Wrapped Doge? | Bitcointalksearch.org

Anonylz

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Quote from: Abiky on March 19, 2021, 03:22:15 PM

It would've been great if a developer brought DOGE into the world of smart contracts. A "Wrapped" version of Dogecoin would be a great idea to spur the "meme" coin's mainstream adoption. I'd like to see the day where we can use our Dogecoin to interact not only with ETH dApps, but also dApps on other chains such as TRON, EOS, Cardano and so on. I know that DOGE was never meant to be taken seriously, but it wouldn't hurt having a pegged asset on a smart contract platform to bring DOGE holders the option to interact with dApps using their own coins.

Does a legitimate "Wrapped DOGE" token exist on the ETH blockchain? Do you think "wrapping" Dogecoin on a smart contract platform is a good idea? Will it gain enough liquidity/trading volume over time? Or will it go all the way down the drain? Your input will be greatly appreciated. Thanks

In the case of wrapped Dogecoin, I think it all depends on users and their preferences to trade/transact, having a wrapped Dogecoin on other chain is not a bad idea if the demand to use it is equally high, but it seem that's not the case, prior to the Elon Musk tweet, not many people where involved or interested in buying/trading Dogecoin as it was after the tweet, right now the hype about dogecoin has really died down, even if this idea some how becomes a reality someday the interest may not be as high as the few wrapped coin with high interest.
At the end the process will not be worth it, just my thinking, I could be wrong.

pinkflower

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Quote from: Abiky on March 25, 2021, 12:25:05 PM

Quote from: asriloni on March 19, 2021, 06:11:22 PM

It doesn't exist on ethereum chain. It could be a good idea but the main concern should be the tx fees of doge is quite cheaper compared ethereum and why don't use doge directly instead use wrapping doge coin? if it's only caused by uniswap or another swap protocol and that could not be a good reason to issue the wrapped doge coin.
I don't even think people wanna waste their money to trade WDOGE just to pay the fees

DOGE can't be used directly for smart contracts because its scripting language is limited. The fact that developers have abandoned the project altogether, tells us that adapting DOGE for smart contracts is nothing more than a distant dream. Creating a "Wrapped" version of DOGE on an existing smart contract platform would be the ideal solution here. A legitimate "WDOGE" token on the ETH blockchain would do the trick. Yet, no developer has been interested in making it a reality because of the lack of demand for DOGE-related smart contracts. People only rely on Dogecoin as a speculative instrument anyways. At least, the idea is there. Making it a reality is another story.

Nonetheless, no one knows what will happen in the future. Everything will depend on mainstream adoption, more than anything else. If DOGE remains popular in the mainstream world, there's a possibility someone will create a "Wrapped" version of DOGE on an existing smart contract platform. It doesn't matter which cryptocurrency it is, as long as the same is useful for the world. We already have "Wrapped Bitcoin" so adding "Wrapped DOGE" to the market would be something optional than necessary for the industry to thrive. Just my thoughts Grin

What would be the value for the user? It would be better to hold the platform's native token and use that to interact with the dApps. Are you thinking Uniswap or Sushi will bring value back to Dogecoin?

tabas

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I don't think that we need another coin or a wrapped doge. What we have right now as Doge and as is shall be enough to have ourselves something to buy whenever Elon must tweets it.
Doge is already enough even though made as a meme, transaction fees are lower and faster than the others.

jerrison

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Interoperability has created the avenue for tokens to be wrapped in various sections of exchangers. In order to differentiate between the chains on which they exist, they thereby term them wrapped but all other features remains the same. the emergence of Doge coin in the top of charts of coins by marketcapitilization has further affirmed the inclusion of the coin in various platfroms and also ushered it into the list of coins necessary to be exchanged for.

Quote from: Abiky on March 19, 2021, 03:22:15 PM

It would've been great if a developer brought DOGE into the world of smart contracts. A "Wrapped" version of Dogecoin would be a great idea to spur the "meme" coin's mainstream adoption. I'd like to see the day where we can use our Dogecoin to interact not only with ETH dApps, but also dApps on other chains such as TRON, EOS, Cardano and so on. I know that DOGE was never meant to be taken seriously, but it wouldn't hurt having a pegged asset on a smart contract platform to bring DOGE holders the option to interact with dApps using their own coins.

Does a legitimate "Wrapped DOGE" token exist on the ETH blockchain? Do you think "wrapping" Dogecoin on a smart contract platform is a good idea? Will it gain enough liquidity/trading volume over time? Or will it go all the way down the drain? Your input will be greatly appreciated. Thanks

ryzaadit

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Quote from: Abiky on March 25, 2021, 12:25:05 PM

-snip-

IMO, there is no need to created WDOGE just like he said the main idea to create a wrapped token-based backup fund on a different chain most of them to avoid a fee transaction and yeah you don't need to sell your coins into ETH while you are using this. DOGE is already a cheaper coin and most of the use-case DOGE only for alternative transactions, you are talking about mainstream adoption for DOGE.

DOGE is a meme coin there is no use-case at all for DOGE because a meme ~XD, did you know the wallet DOGE? yeah the wallet still using the old wallet and make the transaction or node have some problem. Here one of the testimonies from Freebitco about DOGE :

Quote from: TheQuin on March 22, 2021, 09:42:23 PM

We closed Doge down because it was never profitable and we were encountering more and more problems with the Doge core software being unreliable. The code hasn't been maintained for many years there is no hope that will ever get sorted out. There has been a long delay paying out final withdrawals for the same reason. Our Doge node crashed and required rebuilding. The latest update I have is that it has finally stopped crashing and is about 50% way through resynching the entire Doge blockchain.

Abiky

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Quote from: asriloni on March 19, 2021, 06:11:22 PM

It doesn't exist on ethereum chain. It could be a good idea but the main concern should be the tx fees of doge is quite cheaper compared ethereum and why don't use doge directly instead use wrapping doge coin? if it's only caused by uniswap or another swap protocol and that could not be a good reason to issue the wrapped doge coin.
I don't even think people wanna waste their money to trade WDOGE just to pay the fees

DOGE can't be used directly for smart contracts because its scripting language is limited. The fact that developers have abandoned the project altogether, tells us that adapting DOGE for smart contracts is nothing more than a distant dream. Creating a "Wrapped" version of DOGE on an existing smart contract platform would be the ideal solution here. A legitimate "WDOGE" token on the ETH blockchain would do the trick. Yet, no developer has been interested in making it a reality because of the lack of demand for DOGE-related smart contracts. People only rely on Dogecoin as a speculative instrument anyways. At least, the idea is there. Making it a reality is another story.

Nonetheless, no one knows what will happen in the future. Everything will depend on mainstream adoption, more than anything else. If DOGE remains popular in the mainstream world, there's a possibility someone will create a "Wrapped" version of DOGE on an existing smart contract platform. It doesn't matter which cryptocurrency it is, as long as the same is useful for the world. We already have "Wrapped Bitcoin" so adding "Wrapped DOGE" to the market would be something optional than necessary for the industry to thrive. Just my thoughts Grin

FinneysTrueVision

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Ot seems kind of counterintuitive to wrap your dogecoin to put it on the ethereum blockchain and end up paying hundreds of times more in transaction fees.

Fees are the biggest obstacle but there are probably many ways in which doge could be used in the defi ecosystem.

asriloni

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Quote from: Abiky on March 19, 2021, 03:22:15 PM

Does a legitimate "Wrapped DOGE" token exist on the ETH blockchain? Do you think "wrapping" Dogecoin on a smart contract platform is a good idea? Will it gain enough liquidity/trading volume over time? Or will it go all the way down the drain? Your input will be greatly appreciated. Thanks

It doesn't exist on ethereum chain. It could be a good idea but the main concern should be the tx fees of doge is quite cheaper compared ethereum and why don't use doge directly instead use wrapping doge coin? if it's only caused by uniswap or another swap protocol and that could not be a good reason to issue the wrapped doge coin.
I don't even think people wanna waste their money to trade WDOGE just to pay the fees

DaMut

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There was a discussion about doing this from DeFi community but I was not sure whether they were serious about what they were talking about or not.
the talk just stopped after the surge in Eth and its transaction fee, if we look at it now it does not feels like it.
I think what we should focus on is whether Eth capable to reduce the transaction fee and its scalability after the upgrade, once it success everything can be done.

Abiky

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It would've been great if a developer brought DOGE into the world of smart contracts. A "Wrapped" version of Dogecoin would be a great idea to spur the "meme" coin's mainstream adoption. I'd like to see the day where we can use our Dogecoin to interact not only with ETH dApps, but also dApps on other chains such as TRON, EOS, Cardano and so on. I know that DOGE was never meant to be taken seriously, but it wouldn't hurt having a pegged asset on a smart contract platform to bring DOGE holders the option to interact with dApps using their own coins.

Does a legitimate "Wrapped DOGE" token exist on the ETH blockchain? Do you think "wrapping" Dogecoin on a smart contract platform is a good idea? Will it gain enough liquidity/trading volume over time? Or will it go all the way down the drain? Your input will be greatly appreciated. Thanks

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