DC Dogechain Dispatch 7 - DOGE Dogecoin

It has been a busy summer for the Dogechain Family. While the crypto industry has been struggling to gain any sort of momentum, our team has been continuously building and improving infrastructure and optics.

In the last month, Dogechain reached important milestones thanks to the contributions from our beloved community. Governance, DAO voting, and tokenomics were on the menu!

This digest will help you keep up to date with all the developments in the ecosystem, including infrastructural and tokenomics improvements as well as crucial partnerships.

But first, let’s take a look at our metrics.

Stats Update 📊

On-chain stats ⛓️

The Dogechain network is growing steadily

  • 98,113,521 transactions with an average of 49k transactions/day.
  • 13,247,335 wallets
  • 15,561,104 total blocks.

DC staking stats 🔐

  • DC Circulating Supply — 21,918,823,642
  • Current DC Locked — 6,522,637,255
  • % of DC Locked — 29.75%
  • Average Lock Time — 3Y 9M

There has been a huge change in the circulating and locked supply, thanks to contributions from our community and the Dogechain team.

Governance Updates 🗳️

The Dogechain Ecosystem went through the first DAO voting proposal.

Meme Revolution DAO vote

DC Dogechain Dispatch - DOGE Dogecoin memecoins

The month of July 2023 marked the first DAO proposal where veDC holders were able to vote for their preferred meme token projects. This “shark-tank” type vote enabled the community to empower the Dogechain DAO to purchase meme tokens on the open market from the Dogechain ecosystem.

This move has the goal to inject some rocket fuel into the memeconomy on Dogechain and initiate significant growth in both users and volume on the network.

To summarize:

🔸 The DAO will invest $20,000 worth of $DC tokens in 10 meme token projects over a period of 2 months. The size of the investment will be proportional to the percentage of votes each one of the projects receives.

🔸Voters were incentivized with a Reward Pool of 2.5 million $DC tokens.

The vote had an incredible turnout with the community locking in 823,919,039 $veDC in the voting smart contract. The results of the vote were:

  • #1 $DTOOLS — DogeTools — 48.76%
  • #2 $TDH — The Drugged Huskies Token — 26.13%
  • #3 $FUCKPEPE — FuckPepe Token — 17.71%
  • #4 $DOGEASTRO — Astro Doge Token — 2.77%
  • #5 $KIBBY — Kibby Token — 1.03%
  • #6 $KONRA — Konra Token — 0.54%
  • #7 $BBYODA — Baby Yoda Token- 0.91%
  • #8 $GRIMACE — Grimace Token — 0.79%
  • #9 $WAT — Wojak Ass Token — 0.49%
  • #10 $BDC — Buddy Dogechain Token — 0.47%

We congratulate the projects and hope this initiative will help them grow and bring them more exposure.

This vote was the first of many and will pave the road toward growing the memeconomy and the Dogechain ecosystem as a whole.

The Dogechain Foundation will soon propose other votes, covering different niches in the ecosystem, such as NFTs, games, or DeFi projects, among others.

Tokenomics updates 💸

The Dogechain tokenomics went over two historic updates.

Team Token Release and Lockup 🔐

DC Dogechain Dispatch - DOGE Dogecoin

The Dogechain team longly deliberated on how to improve the tokenomics optics for the $DC token. To increase the circulating supply without contributing to sell pressure, the team decided:

  • To release 3 billion vested $DC tokens into circulation from the Team Allocation wallet (0xc1eFE7Aa280f7c63A4B1DA26aE0F7e64ce7F2A8A)
  • Immediately lock these tokens in the veDC model for 4 years.

This move had the goal to:

🔹 Improve optics for the $DC token by raising the total circulating supply above 10%

🔹 Contribute towards the Tiered Burn by increasing the locked circulating supply to 29.2%

🔹 Provide on–chain proof of the team’s long-term commitment to the project.

The Dogechain Tiered Burn 🔥

DC Dogechain Token Burn - DOGE Dogecoin

As a first step (of many) towards healthier tokenomics, and after extensive talks with the community, $DC holders voted for a tiered burn of the total supply of unreleased $DC tokens, across all wallet allocations.

The burn tiers were to 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)

The Tiered Burn snapshot was completed on July 24th and the Community managed to lock 30% of the circulating supply in the veDC model.

This contribution secured the second tier of the burn ensuring that 15% of the unreleased token supply of $DC tokens would be destroyed.

🔥 The burn was completed on July 25 2023,

Proof of Burn https://explorer.dogechain.dog/tx/0x8ee118fffc41c3bd6c8f920919cbdde54ce791ae8fb270def3e283cfc0cc8d32

With the new token metrics being updated as follows:

🏁 Post-Burn Total Supply: 170.9 Billion $DC

Ecosystem Updates ☄️

Multichain Exploit — ERC20 ▶️ DOG20 $DC Token Conversion

DC Dogechain Multichain Bridge - DOGE Dogecoin

The Multichain Bridge suffered an exploit on July 6, 2023, tainting the ERC20 $DC tokens issued by that platform.

Due to this, ERC20 $DC became useless/worthless as they cannot be traded on Uniswap or deposited on centralized exchanges.

To solve this issue, the Dogechain team provided a conversion tool that allows users and institutions to redeem ERC20 $DC 1:1 for DOG20 $DC. Consequently, the $DC tokens can regain their utility, and once again be used in the ecosystem or traded on exchanges.

Until now, 1.7 billion $DC tokens have been bridged back onto the mainnet, and we advise any ERC020 $DC holder to do the same.

More information about this tool can be found on the following link: https://bit.ly/3NTIKKC

Betfury Partnership 🐶 🤝 🦝

DC Dogechain Betfury - DOGE Dogecoin

Thanks to a strategic partnership, the Betfury gaming platform integrated the $DC token on Jun 30, 2023.

This provides huge exposure to the $DC token to a large community of new users, while simultaneously increasing the utility of the $DC token for existing holders.

🎮 Hundreds of games await on https://betfury.tv/441mVQn !

Wrap-up

As you can notice, it was quite a busy summer for our humble chain of memes and dreams. Historic tokenomics updates, DAO governance, infrastructure improvements, and strategic partnerships.

And we are just getting started, as the first anniversary of the Dogechain Mainnet is about to be celebrated with a bang! Stay tuned for more exciting information.

Website | Twitter | Telegram | Discord | Reddit | TikTok