1. What is Dogechain?

Dogechain is an infrastructure blockchain developed to support transactions and the utilization of Dogecoin. The project defines itself as the "Layer-2 of Dogecoin," emphasizing collaboration rather than competition with Dogecoin. It seeks to enhance Dogecoin's practicality by integrating with smart contracts.

Positioned as a blockchain project focusing on empowering Dogecoin owners, Dogechain enables participation in blockchain-related projects like games, NFTs, and the DeFi ecosystem. However, it's essential to note that Dogechain is not built on the memecoin network. Dogecoin operates on Polygon's custom Blockchain, known as Polygon Edge. Therefore, Dogechain and Dogecoin are distinct and unrelated projects.

The recognition of the Layer-2 of Dogecoin as a marketing strategy by the Dogechain development team has been implemented. Dogechain allowed users to use wDOGE tokens (bridged from Dogecoin) for covering gas fees in platform activities. Dogechain attracted positive attention from the cryptocurrency community within a week, prompting the swift issuance of its own token, DC coin.

2. How does Dogechain work?

Dogechain utilizes the Proof of Work (POW) algorithm to verify transactions. Transactions are grouped into blocks and linked together through hash codes. These blocks are subsequently added to the distributed Blockchain network across the entire system.

The operational model of Dogechain:

Libp2p: A scalable and fast-expandable module, providing an excellent platform for advanced features.
Synchronization and Consensus Mechanisms: The separation of synchronization and consensus protocols allows modularization and customization of these mechanisms.
Blockchain: The Blockchain layer serves as the core for managing tasks.
State: The State Layer provides logic to transition between states, resolving changes when a new block is added to the State.
JSON RPC: Dapp developers use this layer as an API interface to interact with the blockchain.
TxPool: The TxPool Layer is a transaction pool tightly integrated with other modules in the system.
GRPC: This layer is crucial for enabling interaction with the Operator. It ensures that Node operators can easily interact with clients, providing a useful and efficient UX.

3. The notable characteristics of Dogechain

Dogechain has been developed on the Polygon Edge of Polygon. This allows developers to create a flexible Blockchain network that aligns with the Ethereum Virtual Machine (EVM). Dogechain serves as a platform allowing users to seamlessly transition projects from Ethereum to Dogechain.

Some noteworthy features of Dogechain:

IBFT Proof of Stake: The community is empowered to contribute to the network by managing nodes, ensuring a decentralized and autonomous environment for Dogechain.
EVM Compatibility: Smart Contracts originating from Ethereum can seamlessly execute on Dogechain, enhancing interoperability.
Decentralized Governance: Holders have the ability to propose and participate in voting for governance decisions within the Blockchain.
Blockchain Compatibility: Users can leverage Dogecoin on Dogechain through the Dogechain Bridge, utilizing wrap Dogecoin (wDOGE). The two networks are interconnected via the Cross-chain Protocol.

4. Project development team

The Dogechain project is entirely built by the Dogecoin community with the goal of supporting Dogecoin holders.

Roc Zacharis, Co-Founder of QuickSwap, is recognized as the core contributor for Dogechain.

5. Partners and investors

Updating

6. Are Dogechain and Dogecoin the same thing?

Dogechain and Dogecoin are entirely separate projects without any inherent relationship. To avoid confusion, the Dogecoin development team has emphasized that these are two distinct endeavors. Dogecoin, known as Elon Musk's favored cryptocurrency with a sizable holder base, prompted Dogechain to strategically position itself as an extension for Dogecoin, specifically for DOGE holders. This involves using the DOGE token to attract users.

*Dogechain and Dogecoin are independent projects*

At the beginning, Dogechain didn't introduce a native token but allowed users to use wDOGE (DOGE bridged from Dogecoin) as gas fees for Dogechain operations, creating a sense of building an ecosystem for DOGE.

Approximately a week after capturing the interest of the Dogecoin and cryptocurrency communities, Dogechain officially launched their native token, the DC token. It's evident that Dogechain is leveraging the Dogecoin image for marketing purposes.

7. Tokenomics

7.1. Key metrics

Token Name: Dogechain Native Token
Ticker: DC
Blockchain: Dogechain
Token Standard: ERC-20
Token Type: Governance, Utility
Total Supply: 1,000,000,000,000
Circulating Supply: 5,000,000,000

7.2. Token allocation

Ecosystem DAO fund: 29%
Network Operations: 15%
Airdrop: 12%
Polygon Reserve: 1%
RobinHood Reserve: 1%
Foundation: 12%
Team members: 10%
Marketing and Advisors: 5%
Initial liquidity and Market-Making: 5%
Treasury: 10%

7.3. Token feature

DC is the native token of the network and can be used for the following purposes:

Paying gas fees on Dogechain.
Participating in the operation by becoming a validator.
Using it as currency for engagement in games, NFT purchases.
Staking, locking DC to receive veDC for staking rewards and participation in network governance.
Community airdrop rewards.

8. Dogechain Airdrop to users

Dogechain designates 12% of its total supply for user airdrops, distributed across two distinct segments:

8.1. Early Shibes Airdrop: Accounting for 3% of the total supply (30 billion DC)

The project conducted a snapshot from August 1, 2022, to August 23, 2022, and users who bridged DOGE and did not withdraw from Dogechain during this period will receive an airdrop.

Of the total 3% allocated for the airdrop:

15% of the tokens will be immediately unlocked.
The remaining 85% will be gradually unlocked over the next 12 months.

Users have a 5-day window from the Token Generation Event (TGE) to claim DC tokens, after which claiming will no longer be possible.

8.2. Loyal Shibes Airdrop: 9% of total supply (90B DC)

The project will snapshot users' wallets non-continuously each month (5-15 times) and calculate the average amount of wDOGE they hold during the month. Subsequently, 0.1875% of the total DC supply will be distributed on the first day of the corresponding month based on the average wDOGE balance. This allows users to receive airdrops without the need to hold or stake wDOGE, enabling them to use wDOGE within the ecosystem and still receive airdrops.

Additionally, DC can also be earned through swapping on DEXs such as Quickswap (wDOGE/DC pair), Frax Finance (wDOGE/DC pair), Uniswap (ETH/DC pair), and others.

9. Dogechain ecosystem

The Dogechain ecosystem experienced significant FOMO, with over 600 projects developed within the first 5 days of the mainnet.

Projects within the Dogechain ecosystem predominantly focus on DeFi and NFT initiatives. Shortly after its launch, the Total Value Locked (TVL) reached an all-time high of 24.1 million USD, currently sustaining at 2.42 million USD.

As a blockchain dedicated to dogs, many projects within the ecosystem incorporate dog-related names. Notable native projects include DogeSwapOrg, KibbleSwap, Yodeswap, emphasizing the thematic connection to dogs.

10. Communication channels

Website: https://dogechain.dog/
Twitter: https://twitter.com/dogechainfamily
Telegram: https://t.me/DogeChainOfficial
Discord: https://discord.com/invite/e9TQwwmF79

11. Conclusion

Dogechain serves as a layer 2 project created to enhance the support, value, and functionality of Dogecoin. However, the Dogecoin token is not utilized as transaction fees for the network as of the current moment. Notably, Dogechain and Dogecoin operate independently of each other.

The Dogechain ecosystem stands to gain advantages from the promotion of Dogecoin. The information presented above provides a comprehensive overview of Dogechain, and it is anticipated that readers have acquired additional insights into this project through the subsequent article.

Dogecoin (DOGE) là gì? Meme Coin được Elon Musk shill trên Twitter