- Dogecoin’s Layer-2 scalability solution Dogechain is undergoing transition to PoS.
- Dogechain will introduce a staking and minting facility for its native token DC with some exciting rewards.
The Dogecoin ecosystem has seen some fresh developments taking place recently. In a recent development, Dogechain, the Layer-2 smart contracts platform announced a major network upgrade earlier today.
Earlier today, the Dogechain team announced that the Layer-2 scaling solutions for Dogecoin will undergo a transition to the Proof-of-Stake consensus mechanism. The latest development comes just three months after the launch of the Dogechain smart contracts platform.
The team disclosed this announcement earlier today on its Twitter handle. The tentative for the network upgrade to PoS consensus is set for the next week on November 14. To execute the upgrade successfully, the team will also be halting the on-chain activities for a period of 12 hours.
Thus, the downtime for the Dogechain network will start at 3 AM (UTC) on November 14, as the system undergoes the upgrade. This means that all deposits, withdrawals, and transactions will be suspended at this time. The announcement notes:
During the downtime, deposits, withdrawals, and transactions will be unavailable. Please note that this core PoS upgrade cannot be implemented while the chain is running. No need to be alarmed, however, as grand things are coming!
A major improvement coming along with the Dogechain upgrade will be in its infrastructure which will boost the on-chain performance.
Dogechain to introduce PoS staking
Dogechain said that the PoS upgrade will enable the minting and locking of veDC tokens. It will allow users to lock-up their native Dogechain (DC) tokens and get rewarded 1:1 in veDC. The transition to the Proof-of-Stake mechanism will introduce a PoS staking facility for users.
As a result, users can stake their Dogechain (DC) tokens directly or assign them to validators. Additionally, they will also be able to stake the $veDC received from the DC lockup. The Dogechain team has disclosed details about the staking model that they would employ. Here’s how the lockup and staking exercise would work.
- To receive rewards in veDC, users will be able to lock up their Dogechain tokens.
- Users will receive the veDC rewards in a 1:1 ratio to the DC tokens. The longer the time duration of DC tokens lockup, the higher the veDC rewards.
- Users can further delegate these veDC received to validators and receive rewards in DC.
- This staking facility will only be available to DC tokens on the Dogechain network. Thus, DC tokens on other networks such as Ethereum can’t be used for staking purposes. Thus, users holding the DC tokens on Ethereum are advised to bridge their tokens to the Dogechain network.
With Elon Musk acquiring Twitter recently, all eyes are currently on the development of the Dogechain ecosystem. A lot of players, including Cardano’s Charles Hoskinson, have shown in getting new innovations and features to Dogecoin. The Dogecoin (DOGE) price witnessed a massive rally the week the Twitter deal got finalized.
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