Last week, a new blockchain platform named Dogechain was launched. Apparently, it may seem like this would be some product within the Dogecoin ecosystem but it’s not. Although Dogechain would act as a bridge for Dogecoin. The bridge would facilitate services for decentralized finance (defi), decentralized applications (dapps), non-fungible tokens (NFTs) and games.
Following the launch of Dogechain, developers behind the popular memecoin went on to Twitter to clarify their position. They noted in a tweet that there is no connection between the Dogecoin ecosystem, including co-founders Billy Markus and Jackson Palmer alongwith the Dogecoin Foundation, and the newly launched Dogechain.
Instead of Dogecoin, the layer-2 scaling solution, Dogechain was built on a custom blockchain of Polygon network named Polygon Edge. Given Polkadot is a popular sidechain of Ethereum blockchain, the so-called ‘Dogecoin’s Layer-2’ is Ethereum Virtual Machine or EVM compatible. The games and applications built on Ethereum network will be fit to run on it.
However, Dogecoin (DOGE) holders can receive Wrapped Dogecoin (wDOGE) in return to bridge their DOGE holdings over Dogechain. The wDOGE could be further used to interact with various dapps, defi protocol, NFTs etc. across the newly released platform.
Additionally, Dogechain enabled users to make transactions on DOGE including interacting with different decentralized exchanges and to purchase new digital assets. Transaction fees are also allowed to be paid in the meme currency.
On 17th August 2022, Dogechain announced on Twitter that within just five days of launch, the platform successfully managed to add 58K unique wallets and more than 480K transactions were already done. Earlier, it was also reported to initiate 21 million USD worth DOGE transactions in a single day.
Given these features, the canine crypto managed to take advantage from the launch and popularity of the layer-2 solution. DOGE price reached about 0.8402 USD by the time of writing with a growth of more than 23% in the last seven days.
Source: https://www.thecoinrepublic.com/2022/08/17/not-a-dogecoins-layer-2-solution-dogechain-is-here/