Dogechain Out! Shibarium Next?

Author: Firas Ben Jazia

The launch of Dogechain brings more utility to Dogecoin and might lead to bigger adoption of the cryptocurrency. Is Shibarium next?

First of all, what is Dogechain?

Dogechain, or the Dogecoin “Layer-2” as many investors like to call it, allows Dogecoin users to immerse themselves in the world of DeFi and NFTs by “bridging” their $DOGE. The way the Dogechain bridge works is pretty simple: users bridge their $DOGE to the network in order to receive Wrapped Doge (wDOGE). Voila! They can now use their wDOGE in order to interact with DeFI platforms, games and NFT marketplaces.

It is important to note that Dogecoin’s founders aren't involved with the project. In fact, Dogechain isn’t actually built on the Dogecoin network. Instead, it is based on Polygon Edge - a custom blockchain from Polygon. Dogechain is EVM-compatible (Ethereum Virtual Machine), meaning that users can run Ethereum decentralized apps on Dogechain.

So how does all of that benefit the Doge community?

Despite many $DOGE investors remaining rather cautious regarding the Dogechain network, especially since it wasn’t built by Dogecoin’s core devs, others readily began to trade Dogechain tokens on DEXs (decentralized exchanges). Just in the first days since its launch, the trading volume of Dogechain DEXs has reached  $26 million, according to Dex Screener, leading to $DOGE’s recent price pump. 

With that in mind, we now should be looking forward to Dogechain’s upcoming competitor - SHIBA INU’s Shibarium network.

What is Shibarium?

First mentioned in a Medium post by the anonymous creator of Shib (Ryoshi), Shibarium is Shiba Inu’s upcoming network, slated for release in the near future, according to ShibaSwap dev, Eric M. In essence, the deployment of the network will allow SHIBA INU users to step into the world of NFT, gaming, and the Metaverse, as well as make SHIBA INU transactions faster and cheaper by lowering the gas fees. 

In theory, this move should bring more investors to the token and result in huge gains for the holders. Until then, try to stay up to date on all the latest developments within the Shib environment, so you don’t miss the big news of the network launch.