The playfully created crypto Dogecoin now has its own network, and its ecosystem is flourishing.
According to the advertising, it makes “NFTs, Games, and DeFi for Dogecoin users.” However, it was created by the community and is not a Dogecoin Foundation-endorsed product.
Members of the foundation who hold official positions have attested to this.
Dogechain is not a real layer 2 because it is constructed on top of a layer 1 like Ethereum. Instead, it makes use of Polygon Edge, a unique blockchain application from a top layer 2. This indicates that it is EVM-compatible and capable of running Ethereum-based dAPPS.
The network currently allows users to bridge $DOGE across and boasts typical transaction rates of less than $0.005.
Dogechain has flourished despite the bear market and the absence of a viral frenzy.
As of this writing, 750K transactions have been completed in just two days. Doge is used to pay for gas.
This might be because airdrops in the form of $DC tokens have been promised.
The following use scenarios will apply to $DC:
- Staking \sGovernance
- “Dogechain Sanctuary” entrance
- Free entrance to the 2023 Dogechain Conference
Although the sanctuary’s exact nature is yet unknown, it is most likely an exclusive neighborhood for individuals who live in the ecosystem.
As of this writing, $DOGE is trading at $0.085, up 26.9% over the previous week.