The developers of Dogecoin Foundation announced that the Doge-ETH bridge will be launched by the end of the year, which will allow moving DOGE from the Dogecoin blockchain to the Ethereum network and back.
As noted by the graphic designer and developer of the Dogecoin Foundation and MyDoge Inc. user interfaces under a pseudonym DogeDesigner, the bridge will allow sending "wrapped" DOGE (wDoge) coins to the Ethereum blockchain, since they will be compatible with the network.
These coins will be able to be used in a number of smart contracts, in decentralized finance (DeFi) protocols and NFT trading platforms. Earlier, Dogecoin co-founder Billy Markus said that the bridge between Dogecoin and Ethereum will expand the capabilities of DOGE holders and strengthen the position of this coin.
"Our task is to create a fully decentralized two-way bridge. We won’t be creating a new blockchain or a new coin, and we’re not thrilled about burning DOGE. Therefore, we strive to ensure that the bridge is inexpensive for users and node operators," the developers said.
Work on the Doge-ETH bridge began in 2017 and was funded by grants. The developers were inspired to create it by the bridge for "wrapped" bitcoins (wBTC), which has not yet been subjected to exploits. In addition, the decision to create Doge-ETH was made due to the limitations of the Dogecoin scripting language, which make it difficult to host many decentralized protocols.
The developers reported that when working on the project, they collaborated with Google Web3 cloud technology engineer Ross Nicoll, Ethereum co-founder Vitalik Buterin and the lead developer of Solidity, known on Github as Chriseth.
The Dogecoin project continues to receive support from influential figures in the cryptocurrency space, including billionaire Elon Musk. This summer, he announced that he would support DOGE despite the market decline. Musk stressed that the "meme cryptocurrency" blockchain can handle much more transactions than the Bitcoin network.
