It sure has been a while since I have seen a 5-digit APR but Dogechain seems to be offering an abundance for those that bridge over. Is it worth it? Does it even make sense? I have no idea but I had to give it a try.
WARNING: Most (if not all) contracts you will be interacting with on Dogechain are not audited. Your funds are at risk! Use a new wallet if you do decide to bridge over.
To venture into this brave new world you will need a set of tools to navigate your way around.
To use the bridge connect your wallet in the top right corner and follow the instructions on the screen. The process is very straightforward and simple. You will need to send Dogecoin from a Dogecoin wallet to the address shown on your screen.
Once sent, your Doge will be converted into WDOGE at a 1:1 ratio and this new wrapped Doge is being used to pay for transaction fees on the chain. The minimum amount is 100 Doge or about $7 and that will be more than enough to give this one a try.
You can use both DEX Screener and DeFi Llama to track the activity on the chain.
DeFi Llama gives you a very nice overview of where the liquidity is flowing.
DEX Screener can then be used for a closer look at the shitcoins you want to gamble with. It gives you a clear view on the available liquidity and real-time buy/sell orders.
Use these tools well and you will be safe from the big bad scammers (as much as that is possible on Dogechain).
Because most of the humans on this planet are degenerate gamblers and Dogechain is the perfect casino. In just 48 hours almost $10M was bridged over to Dogechain which shows you where this is all going. It will not end up being revolutionary tech in any sense of that word but it will surely attract many, many degens from across the globe.
The onboarding process is simple and even the normiest of the normies will eventually figure it out. An uptick in on-chain activity will eventually attract "reputable" projects and this thing will probably fly. How many people have Dogecoin on their phones sitting there since we reached the ATH days? They are looking for some action and Dogechain is delivering.
Looking back this is exactly what BSC was like in the early days. And if you are looking for some legitimate endorsements this is the best we have seen so far.
Both Multichain and Quickswap have started supporting Dogechain in the first two days of existence. Something to think about at least. Now let's get back to the financial incentive of "why?".
It is already kinda confirmed that a $DC coin is coming and it will be airdropped to bridge and network users. It will probably end up being dust but you never know with these things. I'm personally willing to put 100 Doge at risk for this possibility.
Make no mistake that 99.99% of tokens that you will find on Dogechain are outright scams. Rugpulls are a common daily occurrence and many people have already been rekt. Always use the right tools to asses if the token is worth your time or not and again, PLEASE USE A DIFFERENT WALLET.
Have DEX Screener at your disposal at all times. Check how many people are buying, how many are selling and does the token even have enough liquidity because you will need to cash out if you end up profiting from your trades.
Most are very dry but there are some that have hundreds of thousands in liquidity. I would also say look for utility but there is no such thing in Doge land, at least for now.
