Thread by @coingecko

1/ On Aug 13, 2022, a team of devs launched the #Dogechain.

Barely after 72hrs, 20,000+ wallets were created, and 200,000+ confirmed transactions!

Here’s what you need to know about it! 🐶

2/ Dogechain is a blockchain built using Polygon SDK to create an efficient connection between #Dogecoin and #Web3.

Dogechain’s infrastructure allows $DOGE holders to port their $DOGE into a blockchain, which allows more opportunities for using $DOGE!

3/ Dogechain presents to developers a platform to build #DeFi, #GameFi, #NFT platforms, and other dApps with DOGE as part of its core economic system.

Did we mention it’s EVM compatible as well?

4/ Being #EVM (Ethereum Virtual Machine) compatible, developers on #Ethereum and other EVM blockchains can easily build new apps or bridge existing apps to Dogechain…

..without changing their original code or learning new languages!

5/ Dogechain runs the #PoS consensus and offers a scalable, fast, and cheap blockchain, with the main aim of the community building NFT, DeFi, and Web3 platforms.

6/ The only peculiar feature of the Dogechain is interactivity features that enable a connection with the DOGE blockchain.

Apart from this, Dogechain is similar to #Polygon chain and other #EVM-compatible PoS chains.

7/ Moving your DOGE to Dogechain involves a special bridging process that allows you to wrap your DOGE.

The wrapping process enables you to create a new token pegged to the value of DOGE on Dogechain.

8/ For instance, when you wrap 100 $DOGE using Dogechain’s bridging facility, you will receive 100 wrapped doge ($WDOGE) on your Dogechain wallet.

1 WDOGE = 1 DOGE

9/ Dogechain Token ($DC)

It’s the 2nd native currency of Dogechain. $WDOGE will continue to be used for gas on the chain, whereas the $DC will have utility in the form of #staking and #governance!

10/ As a community-first initiative, 58% of the supply of 1 trillion DC tokens is reserved for #airdrops for supporters, incentivizing #validators, rewarding #stakers, and community #grants for developing on Dogechain.

Check out $DC’s tokenomics here! ⬇️
coingecko.com/en/coins/dogec…

11/ Governance Model

Dogechain operates as a Decentralized Autonomous Organization (DAO).

To participate in governance activities, $DC holders must lock their tokens for up to 4 years.

12/ Holders will receive governance tokens ($veDC) relative to the number of $DC tokens locked. So if you locked up for the max period, you’d get four times the locked amount!

coingecko.com/en/coins/dogec…

13/ Let’s look at #Dogecoin.

$DOGE and the original DOGE blockchain were created for two main purposes – a simplified payment system and to add fun to the former.

coingecko.com/en/coins/dogec…

14/ Dogecoin creators focused on developing a blockchain rivaling #Bitcoin’s payment tech and making it fun at the same time.

Well, that’s about it. ¯_(ツ)_/¯

So here's where #Dogechain comes in, to fill up what Dogecoin lacks and to extend the utility of $DOGE.

15/ Fret not. As memes are not left behind…

DOGE holds #meme culture in the highest esteem, and Dogechain aims to continue this tradition and bring the same vibes to the #Web3 era of blockchain technology!

16/ Dogechain represents a new dimension for DOGE, to turn the pace-setter in the meme coin sector into an innovative space that paves the way for so much more utility and fun…

building on the reputation created by DOGE and its community!

17/ That said, the current state of Dogechain is still in its infancy, with much more development to go. It is worthy of note that precautions should be taken for any potential vulnerabilities.

And with that…

18/ We thank you for reading the thread. Do RT the tweet below if you enjoyed it!

https://twitter.com/coingecko/status/1564467273431060481

19/ Find out how Dogechain works, how to use it, and much more in this article! 👇
coingecko.com/learn/what-is-…
coingecko.com/learn/what-is-…