Robert Steinadler, 4 months ago
Dog coins are somehow most attractive to retail investors and even to people like Elon Musk. The reason is simple, they involve a strong sense of community and a lot of fun. Another factor that drives many investors is the idea that their favorite meme coin could reach $1 one fine day. Last year Dogecoin made this almost possible scoring $0,70 at its all-time high. Ever since new meme coins are popping up trying to create a similar success story.
What is Dogechain, how is it affiliated with Dogecoin and why is everybody so excited?
Dogechain advertises itself as a second-layer solution that is built on Dogecoin. While it is true that users need DOGE to interact with the Dogechain its technology is in fact based on Polygon Edge. Polygon Edge is a framework that allows building your own blockchain and it is also compatible with the Ethereum Virtual Machine (EVM).
That being said, Dogechain is capable of executing smart contracts which opens up a whole new world to the Dogecoin community. Users can take their DOGE and convert it wDOGE on the Dogechain, which means that wDOGE is a wrapper and therefore a tokenized version of Dogecoin on another chain.
This opens a lot of possibilities like AMM protocols, lending, NFTs, and of course decentralized exchanges. After these options became available, the price for DOGE surged since many users bought in to try Dogechain out.
The Dogecoin Foundation was quick to react and declared that Dogechain is an independent project that is in no way affiliated with Dogecoin. They also advised users not to spend their precious DOGE on something that they called a knock-off.
While it remains open if the Dogechain developers are indeed just coopting the brand, there are also other risks involved. At this point Dogechain is practically the wild west, meaning that there is the chance of high returns but an even higher chance of a total loss. Most protocols that run on top of Dogechain haven’t been audited. It is only a question of time until an exploit is going to happen.
It is true that most blockchains that offer DeFi applications are struggling with hacks and exploits but if something is that brand new the risk is even higher. Only time will tell if the developers working behind the scenes are benevolent and are really looking for a way to add smart contracts to Dogecoin.
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Dogechain had a great start, but nevertheless caused a lot of controversy in the crypto space. Some people thought it was an unacceptable move to advertise the DeFi product as something that is based on Dogecoin rather than admitting that both the blockchain and the brand have nothing to do with the project. Even the Dogecoin Foundation had to make a statement to set things right. Fast forward: A few weeks later Dogechain seems to have the first security incident and yet again two versions are passed around on social media. Was there even an exploit at Dogechain and were any funds at risk?