This would allow Dogecoin users to use DeFi, NFTs and all of the Ethereum platform’s dApps
Michi Lumin, a Dogecoin Core developer, has tweeted about a recent meeting centered on the Dogecoin–Ethereum bridge, which is currently being built.
Just had a really great meeting with the https://t.co/UaKnNlnI0Y guys who are working on the #dogecoin – #ethereum bridge. Hopefully to result in collaboration and co-support of the project with the @DogecoinFdn and involving various @dogecoin_devs
— Michi Lumin (@michilumin) May 24, 2022
The Dogecoin-Ethereum bridge is a technology that allows DOGE to be transferred between the Dogecoin and Ethereum blockchains. On Ethereum, Dogecoin coins can be utilized like any other ERC-20 token, allowing them to be invested in DeFi protocols and used to purchase NFTs. This would allow Dogecoin users to use DeFi, NFTs and all of the Ethereum platform’s dApps.
On a zoom RN with @oscarguindzberg from https://t.co/F6Yy8ng9cO (working on the official doge-eth bridge) I’m asking him about utility beyond the typical use-cases for smart contracts. What unique utility can you imagine smart contracts that can lock up doge could bring ?
— Timothy Stebbing (@tjstebbing) May 23, 2022
According to Blue Pepper, the entity driving its development, the Dogecoin-Ethereum bridge is based on Ethereum co-founder Vitalik Buterin’s Scrypt hash validation mechanism in Serpent, which was published in 2015.
As previously covered by U.Today, Dogecoin creator Shibetoshi Nakamoto believes that once a bridge between DOGE and Ethereum is created, it will be beneficial to Dogecoin. He also believes Dogecoin will require platforms that trade non-fungible tokens (NFTs), like Opensea, which will allow the DOGE-ETH token to be utilized for purchases.
The DOGE founder also mentioned that buying NFTs with crypto is still in high demand, so utilizing DOGE to buy NFTs might considerably boost its utility.
Several talks on Dogecoin’s use cases have surfaced in recent months. The Dogecoin Foundation’s main goal, according to the organization, is to make Dogecoin the global currency for the payment of products and services.
Elon Musk, the CEO of Tesla, also said that Dogecoin would gain greater utility if more firms accepted it. Musk also commended tipping as a use case, saying that using Dogecoin to tip creators would be “nice.” However, despite possible use cases in the Web3 industry, Musk believes that building a bridge between Ethereum and Bitcoin is not as vital.