This would allow Dogecoin users to use DeFi, NFTs and all of the Ethereum platform’s dApps
Michi Lumina developer of Dogecoin Core, tweeted about a recent meeting centered around the Dogecoin-Ethereum bridge, which is currently under construction.
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.
According to Blue Pepper, the entity behind its development, the Dogecoin-Ethereum bridge is based on Ethereum co-founder Vitalik Buterin’s Scrypt hash validation mechanism in Serpent, which was released in 2015.
Dogecoin utility
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 founder of DOGE also mentioned that buying NFTs with crypto is always in high demand, so using DOGE to buy NFTs could significantly increase its usefulness.
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 utility if more companies accepted it. Musk also hailed tipping as a use case, saying using Dogecoin to tip creators would be “cool.” However, despite the possible use cases in the Web3 industry, Musk believes that building a bridge between Ethereum and Bitcoin is not as vital.
