After Five Years Of Building, Dogecoin Bridge With Ethereum (wDoge) Enters Final Stages Of Development.
Dogecoin users will soon be able to access a flurry of smart contracts and dApps on the Ethereum network.
In a tweet on Monday, DogeDesigner, UX/UI and graphics designer at Dogecoin Foundation and MyDoge Inc., revealed developers will launch the long-awaited Doge-ETH bridge (wDoge) later this year.
“The bridge is being developed since 2017 and is finally ready to launch later this year,” the designer writes in his thread.
Update on Doge-ETH Bridge (wDoge)
– It will allow Doge to be moved from the Dogecoin blockchain to the Ethereum blockchain and back.
– Doge on the Ethereum blockchain could be used in Turing-complete smart contracts, DeFi protocols, NFT marketplaces etc pic.twitter.com/LP6z355vEK
— DogeDesigner (@cb_doge) August 22, 2022
Notably, it will allow Dogecoin to be sent as Ethereum-compatible wrapped tokens to the Ethereum blockchain. Consequently, users will soon be able to access a flurry of smart contracts, DeFi protocols, and NFT marketplaces on the Ethereum network. Developers reveal in a blog post that the bridge is inspired by WBTC, the bridge with the highest total value locked (TVL), and has never been the subject of an exploit.
It is worth noting that developers are building the bridge due to the limitations in Dogecoin’s scripting language, making it challenging to host many decentralized protocols. The team reveals that it collaborated with Google Web3 cloud engineer Ross Nicoll, Ethereum founder Vitalik Buterin and Solidity lead developer known as Chriseth on Github on the project.
The team further said that the bridge is expected to go live this year.
“After many years of working on the Dogecoin-Ethereum bridge, we expect to launch the wDoge bridge in 2022, enabling doge users to use smart contracts, DeFi protocols, NFT marketplaces, etc.”
The Dogecoin community has been awash with exciting developments in recent times. Most recently, The Crypto Basic reported that Dogecoin had launched its C library known as LibDogecoin. The programming library is a significant achievement as it will allow developers to quickly build Dogecoin-integrated products for various platforms.
Notably, as highlighted in the blog post, the community continues to receive support from influential figures in the crypto space, including Buterin and billionaire Elon Musk. Musk recently reiterated his support for the meme coin project and asserted that Dogecoin could process more transactions than Bitcoin.
It appears that these recent developments have not gone unnoticed by whales. For example, Santiment noted on Tuesday last week that whale activity on the Dogecoin network had increased frequency.
Dogecoin is trading at the $0.06728 price point, down 16.34% in the last seven days.
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