and a lot about features, Dogechain is not an “official” DogEcoin initiative. That The DogEcoin Foundation claimed so Neither they nor the original creators of the coin, Jackson Palmer and Billy Markus, are affiliated with Dogechain.
A Dotecoin developer with Twitter handle @CB_Doge stated that Dogechain is “another knockoff token” and informs Doge holders about influencers supporting the project.
Dogechain is in no way affiliated with #Dogecoin.
➡️ It’s another knockoff token.
➡️ Avoid influencers collaborating with them.
➡️ Don’t risk your precious Doge.
➡️ Share with other loops.
➡️ Do good every day! pic.twitter.com/b3ae97onep
— DogeDesigner (@CB_DOGE) July 27, 2022
Let’s continue our discussion on the popular Dogechain as it is already online and running, allowing users to send and receive DOGE and communicate with decentralized exchanges.
Applications on Dogechain
Dogechain grants Doge holders super powers like DeFi, NFTs, Gaming and much more! It’s time to unleash the full brilliance and possibilities of the Dogen community.
The ERC721 protocol is used by Dogechain to allow users to publish their own NFTs. Dogechain NFT owners can incorporate their NFTs into the current NFT environment as this tested NFT standard is widely recognized by marketplaces and metaverses.
$wdoge and $dc are definitive-eligible cryptocurrencies that can be locked into different liquidity pools and provide rewards to their holders. As an EVM-compatible blockchain, Defi protocols such as Uniswap and Sushiswap can be seamlessly integrated with Dogechain.
Additionally, Dogechain will enable a number of Layer 2 solutions from the Polygon edge architecture such as ZK rollups and optimistic rollups to improve their current Defi transaction speeds and address some privacy issues.
On the Dogechain smart contract platform, developers can create full virtual worlds and blockchain games. With $WDOGE and $DC coins, users can transfer digital resources in their favorite metaverses and participate in gaming virtual economies.
Also read: Top 10 blockchain platforms to watch out for in 2022
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“Dogechain promotes justice and opportunity for all. Our goal is to build a blockchain that actually belongs to the public.”
After the launch of the new Dogechain, Dotecoin can no longer be considered a parody. Now, meme coins are likely to serve as a “gateway” to the larger crypto market.
On the other hand, other people are excited about the opportunity to experiment with apps and tokens on a Dogecoin-themed chain and make predictions about silly tokens.
Only time will tell how much of this claim is true. It will be interesting to see if these promises are ultimately kept. Social media users are understandably wary of Dogechain as Dogecoin’s founders and core developers are not dedicated.
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