(NEW YORK)–DogeLabs to explore bridging Dogecoin with Ethereum for host of new Defi and staking products utilizing the Doge protocol.
DogeLabs is exploring, with its growing team of developers at Data Syndicate, the idea of building a sort of Doge-to-Ethereum bridge to allow DOGE holders the ability to partake in ETH based DeFi and staking programs.
Recently, Ethereum co-founder Vitalik Buterin talked about a potential collaboration between Ethereum and Dogecoin in an interview in which he stated, “I think if we can have a secure Doge-to-Ethereum bridge. That would be amazing, and then when Ethereum gets any scalability that works for Ethereum assets, you would be able to trade wrapped DOGE with very low transaction fees and very high speed as well.”
DOGE BURN WALLET
DogeLabs will also explore development of a Doge burn wallet where developers can build applications that send a small portion of Doge to a public burn wallet to assist in building a deflationary mode around DOGE inflationary growth.
Tom Bustamante, the Founder and CEO of AI Venturetech and DogeLabs commented, “We are exploring idea of wrapping Doge tokens in specialize erc20 smart contracts to allow Doge to be transfered and utilized on Ethereum based Defi and staking platforms.”
“In addition, we plan to work with other partners on developing a Doge burn wallet where developers can build applications that send small amounts of Doge to public burn wallet on each execution, thus offsetting Doge inflationary growth. This could be one step in providing a deflationary model to Doge inflationary growth, and thus increase value for the asset.”
DogeLabs is a blockchain research lab located in New York City and Tulsa, OK focused on developing commercial applications around the Doge protocol. The goal of the lab is to bring together developers and enthusiasts who have interest in the Doge blockchain. https://dogelabs.io/
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