Leading cross-chain interoperability network Wormhole has developed the first trustless bridge linking Dogecoin to the Solana ecosystem.
Wormhole announced the giant stride in a blog post on Thursday. The integration would allow a symbiotic relationship between Solana and Dogecoin users, bridging two of the largest crypto ecosystems.
Dogecoin Goes Multichain
Wormhole powered this innovation using its Native Token Transfers (NTT) framework and zero-knowledge proofs, developed by Psy and RISC Zero. The next-generation bridging technology validates Dogecoin’s proof-of-work consensus on Solana, allowing for cross-chain interoperability without third-party interference.
Notably, the bridging technology captures and directly validates each Dogecoin block header on Solana. This ensures users can perform DOGE transactions on the Solana network without intermediaries.
The trustless bridge uses QDOGE for its interoperability function. For perspective, the protocol converts a DOGE transaction to QDOGE and mints its equivalent on Solana for usage. When converting back, the bridge burns the QDOGE tokens and releases DOGE to the user’s Dogecoin address.
Notably, this technology ensures that Dogecoin users can access the Solana network’s DeFi, gaming, and NFT while bringing $36 billion worth of liquidity and the meme coin’s enormous community to Solana. Users would also directly utilize DOGE on Solana’s dApps without relying on wrapped tokens or third parties.
Remarkably, this is not Wormhole’s first multichain bridging on the Solana ecosystem. The protocol claims that it steered capital inflow worth $11.5 billion to Solana, more than any cross-chain interoperability service provider.
Enhanced Dogecoin Utility
The integration further adds a utility layer for Dogecoin, the largest meme coin by market cap. With its joke-themed origin, DOGE has little use case and relies mostly on hype and community support.
However, the narrative is gradually changing. In addition to its newfound utility in macro-payments, DOGE’s integration into Solana’s robust ecosystem would drive its utility in decentralized finance. This means that Dogecoin could be used for lending and payment services on gaming platforms and marketplaces on Solana.
Prominent asset manager 21Shares recently emphasized Dogecoin’s transition beyond its meme coin origin. It noted that growing institutional adoption and advancing technology have ensured the meme coin’s kick at mainstream adoption.
Meanwhile, the Solana integration had no significant impact on Dogecoin’s price at the time of writing. Nonetheless, the meme coin remains bullish, with recent analysis projecting an imminent upward price action to $0.31.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
