A lot has been going on in the Dogechain Ecosystem in the past couple of months, frens. Our team has done significant upgrades to the infrastructure, while we managed to onboard some very interesting projects on our chain. Moreover, there have been some major governance votes in the ecosystem which should be summarized for community members that have been out of the loop.
Despite the harshness of the bear market and the regulative woes of the industry, Dogechain is forging ahead. This post should allow you to get up to speed about everything that has happened in the last months. This includes governance votes, infrastructure upgrades, and dApp onboarding.
Let’s get started with some on-chain stats.
Stats Update 📊
On-chain stats ⛓️
The Dogechain network is growing steadily
- 96,122,219 transactions with an average of 47.5k transactions/day.
- 13,226,395 wallets
- 13,794,336 total blocks.
DC staking stats 🔐
- DC Circulating Supply — 17,679,807,765
- Current DC Locked — 3,056,999,020
- % of DC Locked — 17.29%
- Average Lock Time — 3Y 8M
Governance Updates 🗳️
The Dogechain Ecosystem went through two significant governance votes in May 2023.
Proposal 1 — The Tiered Burn Proposal 🔥
The Tiered Burn proposal had a goal to improve tokenomics optics for the long term, for both current and future holders of $DC tokens.
Consequently, the proposal included a Tiered Burn, where its positive outcome would result in a burn of the unreleased supply of $DC tokens following a set of tiers.
The burn tiers would be correlated to the amount of $DC locked in the vote-escrow model (veDC) as follows:
- Tier 1–20% of $DC circulating supply locked — 10% burn
- Tier 2–30% of $DC circulating supply locked — 15% burn
- Tier 3–40% of $DC circulating supply locked — 20% burn
- Tier 4–50% of $DC circulating supply locked — 25% burn (max)
With the condition that the average lockup period remains above 3 years.
If the average time drops under 3 years, the burn size will be reduced proportionally to the reduced average timelock.
Although the community responded quite positively to the proposal with a 90% vote ratio in favor of the burn, voters failed to reach the required quorum.
That being said, the team recognized that this voting threshold was probably set too high, considering the market sentiment and user activity at that time.
veDC holders weren’t too keen on giving up their staking rewards for voting on governance. Moreover, participation in governance programs throughout the industry has been quite low, rarely involving more than 5% of users.
Consequently, the Dogechain team proposed another governance vote, that would help validate the tiered burn as well as remove further voting thresholds.
Proposal 2 — Quorum Threshold Removal 🗣️
This governance proposal had the goal to remove quorum from governance votes on dogegress.dog, including previous and future governance votes. Consequently, in the case where the vote was to be passed, previous votes that haven’t reached quorum such as the Tiered Burn vote would be considered valid.
Due to the mechanics of the veDC model, it has proven challenging to set a predetermined threshold for reaching a quorum on Dogechain governance votes.
Voting requires users to withdraw their veDC from validators and miss out on potential staking rewards. Moreover, participation in governance has been very low all across the industry in general, making it even harder to predict on-chain activity.
To avoid gridlock situations where proposals are deemed invalid because of low participation from veDC holders, the team proposed to remove the threshold for past and future votes altogether.
The community turnout was pretty decent, and the voting for the proposal was a landslide victory. More than 90% of the veDC holders voted to remove future and past voting quorums.
As a result, the Tiered Burn vote is now considered valid and is currently taking place. ✅
Tiered Burn — Ongoing Staking Program 🔒
Since the last governance vote validated the Tiered Burn, users now have until July 23rd, 2023 to lock up their tokens to reach the tiers. After this date, the team will take a snapshot of the locked circulating supply to determine the tier and proceed with the burn.
Currently, 17% of the circulating supply is locked, with just a small step needed for a 10% burn (20 billion $DC tokens).
If you haven’t locked your $DC in the veDC model yet, follow this link: 🔒https://dive.dogechain.dog/pos/locker
Just remember that only $DC tokens residing on the Dogechain mainnet can be locked in the veDC locker. If your $DC tokens are Ethereum-based, you will need to either:
- Bridge them back onto Dogechain using Multichain
- Use one of the centralized exchanges that support the Dogechain mainnet, such as Kucoin, Gate, or MEXC.
Infrastructure Updates 🏗️
In addition to blockchain optimizations and upgrades, the Dogechain development team has integrated two great tools for anyone using our ecosystem.
Build-A-Doge Factory 🏭
Did you ever dream to create your own memecoin, but don’t have the technical knowledge to fulfill your vision? Are you afraid of forking token smart contracts that might harm your community down the road?
Our developers found the answers for communities that wanted to create their own tokens safely and without prior coding knowledge — the Build-A-Doge Factory.
Thanks to this no-code feature, creating DOG-20 tokens effortlessly is within the grasp of any community member on Dogechain!
Build-A-Doge provides you with a streamlined platform for launching your tokens, using smart contracts tested by the Dogechain dev team.
You can have your community-focused token up and running in no time just by following these simple steps:
1️⃣ Get started with the Build-A-Doge feature by following this short guide.
⚠️ Make sure you have $10,000 $DC for the anti-spam fee.
2️⃣ Add your DOG-20 token contract to your wallet and the DEX of your choosing.
3️⃣ Create a liquidity pool and add liquidity to enable your community to trade.
Batch Transaction Tool 💸
The Dogechain Team recently released a batch transaction tool, allowing anyone making multiple transactions to do it in a single operation.
👉 https://dive.dogechain.dog/batchTransactionTool
This should make life easier for anyone wishing to send DOG20 tokens to multiple addresses at once.
⚙️ How it works:
🔸 You can send DOG20 tokens on the chain like $DC, #Doge or any community-created tokens. 🪙
🔸 Simply enter the contract address of your DOG20 token 🐕
🔸 Paste the addresses where you wish to send tokens, followed by a comma and the amount (no spaces)
Then, once you are happy with your selection, press “Disperse” and let the magic work. It’s the perfect addition for communities making team payments, giveaways, and airdrops!
Dogegress Voting Rewards 🪂
To ensure fair participation from veDC holders in future governance votes, the Dogechain team has implemented a reward system in the voting process on dogegress.dog.
Since the voting threshold has been removed from governance votes, this feature should ensure that users that don’t wish to miss out on their staking rewards are fittingly rewarded for participating in governance.
This is an important stepping stone, as voting will become imminently more prevalent thanks to the Dogechain Ecosystem DAO implementation.
Dogegress Ecosystem DAO — Multiple Choice Voting ✅
The Dogechain Ecosystem DAO holds 29% of the total supply of $DC tokens. This allocation is meant to be used by the community of veDC holders to empower the ecosystem.
Through multiple “shark-tank” type mechanisms, the community will be able to use this Dogechain Ecosystem DAO allocation to vote for projects building on the chain and allow the DAO to invest in them or provide them with grants.
Consequently, the Dogechain devs have implemented a multiple-choice voting mechanism on dogegress.dog for future governance votes. This way, veDC holders will be able to vote for multiple projects, multiple times, providing different weight to their votes.
The percentage of the votes received by these projects will be taken into account when the DAO invests or supports the projects with a grant.
For example, if a grant round has a prize pool of 100,000,000 $DC and there are three projects competing:
- Project 1 Receives 30% of the votes — the DAO will grant 30,000,000 $DC
- Project 2 receives 15% of the votes. — the DAO will grant 15,000,000 $DC
- Project 3 receives 55% of the votes. — the DAO will grant 55,000,000 $DC
This will ensure that the community has the final say in the onboarding process for projects. Additionally, this will incentivize the projects themselves to provide genuine utility for Dogecoin or $DC in our ecosystem.
Updates From Our Ecosystem Builders 🧱
In addition to the infrastructure updates, our business development team has been working relentlessly to bring more utility to Dogechain. Through our constant community involvement, we onboarded three major projects in our ecosystem.
Mintpad
Mintpad.co is a Multi-Chain NFT minting platform and launchpad for NFTs. This no-code platform complements our Build-A-Doge Factory perfectly.
Communities are able to create NFT collections, both limited and open editions. What’s more, Mintpad provides a wide range of features, including:
🔸Minting in phases, where creators can define multiple steps in their minting process with different mint prices or rewards.
🔸Uploading generative artwork for easy collection creation.
🔸Providing a custom mint website or allowing the use of an API on an existing website.
Mintpad demolishes any technical barriers to entry for aspiring artists, allowing them to benefit from the low gas costs on our chain of memes and dreams! As a result, Dogechain communities have now a battle-tested and streamlined tool to launch NFTs on our chain.
Airlyft
Airlyft.one is a growth hacking platform that recently integrated the Dogechain mainnet into their list of supported blockchains.
Users and communities can now create on-chain engagement campaigns with their extensive tools and offer rewards in DOG-20 and DOG-721 tokens.
Airlyft.one allows you to:
🔸 Create contests, quizzes, learning campaigns, on-chain onboarding tasks, meme competitions, and much more.
🔸 You can generate buzz around your Web3 by allowing your community to experience and spread the word on social media, with verifiable on-chain tasks.
🔸 Grow a loyal community through exclusive offers like NFT Drops, project token rewards, etc.
We are excited to start using these awesome tools to engage and reward our community!
Binocs
Binocs.co is a Crypto Accounting & Tax Platform will allow you to connect to your favorite exchanges and track your Dogechain wallet address to get a comprehensive overview of your holdings.
Under the same roof, you can view your trades from both CeFi and DeFi and export this data for your accounting needs and tax reporting.
🔸You can import your trades, regardless of whether you are trading in NFTs, ICOs, crypto tokens or have even rented out land on the metaverse.
🔸Their dashboard gives you a clear overview of everything going on in your portfolios across both CeFi and DeFi.
🔸A No-KYC policy ensures your data remains private.
All in all, a great addition to the ecosystem and for everyone trading or investing seriously in the industry.
Unipilot
Unipilot is a DEX liquidity manager that complements Quickswap.exchange on Dogechain by streamlining V3 and making it more accessible than ever.
The protocol will automatically:
🔸 Select the optimal range for liquidity
🔸Auto-compound earned fees to increase returns
🔸Rebalance positions back into range when necessary, so you never stop earning!
For anyone that found V3 management tedious before, Unipilot is here to make your life easier.
Wrap-up 🌯
As you might have noticed, we’ve had quite a few busy months on Dogechain. The developer team has made some pretty cool additions to the infrastructure and our BD onboarded a few blue-chip projects.
That said, we are thirsty for more growth and we have even more incredible updates and partnerships coming in July.
So make sure you stay tuned into our socials for the upcoming growth opportunities of our beloved chain of memes and dreams.
Dogechain is bringing DeFi & long awaited utility to Dogecoin. Join the family!
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