Dogecoin holders can now use their Dogecoin on Ethereum. The Dogecoin that you own can be used to explore the utility web3 offers through NFT and DeFi projects on Ethereum, the leading Layer 1 blockchain solution. Simply put, you can now do more than just hold your Dogecoin.
Cryptoodles is one of the first projects on Ethereum to implement Dogecoin utility.
Check out Cryptoodle’s official guide here on how to use your Dogecoin in the Ethereum blockchain.
With Dogecoin on Ethereum, you can stake your Dogecoins with Cryptoodles to mine rewards or use your Dogecoin to buy other tokens on reputable decentralized exchanges such as SushiSwap.
Bringing your Dogecoin into the Ethereum Mainnet is made possible by using the Ren Project’s RenBridge.
What is the RenBridge?
The RenBridge wraps your Dogecoin into an ERC-20 token called $renDOGE. This token wrapping is needed for Dogecoin to be compatible with Ethereum projects since Dogecoin uses a different blockchain.
1 $renDOGE is equivalent to 1 Dogecoin because it is programmatically backed by 1 Dogecoin underneath the token. It is an exact representation of Dogecoin on Ethereum. Your $renDOGE can be redeemed and transferred back to your original Dogecoin wallet by going back through the RenBridge again.
Dogecoin users can now do something like:
- Convert 100 Dogecoins into 100 $renDOGE
- Stake $renDOGE in Cryptoodles to earn another 100 $renDOGE
- Convert 200 $renDOGE into 200 Dogecoins
- Transfer 200 Dogecoin into your Dogecoin wallet
Dogecoin on Ethereum Project Highlights
This is a big step for Dogecoin to be adopted as a utility token throughout all blockchains in the industry because you can do more than just hold your Dogecoin.
The sections below shows a couple of examples of how you can use your Dogecoin in Cryptoodles to get started in exploring web3 projects. Remember to always do your research before spending your hard earned Dogecoins. There has been a lot of rug pulls targeting Dogecoin users. Please refer to the Cryptoodle research guide to help prevent you from being scammed.
Buying the Cryptoodle project’s native token $TODL with Dogecoin
The Cryptoodles project is building an ecosystem around the idea of interacting with technically advanced dogs and people. The $TODL token is the project’s native token. A guide to buying $TODL using Dogecoin can be found here.
Staking Dogecoin with Cryptoodles to receive Rewards
You can stake your Dogecoin with Cryptoodles in multiple ways to yield unique rewards. You can use your Dogecoin to provide liquidity to $TODL and receive trading fees overtime here.
This is risky and requires prior research in the advantages and disadvantages of providing liquidity for a token.
You can also stake your Dogecoin to earn “Ethereum Mined Dog” ($EMB), an ERC-20 governance token that will be used to run a strict blockchain ecosystem to launch honest, hard working blockchain projects with little to no rug pulls. You may also use it to redeem more $TODL tokens and limited edition NFTs.
This approach is less risky because you are staking your tokens for a set amount of time.
Refer to the Cryptoodles documentation here on instructions on how to use your Dogecoins on Ethereum.
You can now use Dogecoin in the Ethereum blockchain through the Ren Project’s RenBridge. Cryptoodles is one of the first projects on Ethereum to build web3 ecosystem for Dogecoin utility. You can stake your Dogecoin to earn new tokens, buy the Cryptoodles native token $TODL, and claim limited edition NFTs.
Through Cryptoodles, you can put your Dogecoin to work and build a diverse web3 portfolio.
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Official Documentation: https://docs.cryptoodles.com