In brief
- Dogechain is a newly-launched blockchain platform that lets users bridge over Dogecoin (DOGE) and use it for DeFi, NFTs, and more.
- It’s not a traditional layer-2 scaling solution for Dogecoin, as billed, nor are Dogecoin’s developers or creators involved in the project.
Dogecoin may have started out as a joke, but the leading meme coin could be gaining a lot more utility with the launch of Dogechain—sort of.
As Dogecoin’s price pumps today—up 11% over the past 24 hours—much of the chatter around it right now regards a so-called “layer-2 for Dogecoin” called Dogechain, which is billed as enabling the creation of DeFi protocols, NFT collectibles, and decentralized apps (dapps) and games.
However, Dogechain isn’t a true layer-2 network in that it’s not built on top of Dogecoin. Instead, it’s a separate network based on Polygon Edge, which is custom blockchain software from Polygon, the most popular Ethereum sidechain. And it’s compatible with the Ethereum Virtual Machine, which means that it can run apps and games built for Ethereum.
It’s not an “official” Dogecoin project, however. The Dogecoin Foundation retweeted a message today stating that it is not involved in Dogechain, nor are the coin’s original founders, Jackson Palmer and Billy Markus. They clarified that it’s also not related to a Dogecoin blockchain explorer that shares the name.
Dogecoin (DOGE) holders can bridge their holding over to Dogechain to receive Wrapped…
