DogeLabs Promise to Further Develop Dogecoin blockchain
A new startup with promise to help to develop Dogecoin blockchain: building a bridge between Dogecoin and Ethereum enabling DeFi solutions to DOGE, and releasing a DOGE burn wallet allowing developers to build applications on Dogecoin blockchain.
Cryptocurrencies have been experiencing significant correction in recent weeks. Several points are at discussion varying from over energy consumption, regulations and the post-pandemic market. News that China is further targeting miners — and an uncertain Federal Reserve meeting this week — are not doing any favors.
Among others Dogecoin is feeling the pain of a volatile period. However, there is a piece of Dogecoin news that could see Dogecoin prices up again.
So what do you need to know? At the time of writing, Dogecoin is trading at 0.30 prices, down 2% over a 24-hour period. Trading volume is up nearly 40% over that same time period.
Like peers Bitcoin and Ethereum, it seems Dogecoin is not an exception to the volatility.
However, there is one piece of news that is promising. Today, a blockchain startup called DogeLabs shared that it is working on developing a bridge between Dogecoin and Ethereum. If this happens, DOGE holders would have access to ETH-backed decentralized finance (DeFi) solutions and staking programs.
What makes the announcement significant, it appears that this follows commentary from Vitalik Buterin, the Ethereum co-founder. Buterin recently said that he sees the potential for a Dogecoin-to-Ethereum bridge. With this in mind, the startup says it is working with a team of developers from Data Syndicate to make this happen.
Dogecoin community should also know that DogeLabs has another plan in the works. According to the same press release, the startup is considering developing a DOGE burn wallet. This would allow developers to build applications on the Dogecoin blockchain and then send a small portion of DOGE to the burn wallet. In practice, this could address concerns around the inflationary model of Dogecoin.
What is DogeLabs?
And how is this startup working on catalysts that could boost Dogecoin prices?
DogeLabs would start supplying DevOps for Dogecoin along with AppSwarm. Together, they said their goal was to provide more intentional support for Dogecoin, and to create a team that could build apps on the Dogecoin blockchain.
It seems then that this latest news is a follow-up on an earlier announcement. While DogeLabs is simply floating ideas — and is still building out its development resources — this is something for investors to watch.
