Along with the Dogechain testnet, developers will analyze how new features will interact on the network and how decentralized applications work before they go live on the mainnet. Testnet participants can contribute by testing dApps and interoperability, and these efforts are often rewarded by testnet participants.
Dogechain was developed as an EVM compatible smart contract network powered by Polygon Edge to enhance the Dogecoin ecosystem. With Dogechain, the community will be able to see next-generation blockchain products in the ecosystem, assets such as decentralized applications and NFTs.
DOGE holders can receive the wDOGE token, the version of the cryptocurrency on the smart contract network, by sending their assets to Dogechain. If the Dogechain mainnet is successfully launched, a wide variety of activities are expected to begin on the network, such as DeFi Products, NFTs, Blockchain games and even social media platforms. Thus, the increase in the use of Dogechain will increase the demand for DOGE since it is the local token of the network.
To give a few examples for the use case of the DOGE token on Dogechain; NFT is used as a transaction fee in printing and swapping, staking, borrowing and lending with DeFi products, participating in DAOs, and using it to fund communities.
The additional use case, which will begin with Dogechain, is seen as an important milestone for Dogecoin, which has emerged as a prank coin. Dogecoin, which has grown especially by being supported by the richest person in the world, Elon Musk, is a matter of curiosity whether Elon Musk's support will continue in its activities in the field of DeFi in the future.
Dogecoin price hovered around $0.0588 at the time of writing, while Doge's last 24-hour trading volume was $873,906,490. Dogecoin (DOGE) price has increased by 10.0% in the last 24 hours.