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About Wrapped Dogecoin
Key Points
- Wrapped Dogecoin (wDoge) is a tokenized version of Dogecoin (Doge) on the Ethereum blockchain.
- wDoge is ERC-20 compliant and integrated into Ethereum’s DeFi ecosystem.
- Security model inspired by WBTC, with a 1:1 conversion rate between wDoge and Dogecoin.
- BitGo is the custodian, and The Dogecoin Foundation is a DAO member.
- wDoge was launched on November 17, 2022.
Numbers and Figures
- 998,409.952 wDoge in circulation as
Introducing Wrapped Dogecoin: A New Era of Interoperability
Introducing Wrapped Dogecoin (wDOGE): A New Era of Interoperability
Wrapped Dogecoin represents a tokenized iteration of Dogecoin (DOGE), seamlessly integrated into the Ethereum (ETH) blockchain ecosystem.
wDoge adheres to the ERC-20 standard, ensuring seamless compatibility with the Ethereum blockchain and facilitating effortless integration into its vast ecosystem of decentralized exchanges, crypto lending services, prediction markets, and a wide range of ERC-20-enabled decentralized finance (DeFi) applications.
Its security model, inspired by WBTC, guarantees a 1:1 parity between wDoge and Dogecoin, ensuring seamless convertibility.
BitGo assumes the role of custodian, whereas The Dogecoin Foundation holds membership within the decentralized autonomous organization (DAO).
Wrapped Dogecoin officially debuted on November 17, 2022, marking a significant milestone in the cryptocurrency’s evolution.
What Is the Circulating Supply of wDoge?
Unlike traditional assets, wDoge does not adhere to a predetermined issuance schedule. Rather, its supply is dynamically adjusted through a decentralized mechanism, wherein wDoge is minted or burned in real-time, contingent upon user transactions involving the exchange of tokens for Dogecoin, facilitated by a network of merchants and custodians.
Wrapped Dogecoin, being perpetually backed by Dogecoin at a 1:1 parity, has a token circulation count that is directly correlated with the amount of Dogecoin reserves within the wDoge network. The theoretical ceiling for the circulating supply is, in effect, equivalent to Dogecoin’s own circulating supply.
As of May 12th, 2023, the circulating supply of wDoge stands at 998,409.952 units.
Unlock the Potential of wDoge: Endless Possibilities
wDoge empowers Dogecoin holders to seamlessly tap into the vast potential of Web3, decentralized finance (DeFi), non-fungible tokens (NFTs), and smart contracts, unlocking a new realm of possibilities.
Notable examples include: leveraging ERC-20 wallets, utilizing Ethereum-based decentralized exchanges like Uniswap, acquiring unique Own The Doge pixel NFTs, employing robust multisig wallets such as Safe, and establishing decentralized autonomous organizations (DAOs) to fund innovative Dogecoin initiatives.
The Unparalleled Attributes of Wrapped Dogecoin
As one of the pioneering and largest cryptocurrencies in the market, Dogecoin takes pride in its vast user base and a substantial liquidity pool worth several billion dollars. Nevertheless, its blockchain functionality, although robust, appears relatively rudimentary by contemporary standards.
In contrast to Dogecoin, Ethereum was deliberately designed from its inception to accommodate more sophisticated use cases, leveraging the innovative technology of smart contracts, thereby giving birth to an entire ecosystem known as “decentralized finance.”
Ethereum and its derivatives provide users with sophisticated financial tools, including lending and insurance solutions, that operate independently of trusted intermediaries.
By “wrapping” Dogecoin in the ERC-20 standard, wDoge facilitates seamless integration of a Dogecoin-like asset into the sophisticated ecosystem of decentralized financial applications, thereby harnessing the vast liquidity inherent to the Dogecoin market.
Furthermore, Wrapped Dogecoin simplifies the process for exchanges, wallets, and payment services that integrate with Ethereum, as they can now support wDoge operations with a single Ethereum node, eliminating the need to maintain separate nodes for ETH and Dogecoin networks.
The Visionaries Behind Wrapped Dogecoin: Unveiling the Founders
wDoge was co-founded by the esteemed duo of BitGo and BluePepper. The esteemed members of the DAO comprise BitGo, BluePepper, The Dogecoin Foundation, and MyDoge.
BitGo, co-founded in 2013 by renowned American computer scientist and entrepreneur Mike Belshe, is a pioneering institutional digital asset custody, trading, and financial services firm. Notably, BitGo is also one of the developers of WBTC and wDoge, and serves as their original custodian, entrusted with the responsibility of securely holding the underlying Bitcoin and Dogecoin that back these wrapped assets.
BluePepper was co-founded in 2022 by a team of innovators, including key contributors to the pioneering Doge-Ethereum bridge project. The company’s primary objective is to develop and provide a suite of cutting-edge tools tailored to the Dogecoin ecosystem.
Wrapped Dogecoin (wDoge): A Comprehensive Guide to Procurement
You can acquire wDoge on prominent exchanges such as Bitmart and Uniswap. Furthermore, you have the option to request the minting or burning of wDoge through the BluePepper platform.
The Security Mechanisms Behind Wrapped Dogecoin
wDoge is fully backed by a 100% reserve of Dogecoins, securely held in custody.