Dogechain comes to the limelight as a brand-new blockchain, promising to make Dogecoin a useful coin. Launched on Polygon Edge, Dogechain gives its holders access to Web3 and DeFi on the Dogecoin blockchain. The outcome means that holders can write smart contracts, launch dApps, build blockchain games and even create non-fungible tokens (NFTs).
Here is everything you need to know about this new chain.
What is Dogechain?
After its launch on August 13, 2022, Dogechain reported an impressive growth statistic, with over 20,000 wallets and 200,000 confirmed transactions in just 72 hours.
Dogechain comes as an EVM-compatible blockchain developed using Polygon SDK. It creates an efficient connection between Dogecoin (DOGE) and Web3. It allows DOGE holders to port their DOGE into a blockchain, creating more possibilities and holding on to more opportunities that come with DOGE.
The feature of being an Ethereum Virtual Machine offers the chance for holders to build new applications for Dogechain.
Additionally, Dogechain runs the Proof of Stake (POS) algorithm, offering a scalable, fast, and cheap blockchain to DOGE holders. Consequently, the Dogechain community sets to build gilt-edge NFT, DeFi, and Web3 platforms, maintaining essential characteristics of the original DOGE community.
What does it mean for Dogecoin Holders?
Dogechain has planned to incentivize Dogecoin users with an airdrop, according to the Dogechain developers. As a community-first initiative, 58% of the 1 trillion Dogechain tokens supply is set on airdrops. It is also planned towards supporters, incentivizing validators, rewarding stakers, and community grants for developing Dogechain.
Dogechain holders will have the essence of paying transaction fees, voting on governance proposals, and setting up validator nodes using the Dogechain tokens.
In a wrap, Dogechain comes as a complement to DOGE in an attempt to change and extend its utility.
DOGE holders can now explore more opportunities with their DOGE instead of just holding on to them in their wallets. Besides, Dogechain enables holders to bridge their DOGEs to utilize them on DeFi platforms, blockchain gaming platforms, and yield farms. It will also bring some new vibes to the Web3 era of blockchain technology’s evolution.
To avoid vulnerabilities, users are advised to apply more caution, as it is still in its early stages.
Vincent Munene is a freelance writer and a great blockchain enthusiast. Blockchain has changed his life in terms of financial freedom and in return, he likes to educate people and keep them up to date on everything blockchain. He is a Biochemist by profession and also loves to play the piano.