Doge Coin is stepping into the world of DeFi and NFTs. Everyone is talking about Dogechain, a supposed Layer-2 solution for DeFi and NFTs in mind.
What started as a meme coin is now being traded by a lot of celebrities and blockchain influencers with Elon Musk on top of the list. Some fundamentalists said that Dogecoin has no utility at all, but that’s about to change now as the leading meme coin is about launch Dogechain.
What is Dogechain?
Before we get into the nitty gritty, let’s address that Dogechain isn’t actually a real layer-2 network. The reason why is that the chain won’t be build on top of Dogecoin. Instead, it is a separate network built on the Polygon Edge custom blockchain – an Ethereum sidechain.
What’s more exciting is that the sidechain is compatible with the Ethereum Virtual Machine – it will run Ethereum apps too. All these upcoming features and compatibilities will increase the user base and admirers of the ecosystem.
Dogecoin Says Dogechain Is NOT Official
The Dogecoin Foundation retweeted a tweet stating the developers are not involved in Dogechain. They further went on to clarify that the Dogechain is NOT related to any official of Dogecoin, neither any of the founders. Even though the project is not live, the Dogechain website, however, is.
It is not the first time a third-party project is involved with Dogecoin. Block.io’s Dogecoin wallet and block explorer has been a part of the Dogecoin ecosystem since 2014.
Now we’re curious, how will Dogechain be used? Well, one of main objectives would be to encourage holders and admirers to get into DeFi services and trading.
“Dogechain supercharges $DOGE to bring crypto applications like NFTs, games, and DeFi to the $DOGE community. Unfortunately, $DOGE cannot support any of these applications (or any other dApps). Dogechain fixes this. WIth Dogechain, Dogecoin holders can do more than simply hodl and wait for Dogecoin to moon!,” states the Dogechain website.
Dogechain Is Booming!
At the time of writing, Dogechain is fully live and functional. Everyone can transfer $DOGE and start interacting with DEXs and DApps to buy new tokens minted on the Dogechain. Also, Dogecoin is being used to pay gas fees for transactions held on Dogechain.
Since its launch a week ago, Dogechain block explorer shows that almost 900,000 transactions have been made engaging more than 72,000 wallet addresses. According to DEX Screener, we’ve seen $25 million worth of Dogecoin in transaction volume in the last 24 hours.
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