The co-founder of Dogecoin (DOGE) Billy Markus has focused on non-fungible tokens (NFTs) and an Ethereum-Dogecoin bridge to support the mass adoption of the meme currency.
In a September 30 tweet Markus highlightedÂ The importance of completing the Ethereum-Dogecoin Bridge so the asset can be integrated with major Ethereum-based NFT platforms such as OpenSea, allowing non-fungible purchases with DOGE.
Markus said that There is “great demand” to buy NFT within the crypto community and that allowing NFT purchases with DOGE “greatly increases its usefulness”.
Implementing DOGE into the NFT ecosystem would be a huge benefit for the community!
to???? Mr Wal (@CryptoWhale) September 29, 2021
Implementing DOGE into the NFT ecosystem would be of great benefit to the community!
The DOGE-ETH bridge under development would allow users to send DOGE from the Dogecoin blockchain to the Ethereum blockchainand transactions with the asset in sectors such as decentralized finance (DeFi) and NFTs via DOGE ERC-20 token contracts.
The bridge would add value to DOGESince it could offer a fun alternative to Ether which dominates NFT payouts, at the same time, it would increase the level of transactions and usage by spreading it in several DeFi protocols in Ethereum.
In an interview with podcaster Lex Fridman on June 4th, Ethereum co-founder and DOGE investor, Vitalik Buterin also highlighted the upside potential an Ethereum bridge could have for DOGE, notice that:
“If DOGE wanted to bridge Ethereum somehow and people could trade DOGE thousands of times per second within a loop ring, that would be amazing.”
In Markus’ Twitter thread he was asked if the bridge was in operation and he replied that “the people are working on the DOGE-ETH bridge, yes”, without naming.
Organizations like DogeLabs -a collaboration with developers focused on the Dogecoin chain announced on June 18 that they are considering the idea of building a Doge-ETH bridge allows hodlers to use the asset in Ethereum-based DeFi staking.
DogeLabs also stated that it is researching the development of a burning DOGE wallet where developers “can create applications that send a small piece of Doge into a public burn wallet to build a deflationary mode around DOGE’s inflationary growth”.
Markus stopped working at Dogecoin in 2015 – he sold his inventory for the equivalent of a used Honda Civic – however the co-founder is a member of the advisory board of the Dogecoin Foundation, which was founded in August. Buterin is also a member of the advisory board.
The non-profit foundation supports and advocates the development of Dogecoin, while protecting your brand from counterfeits like Dogecoin 2.0.
Cointelegraph reported on September 2 that the Dogecoin Foundation called for the name of the “Dogecoin 2.0” project to be changed and hired lawyers specializing in trademark protection to contact the copycat developers in an attempt to “protect the Dogecoin community from being misled and protect the Dogecoin name from possible abuse”.