The idea is gaining traction, and it’s the Dogecoin co-founder’s turn to defend the importance of such a project for Elon Musk’s favorite crypto-currency. A bridge between Dogecoin and Ethereum would indeed allow the crypto-toutou to take full advantage of the rise of DeFi, and NFTs.
DOGE-ETH bridge: buying NFTs with Dogecoin
On September 30, 2021, Dogecoin co-founder Billy Markus mentions in a tweet, the importance of an Ethereum-Dogecoin gateway, so that DOGE can be integrated on NFT marketplaces such as OpenSea. This would allow Dogecoin to make purchases of NFTs, then “greatly increasing its usefulness.”
Twitto Mr. Whale reacted to Markus’ post, noting that “implementing DOGE into the NFT ecosystem would be a huge benefit to the community.”
The DOGE-ETH bridge would allow users to transfer cryptocurrencies from the former blockchain to the latter. DOGE transactions in DeFi and NFTs, via DOGE ERC-20 token contracts would also be possible.
Vitalik Buterin, had explained the importance and advantage of such gateways, in an interview with the podcaster, Lex Fridman, on June 04, 2021:
“If DOGE somehow wants to bridge to Ethereum, and people can then exchange DOGE thousands of times a second inside a looped ring, then that would be amazing.”
DOGE-ETH bridge and burn wallet: staking Dogecoin and turning it into a deflationary currency
On June 18, 2021, DogeLabs, an organization made up of DOGE developers, said it was exploring the possibility of developing a Doge-ETH bridge. The latter would allow hodlers to use Dogecoin for staking on Ethereum.
DogeLabs had further announced plans to create a DOGE burn wallet. There, developers could build “applications that send a small portion of Doge to a public burn wallet to help build a deflationary mode around the inflationary growth of DOGE.”
Dogecoin already has a leg or two in NFTs, with the non-fungible token containing Dogecoin’s Shiba Inu valued at over $100 million. However, the DOGE community wants to take much more advantage of NFTs, and prove (even more) the usefulness of Dogecoin by allowing the purchase of non-fungible tokens with it. The developers even want to make DOGE a deflationary currency, plans that may make the idea that 1 in 4 Americans have that Dogecoin is becoming the new Bitcoin (BTC) less far-fetched.
