Dogecoin (DOGE), DogeOS's Gambit for DeFi Transition..."No More Meme Coin Label"

▲ Dogecoin (DOGE)/ChatGPT generated image

The Dogecoin (Dogecoin, DOGE) ecosystem has officially launched its Layer 2 testnet for smart contract implementation. This marks a major transition from a simple payment-focused meme coin to a programmable asset encompassing decentralized finance (DeFi).

According to crypto media outlet U.Today on October 1 (local time), DogeOS, led by the Dogecoin wallet MyDoge development team, officially launched Chikyu, an Ethereum Virtual Machine (EVM) compatible Layer 2 public testnet. The existing Dogecoin mainnet was disconnected from the decentralized application (dApp) ecosystem due to its low processing speed of only about 30 transactions per second (TPS) and the absence of smart contracts. The launch of DogeOS integrates ZK-rollup technology, allowing Dogecoin to be used as its own fee token while fully supporting Ethereum-based development tools.

Strong backing has also been secured in terms of funding and development infrastructure. The DogeOS development team secured $6.9 million in venture capital during a seed investment round led by Polychain Capital. It fully supports Ethereum standard development tools such as Hardhat, Foundry, EthersJS, and Remix, lowering entry barriers for developers. Currently, Barkswap, Superposition Finance, fractional market protocols, and Web3 gaming projects are preparing for on-chain deployment.

The technical security architecture is also undergoing gradual advancement. To compensate for the Dogecoin base blockchain's current limitation of not being able to directly verify ZK proofs, a Trusted Execution Environment (TEE), validators, and sequencer system have been proactively implemented. The ultimate plan is to implement mainnet-level direct proof verification through a Dogecoin core upgrade.

Experts diagnose that the key challenge is whether Dogecoin's immense public recognition and media influence can be converted into actual on-chain liquidity after the mainnet launch. With the testnet launch as a turning point, market attention is focused on whether Dogecoin can move beyond being a mere speculative asset and evolve into a smart contract platform with real utility.

[Article Summary]

- DogeOS has officially launched Chikyu, an EVM-compatible ZK-rollup-based Layer 2 public testnet.

- It secured $6.9 million in investment led by Polychain Capital and is building a DeFi and Web3 gaming ecosystem.

- Moving beyond the limit of 30 transactions per second, it has begun a transition to a smart contract ecosystem that uses Dogecoin as its native fee.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*