- Dogechain launches PawPort, the first DRC20-EVM bridge.
- The new bridge allows Doginals to be used in DeFi and NFT applications.
- PawPort provides a scalable solution for DRC20 transactions.
Among the top cryptocurrency projects, Dogecoin was the first to arrive on the scene and has garnered a devoted following. However, Dogecoin, a fork of Litecoin, lacks some of the advanced features of the new chain, such as its own NFTs and smart contracts. That’s changing thanks to ordinal numbers, first developed for Bitcoin.
Recently, Dogecoin gained further advancements thanks to Dogechain’s PawPort, a bridge that connects DRC20 assets to EVM. This will allow Doginals (Dogecoin Ordinals) to be integrated into NFT and DeFi applications.
Dogecoin gains new features with Dogechain
On May 22, Dogecoin’s layer 2 chain, Dogechain, launched PawPort, a bridge designed to easily transfer DRC20 assets, also known as Doginals, to the Ethereum Virtual Machine (EVM). This bridge allows DRC20 assets to be transferred almost instantly, increasing utilization.
With the launch of PawPort, users can now trade Doginals on decentralized exchanges like Quickswap. Developers can also integrate Doginals into DeFi applications and blockchain games.
Additionally, this new feature allows DRC20 tokens to be traded instantly with low transaction costs, helping to expand the ecosystem. It will also provide more liquidity to Doge, potentially attracting more memecoin traders.
What Dogechain does for Dogecoin
Dogechain, Dogecoin’s layer 2 solution, helps improve network functionality. Since Dogecoin was originally a simple peer-to-peer digital currency, Dogechain enables smart contracts on the network.
It also helps improve Dogecoin’s scalability by offloading transactions from the network. This helps increase transaction volume and speed on the Dogecoin network, which is critical to maintaining DOGE’s popularity.
As a scaling solution, Dogechain currently connects over 40 million DOGE to the network, serving as a reserve for wrapped DOGE tokens. Starting in 2023, Dogechain will begin work on improving Doginals, which will allow data to be inscribed on the Dogecoin network, similar to Bitcoin Ordinals.
On the flip side
- As a Memecoin, Dogecoin relies heavily on community participation and celebrity endorsements. So volatility is very high.
- Dogecoin’s main competitor, Shiba Inu, is an ERC-20 with smart contract functionality already built-in.
Why This Matters
Level 2 solutions are widely seen as the key to scaling massively popular chains such as Bitcoin, Ethereum, and Doge. These networks rely on faster speeds and lower transaction costs to keep up with other chains, making network transactions more accessible.
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