Main navigation

Dogecoin-Ethereum Bridge for DeFi Use Remains on Track: DOGE Developer

Tue, 05/24/2022 - 15:55
article image
Tomiwabold Olajide
This would allow Dogecoin users to use DeFi, NFTs and all of the Ethereum platform's dApps
Dogecoin-Ethereum Bridge for DeFi Use Remains on Track: DOGE Developer
Cover image via stock.adobe.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

Michi Lumin, a Dogecoin Core developer, has tweeted about a recent meeting centered on the Dogecoin–Ethereum bridge, which is currently being built.

The Dogecoin-Ethereum bridge is a technology that allows DOGE to be transferred between the Dogecoin and Ethereum blockchains. On Ethereum, Dogecoin coins can be utilized like any other ERC-20 token, allowing them to be invested in DeFi protocols and used to purchase NFTs. This would allow Dogecoin users to use DeFi, NFTs and all of the Ethereum platform's dApps.

According to Blue Pepper, the entity driving its development, the Dogecoin-Ethereum bridge is based on Ethereum co-founder Vitalik Buterin's Scrypt hash validation mechanism in Serpent, which was published in 2015.

Dogecoin utility

As previously covered by U.Today, Dogecoin creator Shibetoshi Nakamoto believes that once a bridge between DOGE and Ethereum is created, it will be beneficial to Dogecoin. He also believes Dogecoin will require platforms that trade non-fungible tokens (NFTs), like Opensea, which will allow the DOGE-ETH token to be utilized for purchases.

The DOGE founder also mentioned that buying NFTs with crypto is still in high demand, so utilizing DOGE to buy NFTs might considerably boost its utility.

Several talks on Dogecoin's use cases have surfaced in recent months. The Dogecoin Foundation's main goal, according to the organization, is to make Dogecoin the global currency for the payment of products and services.

Elon Musk, the CEO of Tesla, also said that Dogecoin would gain greater utility if more firms accepted it. Musk also commended tipping as a use case, saying that using Dogecoin to tip creators would be "nice." However, despite possible use cases in the Web3 industry, Musk believes that building a bridge between Ethereum and Bitcoin is not as vital.

article image
About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.