What do you think about Dogechain (DC)?

[Abiky]

There's a new blockchain network called "Dogechain" which aims to bring the world of "De-Fi" into Dogecoin. It's sort of like a sidechain living on Polygon (MATIC) with its own token for TX fees (dubbed DC). Existing DOGE holders can use the "bridge" to convert DOGE into DC and gain access to "De-Fi". Some people are saying Dogechain is a scam, especially when most of the tokens are allocated to the development team. The chain is fairly new to the world, so we should give it some time to see what happens.

What do you think about Dogechain? It is a good investment? If not, why? Do you think it's a good idea to bring smart contracts to Dogecoin? Your input will be greatly appreciated. Thanks in advance.

[X-ray]

That's a shady coin https://u.today/doge-co-founder-refuses-to-promote-dogechain-for-14-million-in-crypto

This can be considered as a second layer for doge coin caused by doge coin has no ability to deal with smartcontract but since the developers of DC was doing shady thing and im not even thinking if that was worth to invest for now.
I do believe if investing in the doge coin was far better. After rejection by doge coin CEO and that makes doge coin has no affiliation with doge coin anymore. The chance to become second layer solution has gone.

[Abiky]

That's a shady coin https://u.today/doge-co-founder-refuses-to-promote-dogechain-for-14-million-in-crypto

This can be considered as a second layer for doge coin caused by doge coin has no ability to deal with smartcontract but since the developers of DC was doing shady thing and im not even thinking if that was worth to invest for now.
I do believe if investing in the doge coin was far better. After rejection by doge coin CEO and that makes doge coin has no affiliation with doge coin anymore. The chance to become second layer solution has gone.

It might've been created with the purpose of enriching developers themselves. The token allocation tells us that the project should be taken with a grain of salt. I don't get what the hype is all about, when anyone can create a separate chain using Polygon's SDK. What matters is what real use cases the project provides that would make it unique among its competitors. "Meme" coins have made a lot of "buzz" ever since Elon Musk shilled the Dogecoin project, so we should expect the unexpected.

One thing for sure is that the vast majority of projects are nothing more than pure cash grabs. That's why you should do your own research before deciding to invest into a new cryptocurrency project with your hard-earned money. Who knows if Dogechain (DC) won't last for long? Just my thoughts

[nutildah]

Existing DOGE holders can use the "bridge" to convert DOGE into DC and gain access to "De-Fi".

You got most of it right except the DOGE is bridged to a wrapped DOGE. It was called "wDOGE" but now they just call it "DOGE," which is pretty misleading, but then again so are most aspects of this project.

DC is the "utility token" of the network, separate from wDOGE. As with all other tokens on its platform it is only good for pump n dumps.

After rejection by doge coin CEO and that makes doge coin has no affiliation with doge coin anymore.

Heh, that was Billy Markus, co-creator of Dogecoin, that rejected the offer. There is no Dogecoin CEO. And it never actually had an affiliation with Dogecoin... it just tries to convince people that it does.

In short, I recommend staying away from it. If the economy doesn't tank during the rest of the year, now might be the perfect time to pick up the real $DOGE. Can't say the same for $DC -- it is unproven and my belief is its only a matter of time before their bridge is compromised.

[icalical]

If this Doge founder itself reject the affiliation to this project, then I highly doubt this project will going far with the Doge Chain, except they change the project name getting the doge founder approval is essential otherwise no one will believe in this project.

[Ziskinberg]

I'm going to be fair, this project has no intention to live longer instead, and this will be the reason why investors of this project will lose their money. Because if the developer of this project is serious about this, they never used the name Doge but instead made another name that was more interesting. People already know about Dogecoin and people might think this is another Doge project, that sounds like a scam project. Could we really can afford to take a risk on this? Not at all.

[JangoUnchained]

I know the project but I really can't tell what the team have in mind for this project, maybe they plan to abandon the project later or they really have something good in mind for the project no one knows, we are still in a bear market so my advice is slowly track this project and see if they come up with something true and new before investing some money, this is the type of projects I would be very careful with.

[piebeyb]

I think it's better to hold a more certain dogecoin than to exchange it over a bridge into dogechain, this project is still relatively new so I think during a bear market like this avoid new projects like this, I'm not sure that this project has good potential in the future, I just found information about it, there is no website link or information included so I'm looking for it myself

[o48o]

It's literally just a matter of time when owners dump that to zero, they might wait for years to do that but as they already have dumped 1 Million tokens in one minute, you can easily see where they stand and how much they care about crashing it. It's just when not if as they eventually run out of that money, they just do it again. Imagine how much they will get after they get real liquidity on high prices.

https://cryptoslate.com/dogechain-developer-wallet-caught-dumping-1-million-tokens-a-minute/

It's gambling with very bad odds.

[Xal0lex]

What do you think about Dogechain? It is a good investment? If not, why? Do you think it's a good idea to bring smart contracts to Dogecoin? Your input will be greatly appreciated. Thanks in advance.

Absolutely not. How will this chain be better than the established blockchains on Ethereum or Binance? Who in their right mind would trade these mighty networks for some new blockchain built on a meme with a dog shilled by a billionaire on Twitter? Well, as a joke network, you can use it of course, but take it as a full-fledged player in the world of smart contracts? Never. If this network will start, then it's possible, that all sorts of nft projects and marketplaces will grow on this blockchain, where they will try to trade this garbage

[Zanab247]

This project will be great in future, because their teams are seriously working to ensure their customers feel the impact of this project so that it will attract more people to be part of this project in the future. I think, this is the best time to invest on Dogcoin because the price is very low for anyone to buy as much they want in this bear season and hold for like two or three years before he or she can sell to make a good income from the investment. I don't think I will miss this opportunity to embrace Dogcoin by investing a half of my salary on Dogcoin and hold for the price to go higher before the end of this year 2022 before I can release them to market to achieve a good reward.

[crzy]

If this Doge founder itself reject the affiliation to this project, then I highly doubt this project will going far with the Doge Chain, except they change the project name getting the doge founder approval is essential otherwise no one will believe in this project.

This is the first sign that you should not get involve to this project, they claim to be partnered with DOGE but eventually, the DOGE itself made a clarification with this and no claiming that they are not connected into this project. If you want to be safe from trouble better not to buy and just invest somewhere else where you can have a good chance of making profit, that DC project is not good at all.

[samcrypto]

I know the project but I really can't tell what the team have in mind for this project, maybe they plan to abandon the project later or they really have something good in mind for the project no one knows, we are still in a bear market so my advice is slowly track this project and see if they come up with something true and new before investing some money, this is the type of projects I would be very careful with.

Abandoning the project is the best option for them, people are not biting their strategy to used DOGE name on their project itself, that’s a more suspicious way to introduce new project. Even if they will work closely with DOGE they still have no right to use that name especially if there’s no agreement between two parties. I will also avoid this one because I know how this project will end, this can be a more useless project that wont survive the bear market.

[KennyR]

Same as we get to see large number of projects named along with bitcoin, this might be done with such a nomenclature. For now people doesn't fall for these kind of tactical move. If someone is thinking of investing into dogechain can prefer dogecoin which is good in all means. Though it is a memecoin, it have got different usage as well as it is a strong project to stay long in the market.

[Abiky]

It's literally just a matter of time when owners dump that to zero, they might wait for years to do that but as they already have dumped 1 Million tokens in one minute, you can easily see where they stand and how much they care about crashing it. It's just when not if as they eventually run out of that money, they just do it again. Imagine how much they will get after they get real liquidity on high prices.

https://cryptoslate.com/dogechain-developer-wallet-caught-dumping-1-million-tokens-a-minute/

It's gambling with very bad odds.

That's very bad news. It shows us developers only created the chain with the sole purpose of filling their pockets with money. I'm not surprised because I've seen such schemes ever since I've joined the crypto/Blockchain revolution. Newcomers will totally go "rekt" if they keep pumping money into Dogechain hoping the token will soar all the way to the moon. But veteran crypto users like myself, will think twice before investing into anything which claims to be the "next big thing" in crypto. The "meme" coin hype hasn't ended yet, so it's going to take a while before we see "shit projects" fade away into oblivion.

Ultimately, people will decide which coins to support and which ones to abandon. As long as governments do their job in hunting scammers, there should be nothing to worry about. Just my opinion

[cryptoaddictchie]

What do you think about Dogechain? It is a good investment? If not, why? Do you think it's a good idea to bring smart contracts to Dogecoin? Your input will be greatly appreciated. Thanks in advance.

Hype. The owners and developers have free access to minting and has sold some to retailers during the pump. Yes they have said that they have % of the token supply but guess what, the sold has surpass the amount they should only posses. Meaning they are selling their tokems like hotcakes to people. How do I know this a proof have been sent to or posted on twitter,  I'll attach the link when I find it.

Dogecoin not even acknowledging them so how the hell they can be legit.

[Abiky]

Hype. The owners and developers have free access to minting and has sold some to retailers during the pump. Yes they have said that they have % of the token supply but guess what, the sold has surpass the amount they should only posses. Meaning they are selling their tokems like hotcakes to people. How do I know this a proof have been sent to or posted on twitter,  I'll attach the link when I find it.

Dogecoin not even acknowledging them so how the hell they can be legit.

Right when I've read that Dogecoin's founder didn't accept the "bribe", was the moment I've thought there was something shady about the Dogechain project. The way tokens were distributed among developers, tells us exactly what's going on behind the scenes. Yet, most people will fall prey to this scheme as they're willing to make a quick buck. They think just because Dogecoin was a huge success, the same will happen with other meme-themed projects. I'm afraid many investors will go "rekt" with this new token (DC) once developers run away with the money. Scams will continue to affect this industry until regulators weigh in.

At least, there are many of options to choose from in this ever-growing industry. Always remember to do your own research about the project you're willing to invest, and you'll avoid many troubles in the long run. As long as you don't invest more than what you can't afford to lose, there should be nothing to worry about. Just my opinion

[bittraffic]

I almost fall for this. I have been DCAing doge since the beginning of the year, I'm losing value so I wanted to make more of it thru this defi as I have also discovered dogechain. I was also considering it, I just didn't have time to look at it closely. Thanks for confirming that Dogecoin is not really affiliated with Dogehain.

Can you compare this dogechain the same with that Sovryn in the Bitcoin RSK network?

[Fundamentals Of]

It is generally good for Dogecoin to bring in some new updates. That would be welcome. Rather than remaining stagnant, it's always better to provide new updates. The question now is, are these updates necessary? Do they really offer something new? Or is this just a way to join the bandwagon? Do they provide new solutions to existing problems? Or is this just about making money?

But just as the rest of the altcoins, security is something that is weak. DeFi is full of bad news. Smart contracts are full of loopholes. Bridges are often taken advantage by criminals

[nutildah]

It appears Dogechain was hacked in that somebody found an exploit that allowed them to mint a bunch of unauthorized wDOGE.

https://twitter.com/0xCrumbs/status/1568918333352714241
https://twitter.com/const_VladSas/status/1568942400772657152

The team managed to prevent the attacker from withdrawing most of it by creating a hard fork and blacklisting the attacker's address. They denied there was an exploit and said they had "accidentally" given the user too many wDOGE. Which is ridiculous, because next to the blacklisted address on GitHub it says this:



My prediction is this is merely the first in a series of bad things that are going to happen to this project. Buyer/user beware.

It is generally good for Dogecoin to bring in some new updates.
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