Laika and Qed Protocol are amongst a rising cohort of initiatives working to deliver superior web3 performance to Dogecoin.
An rising variety of initiatives are working to deliver good contract performance to the Dogecoin ecosystem.
On Sunday, Laika, a Layer 2 answer for Dogecoin, launched on mainnet. The undertaking claims to comprise the primary Layer 2 community within the Dogecoin ecosystem.
“Starting on July 28th, you will be able to interact with the first Layer 2 on Dogecoin and become one of the earliest users of DogFi,” theLaika Basis mentioned on Medium.
Alongside introducing good contracts to the Dogecoin ecosystem, Laika additionally goals to enhance transaction speeds. The undertaking claims block affirmation speeds of three seconds, in comparison with one minute on Dogecoin. Nevertheless, Laika’s testnet efficiency reveals common block instances of 4.3 seconds.
On Sunday, Laika’s testnet hosted 2,820 every day transactions, down from its all-time excessive of 24,600 transactions on July 16. Total, the testnet processed a complete of 608,039 transactions and hosted 42,558 wallets. On the identical day, the Dogecoin community processed 197,000 transactions, based on Messari.
The race to deliver good contracts to Dogecoin
Whereas Dogecoin began as a light-hearted fork-of-a-fork of Litecoin in 2013, builders are working to mature the community past merely internet hosting memecoin transfers and mining operations.
On July 26, Qed Protocol proposed a brand new Dogecoin opcode that may pave the way in which for DeFi functions and NFTs to launch natively on Dogecoin. The undertaking mentioned its proposal has help from prime mining swimming pools together with AntPool, ViaBTC, and F2Pool.
“With the introduction of this opcode… the Dogecoin Network will effectively be the first PoW secured chain at feature parity with blockchains like Ethereum and with the scalability of Solana,” Feldman mentioned.
QED can also be working to launch a zero-knowledge Layer 2 rollup on Dogecoin.
In 2022, the Dogechain sidechain sought to pioneer good contract performance throughout the ecosystem. Dogechain makes use of the Polygon Edge tech stack to supply compatibility with the Ethereum Digital Machine (EVM), Ethereum’s core good contract engine — permitting builders to port dApps constructed for EVM onto the community.
Dogechain hosted almost 46,000 transactions on July 28, down from round 103,500 transactions on July 3, based on the Dogechain explorer. Nevertheless, the community’s whole worth locked (TVL) is simply $3.49 million, based on DeFi Llama.
Builders additionally sought to deliver inscriptions onto Dogecoin final 12 months in response to their surging success on Bitcoin. In February 2023, Doginals inscriptions went stay, adopted by Cardinals in Might 2023. The Cardinals group adopted up that very same month by launching the DRC-20 fungible token customary on Dogecoin — drawing inspiration from Bitcoin’s BRC-20 customary.
Bridging Dogecoin to good contract networks
Whereas some initiatives are searching for to introduce EVM capabilities to the Dogecoin ecosystem, others wish to faucet into Dogecoin’s vibrant group and robust adoption by enabling holders to bridge their DOGE onto networks that natively help good contracts.
In June, the Dfinity Basis started creating ckDOGE, providing on-chain different to wrapped tokens that enables customers to bridge DOGE from Dogecoin onto the Web Laptop community. The token leverages chain-key cryptography, which permits cross-chain interoperability with out utilizing a centralized structure, not like typical token wrappers.
Flare Community can also be working on a protocol enabling cross-chain DOGE bridging within the type of F-Property, permitting the token’s use in good contracts on the Flare community. Flare launched F-Property in open beta on June 4 following its November 2023 testnet deployment.
DOGE’s value is up 0.74% previously 24 hours, based on The Defiant’s crypto value feeds.
