Tuesday, February 2, 2021

Dogecoin arrives on Ethereum and DeFi with two new tokens

 

Key facts:
These are two ERC-20 tokens called pDOGE and renDOGE.
The projects are developed separately by pNetwork, OpenDAO and Ren.

If the recent popularity of Dogecoin (DOGE) in the cryptocurrency market has not been enough, then perhaps it is time for you to learn about the two new tokens tied to the "memecoin" and arriving on the Ethereum network. These are two proposals called pDOGE and renDOGE that also open the way to interact with decentralized finance platforms or DeFi.

The pDOGE project was announced in early January by the startup pNetwork and is tied 1: 1 with the DOGE listing on the market. The token is used on platforms such as Uniswap, for example, to carry out decentralized exchanges or to have access to quick loans.

«PNetwork powers the $ DOGE <> $ pDOGE bridge with an audited open source codebase and supported by live testimony. That is called the dawn of pNetwork. A lot of transparency! ", Highlighted the DeFi through her account on Twitter. No details were provided on the audit process. One Reddit user identified as Patricklodder indicated that "professional security firms" participated.

According to the etherscan.io service, both pDOGE and renDOGE are ERC-20 tokens. For the first of the crypto assets, some 74 operations have already been registered in Uniswap with 18 users in «hodl». For the second of the tokens, 2,355 transactions have already been executed.

The renDOGE proposal is a joint collaboration between OpenDAO and Ren. Both organizations reported, on January 26, that the audits are still in progress and that, once completed, users will be able to use their renDOGE as collateral to issue the DOGEO stablecoin, a crypto asset that will be tied 1: 1 with the US dollar. U.S.

“Dogecoin is no longer a meme currency; it is now a viable financial instrument in its own right (…) we are eager to see what this will bring and we are happy that it reaches the hands of users, ”OpenDAO and Ren highlighted in a statement.

DOGE topped the cryptocurrency market

Dogecoin registered significant growth during January that led it to hit a new all-time high in its price. According to CoinGecko metrics, the cryptocurrency reached an unprecedented price of $ 0.078175 per unit on January 29.

CriptoNoticias reported that day that the rise of DOGE was due to multiple factors, including: the frenzy derived from Reddit users grouped in WallStreetBets and the case of GameStop shares, billionaire Elon Musk's Twitter messages and a question on social media from the @WSBChairman account in which the community was asked if DOGE had ever been worth $ 1 per unit.

In the cryptocurrency ecosystem, the birth of tokens tied to the price of a third crypto asset is common. This has happened in the past with bitcoin, for example. In September of last year it was reported that the amount of bitcoins tokenized in Ethereum already exceeded 100,000 BTC. Currently the figure is 160,000 BTC.

At the time of publishing this article, the price of DOGE was $ 0.03110899 per unit, which represents a jump of 271% in the last seven days and 1193% in the last year, according to CoinGecko records.