What is Dogechain (DC)? Complete set of DC cryptocurrencies
Description of What is Dogechain (DC)? Complete set of DC cryptocurrencies
Dogechain positions itself as a blockchain that expands features for DOGE holders, allowing them to use this coin to participate in the DeFi ecosystem, Game projects, and NFT. Let's learn more about Dogechain and DC token in today's article.
What is Dogechain?
As defined in the whitepaper, Dogechain is an EVM -compatible blockchain that aims to add functionality to the previously released Dogecoin cryptocurrency . Dogechain uses Proof of Stake, aiming to build a scalable, secure, robust blockchain for the Dogecoin community.
In the short term, Dogechain does not identify itself as a competitor of Dogecoin, but wants to reconcile with this meme coin to upgrade the applicability of Dogecoin with smart contract compatibility .
Dogechain also positions itself as the first community blockchain project aimed at empowering and benefiting Dogecoin holders. The project will give Dogecoin holders the right to participate in blockchain games projects, NFT and a DeFi ecosystem, from which Dogecoin holders can also promote their memecoins further to the community.
In the following sections, we will find out why Dogecoin is a much talked about factor. To learn more about Dogechain, don't skip the video below.
Basic Features of Dogechain
Dogechain is built on top of Polygon's Polygon Edge framework. Polygon Edge allows developers to launch a custom blockchain network that is fully compatible with EVM. This means that developers can easily “carry” existing projects from Ethereum to Dogechain.
In addition, Dogechain also has the following main characteristics:
- IBFT Proof of Stake: The community can participate in the network by operating the node to ensure the decentralization and freedom of Dogechain.
- EVM-compatible: Smart contracts available on Ethereum can be easily run on Dogechain.
- Decentralized Governance: The community of holders can create proposals, participate in voting for blockchain governance decisions.
- Blockchain compatibility: The project uses Cross-chain Protocol to link the pre-existing Dogecoin blockchain. Dogecoin can be used on the Dogechain network by Dogecoin (wDOGE) wraps over the Dogechain bridge.
Project team
The Dogechain project team claims to be Dogecoin supporters who built the project with the aim of supporting the Dogecoin community.
In addition, there is a notable person taking on the role of core contributor (main contributor) of Dogechain is Roc Zacharis - Co-Founder of QuickSwap, the leading DEX of the Polygon network. This shows the link between Dogechain and Polygon.
Dogechain Ecosystem
Due to the permissionless nature and a bit of a gamble when focusing on the Dogecoin community, there have been many projects and tokens deployed on Dogechain in recent times. However, among those projects, not many projects intend to build real products but only take advantage of the FOMO wave to make a profit.
Currently, projects on Dogechain focus on 2 main areas: DEX and NFT. In which, the projects that recorded the most TVL were 3 DEXs: Yodeswap, KibbleSwap and DogeSwap.
As can be seen, there are too many new tokens on Dogechain, so at the same time many DEXs have emerged to support those tokens. In addition, Dogechain recorded an explosion in the number of projects when in just 5 days, 600 projects were launched.
Formation process and purpose of construction
Formation process
Dogechain new mainnet in early August 2022, looking back at the formation process, it can be seen that only after launching the mainnet about half a month, Dogechain began to receive great attention from the community. This is since the time when DEXs on Dogechain started to launch, as well as the cooperation with a few well-known parties such as Quickswap, Dextools, Synapse, Multichain…
- June 1, 2022: Launch of Dogechain Testnet version
- 15/72022: Launch of wDOGE, the version of Dogecoin on Dogechain
- 2/8/2022: Officially launched mainnet version. Users can bridge DOGE back and forth and use wDOGE as gas fees on Dogechain
- 12/8/2022: The first DEX projects launch
- August 18, 2022: Quickswap announces the deployment of version v3 on Dogechain
- August 24, 2022: Launching DC token, announcing airdrop for users
Construction purpose
So what made Dogechain born? The project side believes that Dogecoin is the most influential meme coin in the market. Introduced to the public since 2014, Dogecoin once received "support" from Elon Musk and Snoop Dogg, then gradually formed a large community of interested people. It can be said that Dogecoin is a famous coin after BTC and ETH, this meme coin has also attracted many newcomers to the crypto market.
However, Dogecoin is essentially a meme coin, created for entertainment purposes, without much use except for being accepted by a few parties to pay for goods and services. Technically, Dogecoin is a fork of Litecoin , using the PoW Scrypt (similar to Bitcoin) mechanism, which is prone to network congestion and difficult to deploy smart contracts.
Therefore, Dogechain wants to create a PoS blockchain that meets the scalability needs, for Dogecoin holders to be able to wrap DOGE tokens and participate in DeFi, gaming & NFT projects on it.
Those are the goals stated by the project, if we closely follow the development of Dogechain, we can recognize a few facts and chain them into a hypothesis:
First, Dogechain is built on Polygon Edge, a framework for projects that want to build Polygon's own chain. Co-Founder of Quickswap, the leading DEX project on Polygon, is also a core contributor of Dogechain.
Polygon Edge is a tool for the development of Polygon Supernet, which will be released at the end of April 2022. To accelerate the adoption of these tools, Polygon immediately launched a $100 million support package for developers to build on and contribute to the popularity of Supernet and Polygon Edge.
Dogechain has been marketing since its inception, regularly posting educational articles about Polygon and Polygon Edge, and even has a dedicated blog series dedicated to Polygon Edge.
Roc Zacharis, Co-Founder of Quickswap is also the CEO of Lunar Digital Assets (LDA). LDA is a company specializing in supporting Web3 projects in terms of content, marketing, and community building. LDA's clients include Polygon and Quickswap, the project recently tweeted about marketing jobs for Dogechain.
→ From the above data, it is almost possible to know that behind the Dogechain project are actually members from Polygon and Quickswap, doing marketing for Dogechain, then borrowing Dogechain to promote Polygon as well as Polygon Edge. Even the team behind Dogechain can receive rewards from Polygon's support package.
The relationship between Dogechain and Dogecoin
At first, when hearing the two names, almost everyone will think that these must be two closely related projects, maybe even the same team. But the truth is not so, Dogechain and Dogecoin are in fact two projects that have nothing to do with each other. To avoid misunderstanding, Dogecoin team members have repeatedly denied that these are two projects that have no relationship with each other.
From here it can be seen that the Dogechain side confirms that they want to contribute to the DOGE token, but this is a one-way wish, the Dogecoin side completely denies any relationship and does not want to "get involved" with Dogechain.
So why does Dogechain always say it wants to expand the applicability of Dogecoin? Is this just a form of marketing of the Dogechain team?
We all know Dogecoin has a very large community of holders, according to data from Coinmarketcap, there are currently nearly 4.5 million DOGE holders. If this community can be absorbed, Dogechain will immediately have a large number of users.
In order to attract the Dogecoin community, Dogechain has since launched a marketing message claiming to be an extension chain for Dogecoin, for DOGE holders, in fact this is a way to use DOGE tokens to attract users.
Initially, Dogechain did not use native tokens, but allowed users to use wDOGE (DOGE bridged from Dogecoin) as gas fees for Dogechain operations, creating the feeling of building an ecosystem for DOGE.
But only about a week after Dogechain received the attention of the Dogecoin community in particular and the crypto community in general, Dogechain announced the official launch of their own native DC token. This raises the question of whether the real ecosystem will revolve around the DC token and not Dogecoin?
Information about DC token
Key Metrics DC token
- 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
DC Token Allocation
According to the latest update, DC tokens are distributed proportionally as follows:
- 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%
DC Token Sale
The project is not open for token sale and has no VC.
DC Token Release Schedule
Updating…
DC Token Use Case
DC is the native token of the network, which can be used for the following purposes:
- Pay gas fees on Dogechain.
- Join the operation, become a validator.
- Use as currency to participate in Games, buy NFT.
- Stake, lock DC to receive veDC to match the reward level and participate in the network governance process.
- Criteria for participating in the future airdrop.
How to earn and own DC Token
Dogechain has announced that it will airdrop for users, 12% of the total supply will be divided into 2 parts:
1. Early Shibes Airdrop: 3% of total supply (30B DC)
The project has taken a snapshot from August 1, 2022 to August 23, 2022, users of the DOGE bridge and not withdrawing from Dogechain will receive the airdrop. Thus, users holding wDOGE will be airdropped according to the formula:
valid wDOGE = wDOGE deposit - wDOGE withdraw
Out of 3% of the total supply for the airdrop:
- 15% tokens will be unlocked immediately.
- The remaining 85% will be unlocked gradually over the next 12 months.
Users have 5 days to claim DC tokens from TGE, after which they will no longer be able to claim.
2. Loyal Shibes Airdrop: 9% of total supply (90B DC)
The project will snapshot users' wallets intermittently every month (5-15 times) and average the wDOGE they hold for the month, thereby distributing 0.1875% of the total DC supply on the first day of the month corresponding to average wDOGE balance. This helps users not need to hold or stake wDOGE but can use wDOGE in the ecosystem and still be airdropped.
In addition, DC can also be earned from swapping on DEXs such as Quickswap (wDOGE/DC pair), Frax Finance (wDOGE/DC pair), Uniswap (ETH/DC pair)...
What got Dogechain noticed?
Only on the mainnet in early August, Dogechain achieved remarkable numbers:
- On-chain TVL has been increasing continuously since the mainnet, currently reaching the $15.7 million mark. Cash flow is mainly concentrated in DEXs.
- The total number of wallet addresses has reached 170,000 and the total number of transactions has reached about 4 million transactions. Achieved a growth rate of 73 times and 142 times respectively compared to the time of August 12.
- Dogechain's daily transaction count is also at ATH 617,000 transactions/day.
- On the social network Twitter, Dogechain is continuously standing in the trending category within 5 days with the number of relevant posts per day up to 62,300 tweets.
Thus, in general, the following things are making Dogechain more noticeable than ever:
- The way marketing hits the DOGE holder community, this is a large community, plus the nature is somewhat easy to FOMO, when seeing the appearance of Dogechain, many people will think this is an opportunity to get huge profits.
- Right from the start, the project has mentioned the launch of DC tokens, after the project was noticed, the airdrop of DC tokens to wDOGE bridge users even more attracted DOGE holders to participate in Dogechain.
- Dogechain also cooperates and integrates with a few well-known projects such as Polygon, Quickswap, Synapse Protocol, Dextools, Multichain... to support users to bridge and transact on Dogechain.
- Projects on Dogechain are easy to deploy, and completely comfortable, so many projects have sprouted up, plus the gamble feature of memecoin, Dogechain has become a source of liquidity for retail investors. This feature is somewhat similar to the beginning of the GameFi trend on BNB Smart Chain.
With the above reasons for attention, there are a few things to watch out for when participating in the ecosystem on Dogechain.
Note when participating in activities on Dogechain
As mentioned above, many projects spring up on Dogechain, taking advantage of the high profit mentality of users, these projects may not have been audited and can completely rug-pull at any time. any. The Dogechain side also had to issue a warning to users.
There have been many stories told on Twitter about encountering the rug-pull project on Dogechain, including one user recounting the incident of using bots to buy all the new tokens launched on Dogechain on the first day, each token 5 USD, the user said he bought about 150 coins and in the end most of them were rug-pull.
Thus, if you want to participate in activities on Dogechain, there are a few things to keep in mind:
- Should only participate with a small amount of capital, be prepared to lose that amount of capital.
- Do not FOMO, buy massively any newly launched coins, restrict mass approval of tokens.
- Should choose DEXs with thick liquidity, avoiding swaps with large price differences due to lack of liquidity.
- Farming with coins with high volatility can lead to a large temporary loss, so you need to think carefully before participating in farming.
- It is recommended to use a brand new wallet to participate in activities.
- Priority should be given to using large or well-known dapps and bridges deployed on Dogechain.
summary
Dogechain is a phenomenal project of the market in recent times, a project with smart marketing methods has attracted the attention of the community and many DOGE holders participate in making profits on Dogechain. Dogechain may also create a short-term trend, however, if you really want to experience Dogechain, always be on the lookout for possible risks!
