The Dogecoin-Ethereum bridge could be coming soon. The Dogecoin-Ethereum bridge is expected to be operational by 2022, according to Blue Pepper, the group leading its construction. The bidirectional bridge will allow users to send DOGE to the Ethereum blockchain (and vice versa).
The meme coin will be used in smart contracts, decentralized financial protocols, and non-fungible token exchanges.
The Dogecoin Foundation, Blue Pepper, MyDoge, and BitGo will be the pioneers of the decentralized autonomous organization (DAO), which will be in charge of managing the protocol.
The primary issues with developing a Dogecoin bridge were also highlighted
Furthermore, Blue Pepper outlined the principal difficulties involved in constructing a Dogecoin bridge. Developers must first overcome the size of the Solidity codebase and the sheer number of potential attack vectors against the bridge.
Hackers now target bridges on the blockchain as one of their top preys, costing them billions of dollars in cryptocurrencies. As was previously reported, it’s believed that early this year, North Korean hackers stole a startling $625 million from Axie Infinity’s bridge.
In fact, according to Chainalysis, a large portion of the cryptocurrency monies that have been stolen in 2022 so far have been transferred through blockchain bridges. Blockchain bridges are particularly vulnerable because it is almost certain that a hacker will take advantage of any smart contract flaws.
In other news Degenscore, a well-known platform for creating on-chain resumes, recently declared that it now supports the Doge NFT. One of the tools that enable users to track their involvement with multiple decentralized financial protocols is this one. Now, NFT project supporters can interact with the project and gain Degenscore points.
DOGE is currently trading at $0.0681 with a 1.9% gain in the last 24 hours. The market that was slumping till yesterday seems to be slowly revamping and trading in the green today.