What is Dogechain? | Crypto Interview

What is Dogechain

For anyone not familiar what is Dogechain? 

Dogechain is a new EVM-compatible, standalone blockchain that uses the Polygon Edge framework to provide high transaction speeds and smart contract capability. Even though it’s a layer-1 protocol, the chain acts as a layer-2 for the original Dogecoin network. 

In this regard, users are able to wrap their PoW DOGE in smart contracts and mint wDOGE on Dogechain. They can use these tokens to pay for gas on the chain and access advanced blockchain features such as DeFi apps, NFT marketplaces and GameFi protocols. This way, DOGE gains incredible utility as it can be finally used in advanced financial products, purchase and mint NFTs, or play blockchain games. 

What does the DC token do? 

The DC token is the governance and staking token of Dogechain. Users will be able to lock it using the veDC model to receive veDC tokens. These tokens can then be staked with validators to receive DC rewards or used as voting power in the governance model regarding future development or decisions on grants for projects building on the chain. 

There was a big bug, what happened there? 

A bug in the bridge contract was detected by the devs on Sep 11, which required a hard fork of the chain. The bug was quickly squashed and no user funds were compromised because of it. 

How has the progress been so far? (transactions, wallets, etc?) 

Dogechain has seen incredible growth in the 2 months since its launch. As of Sep 25, it has passed the threshold of 40,000,000 transactions and 240,000 unique wallets. It now averages around 1 million transactions per day, getting close to top protocols in DeFi. At one point it even surpassed Polygon and Ethereum (Sep 14 2022), where it reached 3.6 million transactions in 24 hours. 

Is the Dogecoin community on board? 

Some of the original developers of Dogecoin have been extremely supportive of the chain, such as current Dogira and Polygon developer Eoghan Hayes. Moreover, long-term DOGE holders have already started experimenting with dApps on the chain and accessing Defi and NFT marketplaces with their coins. 

Otherwise, Dogechain doesn’t have any links with the Dogecoin foundation as of yet. The team hopes that the foundation will soon see the utility Dogechain brings to DOGE and embrace it as the meme chain that empowers the original memecoin. 

What kind of dApps are being built on Dogechain? 

There are already hundreds of projects running on the chain, including a dozen DEXes, NFT marketplaces & collections, yield optimizers, chain tools etc. The onboarding program of the chain has been a resounding success with more than 200 projects that have shown their interest in building on Dogechain and using wDOGE as gas. Many projects are implementing functions that help DOGE like using DOGE as native currency in a dapp, burns, and airdrops of fees to DOGE holders. 

How can investors use Dogechain and get their hands on some sweet DC airdrop? 

The snapshot for the initial airdrop for Early shibes is already taken and new participants cannot get a piece of this pie. However, the team is reworking another airdrop model called “Loyal Shibes” that will reward ongoing supporters of the chain. 

The overhaul of this model has a goal to make it more inclusive for all participants in the chain and incentivize users to actually use the chain and participate in governance, instead of just holding tokens in their wallets. The date and mechanism for this airdrop program will be released in the near future. 

What comes next for Dogechain?

Some incredible utility is coming to the chain, which includes the DC token. In the next few months, the team will release the aforementioned veDC model that will provide users with staking capabilities and governance power. 

What’s more, the veDC model will also serve to constrict the circulating supply as users will be able to lock their tokens for extended periods of time, in a verifiable manner. It’s a crucial element of the tokenomics model and will allow for the long-term vision of the team to be achieved by promoting growth, sustainability, and inclusiveness. 

Additionally, there are hundreds of projects already launching on the chain. Their developers are in close communication with the business development team of Dogechain and are working together towards smooth deployment of their dApps in various niches, supported by a grants program. 

Finally, we should note that once the veDC governance model is live, users will be able to propose projects and vote on grants from the DAO fund. This participation from the user base will allow projects to come to fruition and allow users to be actively involved with the BD side of Dogechain.

What is Dogechain? | Crypto Interview - - 2023

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By Lark Davis

Combining cutting edge insider insights and done-for-you market analysis to deliver crypto investors the best opportunities to grow their wealth, stay ahead of the curve, and avoid costly mistakes! We cover DeFi, NFTs, Altcoins, Technical Analysis and more!