Dogechain has announced an upcoming network upgrade that will support a proof-of-stake (PoS) consensus mechanism to the network.
The Dogechain team just recently announced plans to execute a network upgrade that will enable the network to support a PoS consensus mechanism barely three months after the launch of the layer-2 scaling solution.
The team disclosed the development through the official Dogechain Twitter handle in the early hours of Friday. According to the official announcement, the network upgrades to introduce support for PoS are slated for November 14.
Additionally, the team revealed that the network would halt on-chain activities for 12 hours to execute the upgrade successfully. This network downtime is expected to begin at 3 AM (UTC) on November 14, when the network is set to be upgraded.
📢 Important announcement – PoS Network Upgrade
🆙 Shibes, on November 14 the #Dogechain blockchain will be upgraded to support PoS.
🛑 To apply this upgrade, our team will halt the Dogechain network at 3AM UTC ✋
🔌 This network interruption will last approximately 12h pic.twitter.com/nICmVCiXpN
— Dogechain💜 (Giving away a Tesla) (@DogechainFamily) November 11, 2022
As is common during every network downtime, the team noted that there would be a suspension of deposits, withdrawals, and transactions on the blockchain during the 12-hour downtime. They reminded the community that downtime is necessary, as the PoS upgrade cannot be successfully executed if the network is still running.
The Dogechain team further assured users that there is no cause for alarm as the network upgrade is executed, noting that the aftermath of the upgrade will bring some “good things” to the network.
One of the improvements that will follow the network upgrade is an enhancement in the network’s infrastructure to boost on-chain performance.
Furthermore, the network upgrade will enable veDC locking and minting. This will essentially allow users to lock up their Dogechain (DC) tokens to get rewarded in $veDC in a ratio of 1:1.
The network upgrade will also introduce PoS staking on the Dogechain network. Notwithstanding, users will not be able to stake their Dogechain tokens directly or delegate them to validators. Users will only be able to stake the $veDC received from the DC lockup.
The Dogechain team revealed the staking model to be employed in an earlier tweet on Tuesday, which highlighted the details of the lockup and staking exercises.
- Users can lock up their Dogechain (DC) tokens to get rewarded in veDC.
- The veDC rewards will be at a ratio of 1:1 to DC. The longer the user locks up their DC, the more veDC they will receive.
- Users can then delegate the veDC received to validators to receive rewards in DC.
- DC tokens on other networks, such as Ethereum, cannot be used for the staking exercise. The staking will only allow DC from the Dogechain mainnet. Consequently, users with DC on Ethereum are advised to bridge their tokens to the Dogechain network.
DC Token Burn
As the Dogechain team persists in network development activities, the chain’s native token has responded favorably to the moves. Dogechain team on October 31 burnt a whopping 800B DC tokens – three days after the community voted for the incineration of 80% of the asset’s supply.
The total supply after the burn was adjusted to 199B DC, with the circulating supply reduced by 58% following a burn of 18B from the circulating supply. The circulating supply post-burn was accordingly adjusted to 14B DC.
The Crypto Basic reported the activities leading to the burn on October 28. The community voted for the 80% supply burn, which sent DC on a relief rally, as the asset’s price surged by 43%.