What Is Dogechain? The So-Called Dogecoin ‘Layer-2’ for DeFi, NFTs and Games

dogecoin It may have started as a joke, but the major memecoins are: dog chain sort of.

like Dogecoin today’s price pumps 11% increase in the last 24 hours Now much of the talk around it is about the so-called layer 2 called Dogechain, which is claimed to allow the creation of DeFi protocol, NFTs collectibles and decentralized app (Daps) and games.

However, Dogechain is not a true Layer 2 network in that it is not built on top of Dogecoin. Instead, another network based on his custom Polygon Edge. blockchain software from polygonthe most popular ethereum side chainIt’s also compatible with the Ethereum virtual machine, so you can run applications and games built for it. ethereum.

However, this is not an “official” Dogecoin project.Dogecoin Foundation retweeted the message Today, it says it is not involved with Dogechain nor did the coin’s original founders, Jackson Palmer and Billy Markus. It also clarified that it is not related to the Dogecoin Blockchain Explorer of the same name.

Dogecoin (DOGE) holders can bridge their holdings onto Dogechain to receive Wrapped Dogecoin (wDOGE) in return, which can be used in new platforms, including DeFi apps, potential future NFT marketplaces, You can interact with dapps, and games.

Dogechain is already up and running, users transfer through DOGE, decentralized exchange Buy new tokens created on the (DEX) chain.You can also pay with Dogecoin gasFees for transactions on Dogechain, according to the official website. It has the goofy, memetic vibe common to the Dogecoin community.

according to DEX Screenerworth approximately $21 million token It has been trading on Dogechain in the last 24 hours, with DogeSwap leading the deal worth $16 million. Top tokens include Doge Eat Doge (OMNOM), DogeShrek, Bourbon and PinkyDoge (PINKY).

per tweet todaythe Dogechain team claims that users have already created over 58,000 wallet There have been over 480,000 total transactions since the network launched five days ago.

Dogechain’s website makes many long-term promises about its planned future. air drop A native DC token for Dogecoin holders.Even those who hold Dogecoin in virtual currencies and stock trading apps robin hood The website claims that you can receive free DC tokens when you withdraw DOGE from the app.

However, it remains to be seen if these promises will ultimately be kept. And with the declaration that Dogecoin’s creators and core developers are not involved, Dogechain has received well-deserved attention among social media users.

BNB chain (previously Binance Smart Chain, or BSC), it is easy to start new tokens and a pump-and-dump method is common. Roc Zacharias is the co-founder of Polygon DEX QuickSwap and a self-proclaimed core contributor to Dogechain. tweeted so much“This is just Dogechain’s Wild West,” he added.

Others, on the other hand, are thrilled to be able to tinker with apps and tokens on Dogecoin-themed chains, or guess tokens with ridiculous names.

Bridging to Dogechain can lose everything. Good luck, tweeted a pseudonymous crypto investor. BuzzyShortly thereafter, they added:

“[Obviously] Wild speculation and shitcoin abound, but it’s like the first big festival after two days of lockdown [years] added the crypto investor Roger Avax on Twitter. “[Probably] Bad for you, but it’s a lot of fun.

Interestingly, rival Ethereum-based tokens Shiba Inu (SHIB) – based on the same dog as original doge memeConfigured to launch its own layer 2 scaling network called Shibarium.