What Is Dogechain? Does It Have Anything To Do With Dogecoin?

Dogechain is emerging in 2022 and stands out as the second blockchain layer on Polygon developed for the Dogecoin community. At the same time, the total supply of Dogechain is 1 trillion. There are about 30 billion in circulation, while the market capitalization is increasing day by day. Accordingly, the total market value is estimated to be about $50 million.

What Is The Main Purpose Of Dogechain?

Dogecoin, which basically has no goal, aims to create a more usable infrastructure. In other words, Dogechain aims to create new application areas such as NFT, gaming and DeFi applications for Dogecoin investors.

However, it should also be emphasized: Although Dogechain is aimed at the Dogecoin community, the project is not affiliated with the Dogecoin team. This was clearly stated by the Dogecoin team when it was launched in August 2022.

What Is Dogechain? Does It Have Anything To Do With Dogecoin?

Dogechain DeFi And NFT Goals

Another goal of Dogechain is to attract the Dogecoin community with DeFi applications as well as NFTs and games. As is known, Dogecoin does not currently support such applications. Dogechain aims to enable Dogecoin holders to use their coins in a broader world of opportunities. In addition, unlike Dogecoin, Dogechain uses a proof of stake. As we know, Dogecoin works with mining.

With Dogechain, there is no mining. Proof of Stake allows faster and cheaper transactions in Dogechain compared to Dogecoin.

Dogecoin users can also use their coins in Dogechain through the Dogechain Bridge. Likewise, they can send them back to the Dogecoin network via the bridge if needed. On the other hand, it is also possible to win DC rewards through betting.

The Dogechain team claims that the project aims to support Dogecoin investors and enthusiasts and is a first in the community. At this point, they emphasize that the blockchain offers Dogecoin users games, NFTs, and a wide range of applications.

What Does The DogeChain Token Offer?

On the other hand, Dogechain’s total supply is set at 1 trillion. However, only a very small portion of this offering has been released, and the team has proposed to reduce the token offering by up to 80 percent. Voting on this proposal is still underway.

So far, 99 percent of the votes have been cast in favor of the proposal. If the proposal is approved by the vote, the offer will be reduced from 1 trillion to 200 billion. In recent days, this proposal has had a strong impact on the share price. Dogechain rose almost 400 percent in a few days. Still, the share price is far from its peak in the first days after the launch. In August, Dogechain even fell as low as $0.05.

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Armaan Khatri

I'm Armaan Khatri, a financial writer, editor, and market analyst. A former VP and market risk advisor worken in India at Citizens Financial Group. Have more than 15 years of financial services experience that also includes personal finance, personal banking, IRAs, and retirement services.

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