Developers plan to launch a bridge between Dogecoin and Etherium by the end of the year
Dogecoin Foundation developers have announced that a Doge-ETH bridge will be launched by the end of the year to move DOGE from the Dogecoin blockchain to the Etherium network and back.
As noted by the Dogecoin Foundation and MyDoge Inc. graphic designer and UI developer under the pseudonym DogeDesigner, the bridge will allow “wrapped” DOGE coins (wDoge) to be sent to the Etherium blockchain because they will be compatible with the network. These coins will be able to be used in a number of smart contracts, decentralized finance (DeFi) protocols and NFT trading platforms.
Dogecoin co-founder Billy Markus previously said that a bridge between Dogecoin and Etherium would empower DOGE holders and strengthen the position of the coin.
“Our goal is to create a fully decentralized two-way bridge. We will not create a new blockchain or a new coin, and we are not excited about burning DOGE. That’s why we aim for the bridge to be inexpensive for users and node operators,” stated the developers.
Work on the Doge-ETH bridge began in 2017 and was funded by grants. Its developers were inspired by the bridge for “wrapped” bitcoins (wBTC), which has not yet been exploited. In addition, the decision to create Doge-ETH was made because of the limitations of the Dogecoin scripting language, which makes it difficult to host many decentralized protocols.
The developers reported that they collaborated with Web3 Google cloud engineer Ross Nicoll, Etherium co-founder Vitalik Buterin, and lead developer Solidity, known on Github as Chriseth, to work on the project. The Dogecoin project continues to receive support from influential figures in the cryptocurrency space, including billionaire Elon Musk.
He said this summer that he would support DOGE despite the market’s decline. Musk stressed that the meme cryptocurrency blockchain can handle many more transactions than the Bitcoin network.