The DogeBSC team has finally released the DogeBridge Whitepaper!
DogeBridge will act as a bridge from their native token, DogeBSC, to Dogecoin. This means that Dogecoin holders can swap their coins directly for DogeBSC and vice versa all through a decentralized exchange on their website.
DogeBridge Whitepaper: https://dogebsc.finance/data/DogeBridge.pdf
DogeBridge Explanation by Developer: https://www.youtube.com/watch?v=7FXTKS9MvtU
Why is this important?
As BSC and DeFi grows, normal investors of Dogecoin will want to put a foot into the BSC/ETH world while still wanting to be a part of the greater Doge community. This way they can swap some or all of their tokens over to BSC, all without the hassle and regulation of a central exchange.
It’s also important because it’s a real alternative to Binance Bridge. For years the only bridge to the Dogecoin chain was on binance.org/bridge, but now the DogeBSC team is creating their own. At the very least, having the option to use The People’s Bridge vs a generic Binance one will attract investors.
Why should investors care?
This April, Dogecoin’s average volume reached nearly $20b/day and $582b for the month. If we can tap into even 5% of this over the coming months through our bridge, our current 10% transaction tax would net us $97.1 million a day which we would funnel back into liquidity, development, rewarding/burning, & charity, which would grow our project and help our cause.
The development portion of these funds would help accelerate the launch of Doge-based DeFi apps and strengthen our ecosystem*, further incentivizing more volume into our bridge and therefore more funds into the project.*
DogeWorld*. While our focus is on DogeBridge at the moment, we see this bridge as a* launchpad to funnel an ever-increasing percent of Dogecoin volume into an entire ecosystem of community-backed DeFi applications.
This will include services like DogeSwap, DogeWallet, DogeChart, DogeFarm, DogeLend, etc. This ecosystem will be positioned as less of a competitor to Dogecoin, and more of a logical next step in the evolution of Doge and a by extension, a true community-based DeFi economy.
We’re really excited for the DogeBridge launch both for our own community, Dogecoin’s community, and the extended Doge community all around the world.