TLDR
- DRC20 (Doginals) is a fairly recent standard for inscribing fungible and non-fungible assets on Dogecoin PoW.
- While completely awesome, Doginals have a few drawbacks regarding utility, scalability, and liquidity on Dogecoin.
- To provide more utility to DRC20 assets, Dogechain is launching PawPort – the world-first Doginals-to-EVM bridge.
In 2023, Doginals brought a new dimension to the Dogecoin ecosystem. The novel DRC20 protocol, based on Bitcoin’s ordinals, allows for the inscription of unique data on Dogecoin units, effectively creating collectible digital assets.
These assets resemble NFTs but are integrated directly into Dogecoin’s blockchain, leveraging its security and ease of use, without using smart contracts.
Dogechain, in its perpetual quest to bring more utility to Dogecoin, saw an opportunity in Doginals.
To this end, the Dogechain developer team worked relentlessly towards creating the world-first DRC20 to EVM bridge.
We are officially launching the PawPort bridge on this day, which will help users imbue these DRC20 assets with more utility, scalability, and serviceability.
What Are Doginals (DRC20)?
DRC-20 is a token standard on the Dogecoin blockchain that allows developers and users to create fungible and nonfungible assets within Dogecoin’s ecosystem.
These Dogecoin Ordinals, or “Doginals”, are a fairly new functionality for Dogecoin, adding utility to the OG meme blockchain asset. They enable developers or users to write (inscribe) information stored on the smallest individual units of a Dogecoin (aka “shibes”).
In this regard, they offer users the possibility to mint fungible and non-fungible tokens, akin to ERC20 and ERC721 on EVM blockchains.
Although DRC20s expand Dogecoin’s use case, they come with their own set of caveats.
- They aren’t smart-contract capable, making it impossible to integrate them into decentralized exchanges.
- Trading DRC20 fungible assets can only be done through limit orders.
- They require users to inscribe new transferable asset batches each time they wish to transfer them from one address to another.
- They can cause significant strain on the Dogecoin blockchain in times of high traffic, increasing transaction fees and impeding the flow of transactions.
Even with their shortcomings, DRC20 assets have been met with enthusiasm from the Dogecoin community, reaching an overall market cap of $90M at the moment of writing.
With that said, Dogechain, as a smart contract layer for Dogecoin, aims to enhance the DRC20 utility, fungibility, and practicality and propel them to the forefront of the blockchain industry.
What is PawPort Bridge?
The PawPort Bridge is the first Dogecoin cross-chain bridge that allows you to port DRC20 tokens onto the EVM-compatible Dogechain. It allows users to unleash their DRC20s, providing them access to smart contracts and increased utility.
Consequently, Dogecoin-based DRC20 assets become DOG20 tokens on Dogechain, ready to be plugged into dApps and enter the Web3 era.
Finally, PawPort allows the bridging of DRC20 out of Dogechain onto Dogecoin, for anyone who wishes to go back to the original proof of work network.
Why Bridge DRC20 Assets on Dogechain?
DRC20 assets are an incredible step forward for Dogecoin’s network utility. However, they still have shortcomings and cannot be practically plugged into Web3 applications. The Dogecoin network doesn’t support smart contracts for users to utilize their DRC20s effectively.
Additionally, when trading DRC20 assets on marketplaces such as drc-20.org, you need to set specific limit orders with a predetermined amount of assets to list them on the marketplace. This makes trading DRC20s illiquid and inflexible.
Bridging DRC20 to Dogechain will allow you to access more liquid markets and trade them on the large list of decentralized exchanges on Dogechain. In addition, this will allow you to imbue your DRC20 with more utility and smart contract capabilities, to be added to blockchain games, dApps, and other Web3 applications.
Finally, by bridging DRC20 to Dogechain, you will contribute towards improved scaling of the Dogecoin network. Dogechain acts as a release valve, alleviating the strain these assets can bring to the underlying PoW blockchain.
How Does the DRC20 Bridge Work?
On the way in, the PawPort bridge receives inscribed DOGE with your DRC20 tokens and stores them in cold storage.
At the same time, it mints their DOG20 counterparts on Dogechain, sending them to the EVM wallet of your choice. To this end, the Dogechain PawPort bridge uses the drc-20.org indexer that allows it to keep track of the inscriptions on Dogecoin.
When bridging out, the bridge burns the DOG20 counterpart on Dogechain and sends the required DRC20 inscriptions to the Dogecoin wallet of your choice.
In its current state, the PawPort Bridge only supports fungible assets like DOGI, FIWB, DCEX, PEPE, etc. The dev team is currently researching and working on several solutions to integrating non-fungible Doginals as well.
What Do I Need to Bridge DRC20 to Dogechain?
The requirements for bridging Doginals on Dogechain are pretty straightforward. You will need:
- A DRC20-compatible wallet like Doge Labs Wallet to interact with the Dogecoin blockchain.
- An EVM-compatible wallet like Metamask to interact with the Dogechain blockchain.
- Some DRC20 assets for bridging and some DOGE on Dogecoin for transaction fees.
- Some wrapped DOGE on Dogechain for transaction fees. You can bridge DOGE to Dogechain here.
Once you have these prerequisites, you are ready to bridge DRC20 to Dogechain.
What DRC20 Assets are Supported by PawPort?
PawPort currently supports the following DRC20 inscriptions (and their respective contract addresses on Dogechain as DOG20 tokens):
- DOGI – 0x5517E20Db4d826C461D4296Fbf9305944e25dC21
- FIWB – 0x8c48553bA8c6E3dEaa655c0905f84cd6f4eEcE34
- PEPE – 0x8344E7282F30bb31C4d62B144684f296705582Ff
- MUSK – 0x4b925Fd6fc54a7874506398E8f26B1434A72912d
- OINK – 0xe92941d01ca325156FEBEBC99077D469Fe3EeA8e
- DCEX – 0x9D546125105DC79c0644b89783c6B0B30e5f686c
- DALL – 0xD0265808b9BCA65b59FCC6C5f127AC9C4C3f3EEA
- X – 0x1A1e60255a067a9500FD4fE8B4d681Dce99aE57B
- RSTX – 0xfE39785e16105D78Cbb70678308f73bbDfbF3C48
- VONX – 0x38bDC7738a36917051B62264eF4401C52F47F5Ed
- DBIT – 0x6c01630F822502749E6092C4669011C4597940B1
If you want your DRC20 listed on PawPort to be available for bridging, use the Listing Application Form. The dev team will ensure to index the DRC20 and create the token contract on Dogechain after due diligence.
What’s Next with PawPort and Doginals on Dogechain?
The Dogechain team is looking forward to PawPort adding utility for Doginals and bringing more users to the Dogecoin ecosystem.
PawPort will allow DRC20 holders to access a liquid market on decentralized exchanges on Dogechain for their assets. Users will be able to create liquidity pools and trade any amount of tokens without having to create new inscriptions. Moreover, they will gain access to yields from their LPs through trading fees.
Going forward, we plan to empower this burgeoning ecosystem through various incentives and campaigns to bring more Doginals, old and new, to Dogechain.
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