Dogechain Launches Testnet, Evolving Dogecoin’s Utility & Thrusting It Into the DeFi & dApp Space
Dogechain launches its testnet, dramatically evolving the utility of Dogecoin and bringing dApps and DeFi to the community.
Testnets are an essential component in blockchain development. The Dogechain testnet allows software developers to evaluate the network and test decentralized applications before they are deployed on the mainnet. Users can also contribute by testing dApps and functionality and are often rewarded for their participation.
Dogechain is a new EVM-compatible smart contract chain powered by Polygon Edge which was created to bolster the power of Doge. In its current state, Dogecoin cannot support modern blockchain technologies such as dApps or NFTs. The project aims to rapidly expand the utility of Dogecoin, empowering holders by increasing incentives and users by increasing functionality.
Rather than compete with Dogecoin, Dogechain harmonizes with the memecoin and enhances it with smart contract capability, breathing new life into one of the most popular cryptocurrencies in the world.
Increasing the Use Cases of Dogecoin
To increase the use cases of Dogecoin, holders can wrap their $DOGE into Dogechain smart contracts and receive $wDOGE PoS tokens in return. The $wDOGE tokens live on the Dogechain blockchain, allowing users to access an ecosystem of DeFi products, NFTs, social media platforms, and blockchain games that are powered by $DOGE tokens.
Some of the use cases Dogechain creates for Dogecoin include:
- Minting and exchanging NFTs on marketplaces by paying for gas with $DOGE.
- Taking advantage of GameFi opportunities and participating in the blockchain gaming community.
- Trading tokens and speculating on their value on decentralized exchanges.
- Gaining access to DeFi utilities like staking, lending, borrowing, and liquidity mining.
- Using Dogechain-powered NFTs to participate in the metaverse.
- Participating in DAOs and funding entire communities.
With this additional utility, the once single-usage Dogecoin will now become a ticket into the world of DeFi, fondly referred to by the community as DogeFi. Additional utility will help Dogecoin to find a place alongside many other tip smart contract platforms in the digital asset space.
How Dogechain Works
To help Dogechain build a standalone EVM-compatible blockchain, the Polygon Edge framework is used. Because it is EVM-compatible, the platform is compatible with dApps deployed on Ethereum, bringing an ever-growing amount of utilities and use cases to Dogechain in the process. Dogechain will also propose its own smart contracts, adding to existing protocols and building upon the extensive DeFi ecosystem.
Unlike other digital asset and payment-focused, store-of-value blockchains, Dogechain looks to create the same demand as other smart contract-capable platforms. This will improve Web3 ecosystem productivity to increase blockspace demand, as well as increase the demand for Dogechain at the same time.
Dogechain works on fundamental principles to ensure its success; these include:
- IBFT Proof-of-Stake (PoS) Consensus – Community members can participate in the network, creating a permissionless and decentralized blockchain.
- EVM-compatible – Allow existing Ethereum smart contracts to migrate onto Dogechain without additional modification.
- Decentralized Governance – Token holders can propose delegates, vote on the blockchain parameters and events, and influence governance decisions.
- Cross-chain compatibility – Dogecoin can be utilized across the Dogechain ecosystem by wrapping the Dogecoin via the Dogechain bridge, then sent back to the Dogecoin network as needed.
The Dogechain Community
Dogechain is a community-guided and owned blockchain project that empowers holders of Dogecoin. The community behind the project promotes fairness and equality for all ecosystem builders, ensuring inclusivity for every member. The Dogechain team recognizes the strength in the existing Doge offering and want to compliment, rather than change the core protocol.
Dogechain’s primary goal is to bring decentralized applications to the Doge community, allowing DeFi, NFTs, blockchain gaming, and much more to be interacted with through Doge, opening up a whole world of new possibilities.
Image by Sergei Tokmakov Terms.Law from Pixabay