The Versatility of Dogechain: Bringing DogeFi and MemeFi to the Memecosystem
Dogechain’s community supports two significant financial ecosystems (ones we never thought we needed till they arrived): DogeFi and MemeFi.
What do they mean?
DogeFi is a system where DOGE is plugged into decentralized financial services, including lending, borrowing, yield farming, etc.
MemeFi focuses on the creation, exchange, and DeFi enhancement of memecoins, capitalizing on the meme mania rage currently ongoing.
Both DogeFi and MemeFi offer users some unique opportunities for them to engage with and benefit from Dogecoin’s expanded capabilities.
The Story
Dogecoin network is the original blockchain, and DOGE is the native token. However, it has no smart contract compatibility and can’t be plugged into DeFi. Hence, Dogechain was launched to enable DOGE to be bridged to it and used to explore DeFi opportunities.
Dogechain established its place as an innovative blockchain network that extends the functionality of the popular $DOGE, enables users and developers to launch their memecoins using its infrastructure, and provides a range of DeFi opportunities for all to engage their Dogecoin-based assets and memecoins.
When you use Dogechain, you have that free pass to explore numerous applications within its ecosystem. Dogechain allows users to harness the power of Dogecoin and memecoins in new and exciting ways.
Bridging Dogecoin Assets
One of the key features is the ability to bridge DOGE tokens to the Dogechain network. This is needed to use $DOGE as gas for transactions and interactions on the blockchain.
You can easily bridge $DOGE through the official Dogechain bridge.
Also, you can bridge DRC-20 tokens (Doginals) from the Dogecoin network to Dogechain using its Pawport Doginal Bridge.
DOG20 Tokens
Memecoins that build on Dogechain are all minted as DOG20 tokens. DOG20 tokens follow the ERC20 standard but are specifically made for Dogechain.
When memecoin builders launch their DOG20 tokens, they can facilitate their liquidity pools and trading on decentralized exchanges like Quickswap and Dogeshrek, letting users trade a variety of assets.
As a yield farmer, you can earn DOG20 tokens by participating in LPs in these DEXs. When you provide liquidity to DEXs that support DOG20 tokens, you yield rewards in the form of trading fees and additional tokens.
$DC Token
$DC is native to the Dogechain network and plays an important role in staking and governance.
By staking $DC, you are contributing to the network’s security and operations while you earn rewards simultaneously. Staking rewards are distributed based on the amount and duration of the staked tokens, providing an incentive for users as a way of supporting the network’s integrity as a blockchain.
$DC stakers are also empowered to participate in governance decisions. veDC is Dogechain’s official governance token, but to get this token, you have to stake $DC.
With veDC, you can influence the future development and management of the Dogechain multilayer network. This ensures that major decisions are not made by a few stakeholders, but collectively by the community.
Increased Interoperability
In other news, Dogechain has integrated with the Router Protocol, expanding its capabilities further. This recent integration boosts Dogechain's cross-chain interoperability.
Users can bridge and swap supported assets from any blockchain to Dogechain using the Router Nitro Atomic Swap. Dogechain supports $USDT, $USDC, and $WETH
Getting Started on Dogechain
To get started with Dogechain, you have to bridge your DOGE tokens to the network and explore the various opportunities that are available.
Engage with DogeFi and MemeFi; gain exposure to new financial products as well as meme-based assets and participate in decentralized finance.
Check out Dogechain’s tools and community on its website and other channels below:
