Since its market debut, Dogechain has already seen the total value locked (TVL) within its ecosystem rise to $20.51M
Dogecoin has continued to gain an increasing amount of mainstream traction among the global crypto investor community in recent weeks, thanks in large part to the launch of Dogechain, a layer-2 of sorts for the token allowing users to take part in the creation of various DeFi protocols, NFT collectibles, and decentralized apps (dApps) and games.
The project is built on Polygon Edge, a modular, extensible developer-friendly ecosystem allowing for the creation of Ethereum-compatible blockchain networks, sidechains, and other peripheral scaling solutions. It allows DOGE owners to facilitate various trades within the network and pay for various gas fee-related transactions.
Dogechain seeks to bring utility to Dogecoin owners who have been holding on to their assets in hopes of the coins skyrocketing in value while also allowing them to harness the power of a blockchain network that is not only fast but also extremely cheap — thanks to its use of a Proof of Stake (POS) consensus mechanism.
Lastly, the project touts itself as a ‘meme-chain’, housing various meme coins on its platform. The underlying technology has been devised from the ground and is backed by industry leader Polygon. As a result, numerous applications — starting with QS and Frax, who have already deployed various DeFi & NFT-based applications elsewhere — have already affirmed their intentions to launch on the Dogechain network soon.
Dogechain ($DC) Token Goes Live
On Aug 25, Dogechain’s official Twitter account announced the launch of Dogechain token ($DC), the network’s native cryptocurrency. In all, there will be 1 trillion $DC tokens that will be minted. Of this figure, 12% of the digital currency’s supply pool will be airdropped. This will be done to provide them with an incentive to use the blockchain and harness DOGE for more than just holding and trading.
Also, a portion of $DC’s total token supply will be deployed to provide network users and validators with rewards via various holding and staking mechanisms. The tokens will also be key when it comes to initiating key governance decisions and the further development of Dogechain ecosystem.
Investors can start trading $DC through many different avenues. For example, they can use QuickswapDEX (by swapping the $wDOGE/$DC pair) or go to Uniswap and deploy the $ETH/$DC pair.
Regarding token allocation, 58% of the funds have been set aside for community activities such as airdrops, ecosystem DAO fund, network operations, and polygon reserves, while the remaining 42% has been reserved for contributing team members, the Dogechain foundation, marketing, and supplying the market network initial liquidity.
Lastly, it is worth mentioning that sizable portions of $DC’s supply have been locked into vesting periods ranging from 2-5 years. This has been done to decrease the currency’s initial circulating supply and provide the ecosystem long-term sustainability. Other fundamental data worth highlighting includes:
- Fully Diluted Market Cap – $100M
- Circulating Marketcap – $500K
- Initial Token price at listing- $0.0001
- Total token Supply – 1 Trillion
- Circulating token Supply – 5 Billion
Dogechain seems primed to grow from strength to strength
Dogechain’s growing popularity is best highlighted by the fact that after just 96+ hours of its launch, the ecosystem witnessed the creation of over 160,000 new wallets, a transfer of over 250 Million DOGE to its network, and 3.5+ confirmed transactions. This is, in large part, because the blockchain provides Dogecoin holders with a viable platform to seamlessly tap into the burgeoning DeFi market as well as harness the power of other crypto-centric offerings such as NFTs and blockchain games. Therefore, it will be interesting to see how the project continues to evolve from here on out.