On August 13, 2022, a team of developers launched Dogechain. Barely 72 hours after launch, Dogechain reported impressive growth statistics. Over 20,000 new wallets created and an excess of 200,000 confirmed transactions.
Dogechain continues its stellar growth! 🚀— Dogechain💜 (Giving away a Tesla) (@DogechainFamily) August 15, 2022
📈 After only three days since the first 3rd party DEXes launched on Dogechain, activity has been skyrocketing on the chain!
We’re already at:
🔸 218,000+ transactions
🔸 20,000 unique wallets.
🔸 70 million $DOGE deposited pic.twitter.com/tOA9pc9iXy
Dogechain has enjoyed a positive reception by the cryptocurrency community. But what exactly is Dogechain?
What is Dogechain
Dogechain is an EVM-compatible blockchain built using Polygon SDK to create an efficient connection between Dogecoin (DOGE) and Web3. Dogechain’s infrastructure allows DOGE holders to port their DOGE into a blockchain with more possibilities and embrace more opportunities using their DOGE.
Dogechain presents to developers a platform to build DeFi, GameFi, NFT platforms, and other decentralized applications with DOGE as part of its core economic system. Being EVM (Ethereum Virtual Machine) compatible, developers on Ethereum and other EVM blockchains can easily build new applications or bridge their existing applications to Dogechain without changing their original code or learning new programming languages
Dogechain runs the Proof of Stake (PoS) algorithm and offers a scalable, fast, and cheap blockchain to DOGE holders who wish to explore more use cases for their DOGE and the rest of the cryptocurrency community as well. The Dogechain community hopes to build gilt-edge NFT, DeFi, and Web3 platforms and also maintain the core characteristics of the original DOGE community.
How does Dogechain Work?
The only peculiar feature of the Dogechain is interactivity features that enable a connection with the DOGE blockchain. Apart from this, Dogechain is similar to Polygon chain and other EVM-compatible PoS chains.
Moving your DOGE to Dogechain involves a special bridging process that allows you to wrap your DOGEs. The wrapping process enables you to create a new token pegged to the value of DOGE on Dogechain. For instance, when you wrap 100 DOGE using Dogechain’s bridging facility, you will receive 100 wrapped DOGE (wDOGE) on your Dogechain wallet. The wrapped DOGE is pegged to the value of DOGE and can be easily inter-bridged across both platforms.
Relative to DOGE, wDOGE on Dogechain can be used for blockchain governance, payment of transaction fees, and as utility tokens on Web3 platforms.
How to Add Dogechain to MetaMask
MetaMask and Clover wallet are the only supported wallets for the Dogechain Network at the time of this writing. You can automatically add the Dogechain to your MetaMask Chrome extension by visiting Dogechain's bridge.
Click “Connect wallet” and follow the prompts.
Manually Add Dogechain Network to MetaMask
Alternatively, you can manually add the Dogechain network as well. Log into your MetaMask, click on the network bar on the top right corner of your wallet and select Add Network from the drop-down.
In the form that pops up, fill in the following network details:
Network Name: Dogechain
New RPC URL: https://rpc01-sg.Dogechain.dog
Click 'save', and the Dogechain network can now be accessed via your MetaMask wallet.
How to Use Dogechain
You will first need to bridge your DOGE tokens to Dogechain:
- Visit the bridging platform. Connect your wallet and choose the desired route for your transaction.
- Since you are bridging to Dogechain, indicated route should be from Dogecoin to Dogechain.
- Click Confirm to reveal the DOGE transfer address. Send the amount of DOGE you wish to bridge to the provided address.
Ensure you send more than 100 DOGE. Only DOGE should be sent to the DOGE address.
You will receive wDOGE in your Dogechain wallet after 6 block confirmations on the blockchain. wDOGE can be used just like Ethereum.
Is Dogechain Safe?
At the blockchain level, Dogechain developers have adopted several protocols and smart contracts to refute attacks by malicious operators and penalize defaulters where possible.
The slashing protocol was deployed to improve the security of the Dogechain via automated disciplinary actions against defaulting validators. The slashing contract will penalize validators for missing blocks or attempting to validate multiple blocks simultaneously. This and other security algorithms ensure that the blockchain functions without security breaches.
However, most of Dogechain’s infrastructures are still in their earliest stage of development and might be prone to instabilities, grave malfunctioning, and exploitation. DOGE holders should take time to master the bridging procedure to avoid losing assets to erroneous bridging. Also, endeavor to exercise more caution while interacting with the blockchain’s protocols and platforms built on it.
Dogechain Token (DC)
Dogechain token ($DC) is the second native currency of Dogechain. Where wrapped DOGE will continue to be used for gas on the chain, DC token will have utility as an incentive for staking and governance on the chain.
As a community-first initiative, 58% of the supply of 1 trillion DC tokens is reserved for airdrops for supporters, incentivizing validators, rewarding stakers, and community grants for developing on Dogechain.
Rest of the supply will be used to fund marketing and development programs for the Dogechain ecosystem.
DC token holders will be able to pay transaction fees, vote on governance proposals, and set up validator nodes using DC tokens.
Check out the detailed tokenomics of DC token on CoinGecko!
Dogechain Governance Model
Dogechain operates as a Decentralized Autonomous Organization (DAO). To participate in governance activities, DC token holders must lock their tokens for up to 4 years.
Holders will receive governance tokens (VeDC) relative to the number of DC tokens locked and the chosen lock-up period. Holders who lock up their tokens for the maximum period (4 years) will receive VeDC four times the locked amount.
That is, if you lock 10 DC tokens for 4 years, you will receive 40 VeDC. VeDC is used on the governance portal to vote on active proposals or create improvement proposals.
DOGE and Dogechain
DOGE and the original DOGE blockchain were created for two main purposes – a simplified payment system and to add fun to the former.
DOGE creators focused on developing a blockchain that rivaled bitcoin’s payment technology and opened cryptocurrency to the larger population through a friendly and generous community. DOGE’s utility ends here, unfortunately. DOGE blockchain lacks the facilities for emerging technologies such as DeFi, GameFi, and NFTs. Thus, Dogechain is an attempt to change this and extend the utility of DOGE.
Dogechain complements DOGE. It continues where DOGE stopped. With the Dogechain, DOGE finds use cases in the most modern applications of blockchain technology.
DOGE holders can now explore more opportunities with their DOGEs instead of simply holding them in their wallets, paying for services, or contributing to philanthropic exercises. On Dogechain, DOGE holders can bridge their DOGEs and use them on DeFi platforms, blockchain gaming platforms, and yield farms.
Dogechain and Memes
DOGE holds the meme culture in the highest esteem. Dogechain will also look to continue this tradition. DOGE brought fun to the ‘payment technology’ era of blockchain technology and cryptocurrency. Dogechain will hope to bring the same vibes to the Web3 era of blockchain technology’s evolution.
Dogechain maintains the dog theme and witty atmosphere that DOGE offered. It will also attempt to maintain community engagement and offer a low entry barrier for cryptocurrency and blockchain enthusiasts. Through the Dogechain token airdrop to DOGE holders, Dogechain will be building on the same community that brought fun, generosity, and community participation to the early cryptocurrency blockchain community. Dogechain will attempt to continue fostering the meme culture on the Web3 grounds.
Dogechain represents a new dimension for DOGE and the DOGE community - a new set of utilities. It transitions DOGE into a multi-purpose token. The DOGE community is a known pace-setter in the meme coin sector, Dogechain is another case of dictating new directions for similar projects.
Dogechain will build on the reputation created by DOGE and its community. It will also attempt to grow past this and build an ecosystem good enough to sustain its own development and improve the value of DOGE and its own token – DC.
Worthy of note, Dogechain’s technology is still in its early stages of development. Its core protocols and algorithms might be prone to irregularities, it is advised that users apply more caution while using. Just like in every new technology, precautions should be taken for vulnerabilities.
To learn more about meme coins and how they rose to fame, read this article guide!
Joel is deeply interested in the technologies behind cryptocurrencies and blockchain networks. In his over 7 years of involvement in the space, he helps startups build a stronger internet presence through written content. He is the founder of CryptocurrencyScripts. Follow the author on Twitter @agboifesinachi