Dogechain, a new blockchain platform, allows users to bridge over Dogecoin(DOGE) and use it as DeFi, NFTs and other purposes. The project is not designed to provide a layer-2 scaling solution for Dogecoin as claimed. Neither are Dogecoin’s creators or developers involved.
Dogecoin started as a joke. However, the most popular meme coin could now have a lot more utility thanks to Dogechain.
Dogecoin is currently at 11% price, with much of the talk about it being about Dogechain (layer-2 for Dogecoin), which is said to enable the creation of DeFi protocols and NFT collectibles as well as decentralized apps and games (dapps).
Dogechain, however, is not a layer-2 network because it’s not built upon Dogecoin. It’s an independent network that is based on Polygon Edge. This is a custom blockchain program from Polygon. The most well-known Ethereum sidechain. It’s compatible to the Ethereum Virtual Machine which allows it to run apps and games for Ethereum.
However, it is not an official Dogecoin project. Dogecoin Foundation tweeted a message today, stating that it was not involved in Dogechain nor the original coin’s founders, Jackson Palmer, and Billy Markus. It is not associated with a Dogecoin Blockchain Explorer that shares the same name.
Dogecoin holders (DOGE), can transfer their holdings to Dogechain and receive Wrapped Dogecoin in return. Then, they can use this on the new platform for interaction with DeFi apps and potential future NFT markets and games.
Dogechain already has a functioning website. Users can transfer DOGE to the decentralized exchange (DEXs), and use them to purchase new tokens that have been minted on the network. Dogecoin can be used to pay gasfees for transactions on Dogechain. According to the official website, the meme-y vibes are the same as those shared by the Dogecoin community.
DEX Screener reports that $21 million worth tokens has been traded on Dogechain in the past 24 hours. DogeSwap is the leader with $16 million. Doge Eat Doge, Bourbon, PinkyDoge, and DogeShrek are the top-selling tokens.
According to a Tweet today by the Dogechain team, users have created more than 58,000 wallets and more than 480,000 total transactions since the network was launched five days ago.
Dogechain promises a lot of long-term promises regarding its future airdrop native DC tokens to Dogecoin owners. The website claims that even those who have Dogecoin on crypto or stock trading app Robinhood can receive DC tokens free of charge when they withdraw their DOGE.
It remains to be seen if those promises will be kept. Dogechain users are understandably cautious about Dogechain, given the statements that Dogecoin’s creators have been disassociated from core developers.
It’s similar to BNB Chain, formerly BinanceSmart Chain or BSC. There it’s easy for new tokens to be launched and pumps-and-dump schemes are very common. Roc Zacharias is a co-founder and contributor of Polygon DEX QuickSwap. also tweeted as much. He added that it was literally the Wild West of Dogechain.
Some are also excited to be able to play with tokens and apps on a Dogecoin-themed Chain, and speculate about tokens with silly names.
“Bridging to Dogechain is likely to lose it all.” “Wish me luck,” tweeted a crypto investor, who goes under the pseudonym . Soon after, they wrote: “Haven’t bought these many shitcoins for a long, lang time.”
“[Obviously] lots and wild speculation, but kinda like the first big festival after having been locked down for [two years],” commented crypto investor Roger on Twitter. It’s probably bad for you but it’s great fun.
It is interesting to note that a rival Ethereum-based token Shiba Inu, (SHIB), based on the same dog and original Doge meme, will launch its own layer-2 scaling network called Shibarium.