Dogecoin Joins Flare Network, Introducing DeFi to DOGE Users

The Flare network has announced that Dogecoin will be included as a FAsset. This will enable DOGE to be used on Flare and any other chain connected to Flare
Dogecoin Joins Flare Network, Introducing DeFi to DOGE Users
Dogecoin Joins Flare Network, Introducing DeFi to DOGE Users

Dogecoin Joins The Flare Network

The Flare network has announced that Dogecoin will be included as a FAsset. The decentralized network aims to bring full smart contract functionality to the Dogecoin ecosystem in this way.

When this feature goes live, it will allow DOGE to be used on Flare and any other chain connected to Flare via its LayerCake bridging system, according to Flare.


Dogecoin Joins Flare Network, Introducing DeFi to DOGE Users
Dogecoin Joins Flare Network, Introducing DeFi to DOGE Users

“Flare is including Doge as a FAsset. When live, this will allow Doge to be used on Flare and on any other chain connected to Flare through its LayerCake bridging system.”

— Flare Network


Flare tweeted this in response to a recent tweet from Dogecoin creator Billy Markus about things that make Dogecoin more useful. The Flare Network relies heavily on F-Assets.

— Flare ☀️ (@FlareNetworks) April 24, 2022

While the network’s native token is Spark (FLR), users can also bring F-assets onto the network to use. This enables smart contracts for the assets, effectively giving non-smart contract crypto utility. Users can also use their crypto to participate in DeFi and other network applications.

The Potential Of The Dogecoin Network

Other F-assets on the Flare network include Litecoin (LTC), XRP (XRP), and Stellar (XLM) (XLM). Elon Musk, the CEO of Tesla, recently stated that the meme cryptocurrency Dogecoin would gain more utility if more businesses accepted it.

Musk also mentioned that tipping creators with Dogecoin would be “nice.” After acquiring a 9.2 percent stake in the company, the entrepreneur recently proposed allowing Twitter users to pay for Twitter Blue subscriptions with Dogecoin.

Despite potential use cases in the Web3 sector, Musk claims that a bridge between Ethereum and Bitcoin is unnecessary.

RadioDOGE recently sent the first Dogecoin transaction without the use of the internet, marking a watershed moment for the meme cryptocurrency.

RadioDoge focuses on combining low-cost radio technology (HF/LoRaWAN) with the global Starlink satellite network to provide inexpensive, wide-scale access to Dogecoin for people who live outside the reach of traditional internet infrastructure.

According to the Dogecoin Foundation, the goal of Dogecoin is to make DOGE the de facto global currency for exchanging goods and services. It claims to be working on some projects to get the Dogecoin Ecosystem ready for rapid grassroots adoption, citing the fact that the world’s unbanked population stands at 1.7 billion people.