Dogechain Applications; Dogecoin’s ‘Layer-2’ for DeFi, NFTs, and Games

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Dogechain Applications; Dogecoin's 'Layer-2' for DeFi, NFTs, and Games
Dogechain Applications; Dogecoin's 'Layer-2' for DeFi, NFTs, and Games

New blockchains devoted to providing games and NFTs continue to emerge on a regular basis. However, Dogechain, which caters specifically to Dogecoin holders, appears to have the potential to turn some heads.

Despite the fact that the developers of Dogecoin and Dogechain are not the same, both cryptos have the same dog-themed ideological value. 

Dogechain, a proof-of-stake blockchain that is EVM-compatible, promises to provide Dogecoin with scalability, security, resilience, and utility. In other words, Dogechain does not compete with Dogecoin. Instead, it aims to supplement the most popular cryptocurrency with smart contract capability.

Dogechain is marketed as supporting DeFi, NFTs, and gaming as a layer 2 scaling solution. DogeChain, however, is not built on the Dogecoin network, but rather the Polygon Edge “private label” framework, which is compatible with Ethereum, according to its whitepaper.

In this guide, we’ll talk about dogechain’s applications and prospective use cases, but first, let’s talk about dogechain’s main features and its native currency.

Purpose of Dogechain

The Dogechain creators said that they have “supercharged $DOGE” in order to make crypto applications like NFTs, gaming, and DeFi available to the $DOGE community. They claim that “$DOGE cannot support any of these applications (dApps)” hence the creation of Dogechain.

“$DOGE users cannot participate in NFTs, games, or DeFi without Dogechain,” they claimed.

Not for the first time, an unapproved initiative has grown into a crucial component of the DOGE ecosystem. Dogechain’s main goal is to expand Dogecoin’s use cases by providing it with the essential utility.

Dogecoin users just need to wrap their $DOGE into Dogechain smart contracts to accomplish this in order to receive $wDOGE PoS tokens. Using $wDOGE tokens, which are based on the blockchain and subtly powered by users’ original $DOGE tokens, users will be able to take advantage of an ecosystem of DeFi products, NFTs, and GameFi.

The Dogechain users’ ability to pay for gas using $DOGE is the icing on the cake. Thus, Dogechain offers usefulness to Dogecoin users who are sick of just hoarding $DOGE!

$DC token; The Native Currency of Dogechain 

In addition to $wDOGE, the ethereum compatible blockchain also introduces the Dogechain token ($DC), a native cryptocurrency. This community-focused coin serves as the network’s primary governance token and has many uses.

As a community-first effort, 58% of the 1 trillion DC token supply is set aside for grants to the community for building on Dogechain, validator incentives, staker rewards, and supporter airdrops.

The remaining supply will be used to support marketing and ecosystem development initiatives for the Dogechain.

It’s important to stress that all $DC tokens will be pre-mined prior to the mainnet’s activation. The protocol will simultaneously issue 1000 tokens in a small amount of $wDOGE to be utilized as fuel for signing the first round of bridging gas fees.

Once the blockchain is stable, $DC will become the “go-to token” for driving transactions, smart contracts, and dApps.

Users will have a ton of alternatives since they will be able to choose between two different ways to pay for transaction fees on Dogechain: $wDOGE and $DC.

Dogechain’s Possibile Use Cases

  • Participating in the NFT market by minting and exchanging NFTs while making gas purchases with $DOGE.
  • interacting with the growing blockchain gaming scene and the lucrative GameFi prospects.
  • taking part in decentralized markets to trade tokens and forecast value
  • having access to modern financial tools like staking, lending, and liquidity mining.
  • utilizing NFTs based on the Dogechain to take part in the metaverse revolution.
  • financing entire communities while making contributions to DAOs.

On the Dogechain website, there are promises, though. It promises to be a completely new blockchain that has been designed with the needs of the user in mind. There are no VCs and the company makes no inflated claims that it cannot fulfill, like the 1 trillion transactions per second powered by a revolutionary consensus algorithm. The initiative’s main objective is to provide Dogecoin users with access to blockchain apps.

Main Features of Dogechain

The following are a few of the top qualities that really make it stand out:

  • EVM-compatible: Dogechain can easily accept existing Ethereum smart contracts without the need for further modifications.
  • Cross-chain compatibility: Dogecoin can be used by the Dogechain network by simply wrapping it through the Dogechain bridge and sending it back to the Dogecoin network when needed.
  • IBFT consensus on Proof-of-Stake (PoS): The network facilitates involvement from users in the community, creating a decentralized and permissionless blockchain.
  • Decentralized Governance: Members of the community (token holders) can make suggestions, delegate responsibility, vote on blockchain-related matters and activities, and participate in governance decisions.

Applications Built on Dogechain

Dogechain bestows abilities on Doge holders in the form of DeFi, NFTs, games, and much more! It’s time to embrace the full potential and genius of the Doge community.

NFTs

Dogechain will make use of the ERC721 standard to let users publish their own NFTs. Since this tried-and-true NFT standard is widely accepted by markets and metaverses, Dogechain NFT owners will be able to integrate their NFTs into the current NFT environment.

DeFi

$wDOGE and $DC are DeFi-capable cryptocurrencies that can be locked in a variety of liquidity pools and reward their holders. DeFi protocols such as Uniswap and SushiSwap can be smoothly integrated with Dogechain because it is an EVM-compatible blockchain.

Furthermore, a variety of Layer 2 solutions from the Polygon Edge architecture, such as ZK Rollups and Optimistic Rollups, would enable Dogechain to improve their existing DeFi transaction rates while also addressing some privacy concerns.

GameFi

Developers will be able to create whole virtual worlds and blockchain games using the Dogechain smart contract platform. Users will be able to move digital resources in their favourite metaverses and participate in virtual game economies with the $wDOGE and $DC coins.

Conclusion

Dogechain advocates equality and equal access to opportunities. Building a blockchain that the general public genuinely owns is the goal. Users can utilize Dogechain to connect to DeFi services as well as anticipated future NFT apps and marketplaces by bridging over Dogecoin (DOGE).

Related: https://fxcryptonews.com/all-you-need-to-know-about-dogechain-a-beginners-guide/