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Dogecoin Joins Flare Network, Introducing DeFi to DOGE Users: Details

Mon, 04/25/2022 - 12:31
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Tomiwabold Olajide
This will enable DOGE to be used on Flare and any other chain connected to Flare
Dogecoin Joins Flare Network, Introducing DeFi to DOGE Users: Details
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Flare network states that it is including Dogecoin as a FAsset. This way, the decentralized network intends to bring full smart contract utility to the Dogecoin ecosystem. Flare states that when this feature goes live, it will enable DOGE to be used on Flare and any other chain connected to Flare through its LayerCake bridging system.

Flare shared this in response to a recent tweet posted by Dogecoin creator Billy Markus on things that add utility to Dogecoin. F-Assets are key components of the Flare Network. While Spark (FLR) is the network’s native token, users can bring F-assets onto the network to utilize as well. This unlocks smart contracts for the assets, essentially bringing utility to non-smart contract crypto. This also allows users to participate in DeFi and other network applications with their crypto.

Aside from Dogecoin, other F-assets on the Flare network are Litecoin (LTC), XRP (XRP) and Stellar (XLM). As covered by U.Today, Tesla CEO Elon Musk has opined that meme cryptocurrency Dogecoin would gain more utility if more businesses started accepting it. Musk also added that using Dogecoin for tipping creators would be "nice." The entrepreneur recently suggested allowing Twitter users to pay for Twitter Blue subscriptions with the help of Dogecoin after acquiring a 9.2% stake in the company.

However, Musk argues that creating a bridge between Ethereum and Bitcoin is not needed despite potential use cases in the Web3 sector.

In the past week, the first Dogecoin transaction without the internet was sent via RadioDOGE, marking a historic moment for the meme cryptocurrency. RadioDoge focuses on using low-cost radio technology (HF/LoRaWAN), combined with the global Starlink satellite network to provide cheap, wide-scale access to Dogecoin for individuals who live outside the reach of regular internet infrastructure.

Dogecoin's objective, according to the Dogecoin Foundation, is to make DOGE the de facto worldwide currency for exchanging goods and services. It says it is currently working on some projects aimed at bringing the Dogecoin Ecosystem to a state of readiness for rapid grassroots adoption, citing the fact that 1.7 billion people in the world are unbanked.

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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.