QED, Nexus aims to bring smart contracts to Dogecoin.
Blockchain developers QED Protocol and Nexus are preparing to launch a layer-2 (L2) staking solution designed to bring smart contracts to the Dogecoin network, according to a September 26 announcement.
The proposed L2, zero-knowledge virtual machine (zkVM) aims to “enable the world's oldest and most popular memecoin network to compete with the likes of Ethereum and Solana in the smart contract realm,” QED and Nexus said in a statement. .
Dogecoin operates on a blockchain network similar to Bitcoin but with computationally strict transaction verifications and no upper limit on the total Dogecoin (DOGE) supply. Dogecoin does not support smart contracts.
Launching a high-throughput zkEVM on Dogecoin will “help make the world's leading memecoin network STRONKER than all others,” QED and Nexus said.
Source: Dogecoin
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In the year In 2024, the memecoin market became one of the fastest growing sectors in the crypto space.
Smart contract platforms for memecoins are often highly profitable, with Solana's Pump.fun surpassing $100 million in revenue in August.
Dogecoin zkVM, according to the announcement, is “to include tools that enable developers to create a wide variety of high-performance applications on the network that can range from decentralized exchanges to NFTs.”
Originally launched as a satirical commentary on Bitcoin (BTC) in 2013, DOGE now commands a total market capitalization of about $17 billion, according to data from CoinMarketCap. DOGE is widely considered to be the first “memecoin” but is also used for micropayments and tipping.
The QED protocol has already developed a zkVM scaling solution on the Bitcoin network designed to support smart contracts and low-latency transactions. Nexus runs the Nexus zkVM modular scale network using zero-knowledge authentication.
Adaptable solutions on PoW blockchains like Bitcoin are expanding. According to data from Defillama, the total value (TVL) on Bitcoin's L2s rose to nearly $1.4 billion in September.
“What we're doing with Dogecoin can certainly be replicated in other ecosystems… thanks to recent breakthroughs in zero-knowledge technology,” said Nexus CEO Daniel Marin.
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