The Wanchain team is happy to announce that the Dogechain-Wanchain bridge is now live! This follows the launch of the Dogechain-Avalanche and the Dogechain-Moonriver bridges that went live last month. Consequently, DOGE, wanDOGE, DOGE.a and DOGE.m are now all fully compatible with each other and can be freely crosschained in a fully decentralised way across Dogechain, Wanchain, Avalanche, and Moonriver.
What Is Dogecoin?
Software engineers Billy Marcus and Jackson Palmer created Dogecoin in late 2013. In 2021, boosted and promoted by Tesla CEO Elon Musk, Dogecoin has become famous worldwide.
With the PoW consensus mechanism, DOGE is similar to BTC or ETH on the basis of blockchain technology. Besides holding DOGE in wallets, DOGE can be used as a payment method in some regions and some online shops.
Read more about Dogecoin here: https://dogecoin.com/
Workflow Of DOGE Crosschain
Wanchain bridges use shared collateral to enable direct bridges. Direct bridges are those that enable the transfer of assets from one chain to another without needing to pass through a separate hub or relay chain.
For instance, when transferring DOGE from Dogechain to Wanchain:
- When a user starts a DOGE crosschain transaction via WanBridge Web, the a one-time address (OTA) will be automatically generated.
- The user transfers DOGE (e.g. 10 DOGE) to this one-time address. The Storeman Group will automatically parse the transaction and use the sMPC mechanism with at least 17 out of the 25 Storeman nodes to complete the transaction.
- The Storeman Group once again conducts sMPC (17/25) and mints the mapped asset (wanDOGE) to the target address on Wanchain, as specified by the user.
Use Cases for DOGE in Wanchain Crosschain Dapps
For DOGE crosschain, the following tools are required:
- Wallets: A wallet that supports native DOGE; MetaMask.
- Crosschain Bridge: WanBridge Web
There are several use cases for DOGE in Wanchain Crosschain Ecosystem
- WanSwap: Liquidity farming of WanDOGE/WASP pool
- WanLend: Supply and borrow wanDOGE
- HuckleBerry: Liquidity farming of DOGE.m/FINN pool
About Wanchain
True DeFi is interoperable — Wanchain, the Wide Area Network chain, is the world’s premier decentralised blockchain interoperability solution. Our mission is to drive blockchain adoption through interoperability by building fully decentralised bridges that connect the world’s many siloed blockchain networks. This crosschain infrastructure empowers developers to build truly decentralised crosschain applications to power the future of DeFi.
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