- Dogechain Launches PawPort, the first DRC20 to 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 crypto projects, Dogecoin was among the earliest to come to the scene and gained a dedicated following. However, as a fork of Litecoin, Dogecoin lacks some of the advanced features of new chains, like its own NFTs and smart contracts. Thanks to ordinals, first developed for Bitcoin, this is changing.
Recently, Dogecoin gained even more advanced functionalities, thanks to Dogechain’s PawPort, a bridge connecting DRC20 assets to the EVM. This allows the integration of Doginals (Dogecoin Ordinals) in NFTs and DeFi applications.
Dogecoin Gains New Functionality With Dogechain
On May 22, Dogecoin’s layer 2 chain Dogechain launched PawPort, a bridge designed to facilitate the transfer of DRC20 assets, also known as Doginals, to the Ethereum Virtual Machine (EVM). This bridge allows for the near-instant transfer of DRC20 assets, enhancing their utility.
With the launch of PawPort, users can now trade Doginals on decentralized exchanges such as Quickswap. Developers can also integrate Doginals into DeFi applications and blockchain games.
This new functionality also enables DRC20 tokens to trade instantly and with lower transaction costs, helping scale the ecosystem. It will also put more liquidity into Doge, potentially attracting more memecoin traders.
What Dogechain Does For Dogecoin
As a layer 2 solution for Dogecoin, Dogechain helps enhance the functionality of the network. As Dogecoin was originally a simple, peer-to-peer digital currency, Dogechain enables smart contracts for the network.
It also helps improve Dogecoin’s scalability by offloading transactions from its network. This helps increase transaction volumes and speed on the Dogecoin network, crucial for sustaining DOGE’s popularity.
As a scaling solution, Dogechain currently bridges over 40 million DOGE to its network, serving as a reserve for its wrapped DOGE tokens. Since 2023, Dogechain has started working on enhancing Doginals, which allows users to inscribe data on the Dogecoin network, similar to Bitcoin Ordinals.
On the Flipside
- As a memecoin, Dogecoin relies heavily on community engagement and celebrity endorsement. As such, it is highly volatile.
- 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 key for scaling large and popular chains such as Bitcoin, Ethereum, and Doge. For these networks to keep up with other chains, they rely on faster speeds and lower transaction costs which make trading on the network more accessible.
Read more about a new ordinal standard for Bitcoin:
ARC-20: What Are Bitcoin Atomicals?
Read more about keeping your funds safe from malicious extensions:
Are Your Crypto Extensions Safe? $1M Binance Hack Reveals Risks
Sourced from dailycoin.com.
Written by on 2024-06-04 16:00:00.
