Dogecoin, the meme-inspired cryptocurrency made as a joke, now has its own network – and it’s ecosystem is booming.
It has been touted as enabling “NFTs, Games, and DeFi for Dogecoin users“. However, it is not an official product of the Dogecoin Foundation, but instead a community-built project.
This has been confirmed by official members of the foundation.
Dogechain is also not a true layer 2, which is built on top of a layer 1 such as Ethereum. Instead, it uses Polygon edge, a custom blockchain software from another leading layer 2. This means that it is EVM-compatible, and can run dAPPS built on Ethereum.
Currently, users can bridge $DOGE over to the the network, which boasts average transaction fees of less than $0.005.
Despite the bear market and the lack of meme frenzy, Dogechain has taken off.
At the time of writing, ~750K transactions have already been made in two days. Gas fees are paid in Doge.
This could be due to the promise of airdrops, which will come in the form of $DC (Dogechain) token.
$DC will have the following use cases:
- Access to the “Dogechain Sanctuary”
- Free tickets to Dogechain Conference 2023
While it is unclear what the sanctuary will be yet, it is likely an exclusive community for those in the ecosystem.
At the time of writing, $DOGE is trading at $0.085, up 26.9% in 7 days.
[Editor’s Note: This article does not represent financial advice. Please do your own research before investing.]
Featured Image Credit: Chain Debrief