DogeWorld – The first ever Doge-paired token.
Hi guys, it’s David here.
Really happy to say we’ve successfully migrated to DogeWorld (again)!
For those who don’t know, we’ve just launched the first ever Doge-paired token. Rather than using a BNB liquidity pool like every other project on the Binance Smart Chain, we decided to put our money where our mouth is and pair ourselves to DOGE. Binance-pegged Dogecoin, to be exact. This means that our token is 50% correlated to the price of Doge, rather than BNB/ETH. If Doge goes up, so do we. If Doge goes down, so do we. In this way our community can invest in a truly Doge-backed token.
On top of this, we’ve implemented what we call the Dogecoin Buyback Protocol. When DogeWorld is bought, we take a percent of the transaction and funnel into our liquidity, but also our community fund, charity fund, rewarding holders and burning tokens. The community (marketing + dev) fund and charity fund will automatically sell DogeWorld over a period of time for wrapped Doge, to be used to spend on funds for the project and donate to charities like dog shelters through The Giving Block.
What does this all mean? When you buy DogeWorld, you are actively investing and supporting the price of Dogecoin by creating constant buying pressure on wrapped Doge through liquidity and community/charity Doge-based buyback. Now people can finally invest in a token which is literally backed by Doge.
So what’s next? Why does any of this matter? Well now that we have a Doge-paired token, we can build a doge-backed DEX on top of this. Hopefully the excerpt below gives you a taste of what we have in mind outside of our Telegram and site roadmap:
We are building DogeDEX, where all transactions will be routed through wrapped Doge, like our token. Instead of using BNB or ETH as a stable currency, we believe in backing our DEX with Doge. DogeDEX will take a small fee in every transaction to buy back DogeWorld (which will support wrapped Doge), and use a token reserve to reward LPs. This way we can create a self-sustaining, people-backed DEX for all tokens who wish to join and also be backed by Doge.
Because it’s necessary to have wrapped doge to use DogeDEX, we are also building a bridge from Dogecoin to wrapped Doge (BSC + ETH). This will come after the DEX, and allow Dogecoin investors to finally participate in a DeFi environment which will genuinely support Doge.
So to answer the question, “What’s next?” Well, the DogeWorld. The world of a DeFi ecosystem which supports Doge by design. And the first step for this is partnering with tokens who wish to also pair with Doge and launching DogeDEX.
I hope you all are excited as I am about our migration and future of this project. It’s been a long few months, with many more to come.