Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

DogeOS opens EVM testnet, betting Dogecoin can become programmable capital

Source Cryptopolitan

A public testnet was launched by DogeOS on Wednesday (September 30) that brings the Ethereum-style smart contracts to the Dogecoin platform with an aim to expand the role of DOGE with technology so it can be utilized as programmable capital in decentralized apps other than payments and trades.

Chikyū testnet is a zero-knowledge roll-up compatible with the Ethereum Virtual Machine (EVM) that uses Dogecoin as its coin for transaction fees. The base chain of Dogecoin remains the same, with the applications being built on top of it.

What the testnet actually lets developers do

DogeOS refers to itself as an application layer compatible with EVM, enabling Ethereum developers to utilize familiar codes, dependencies, wallets, and tools. The objective of the network is to facilitate trading, lending, stablecoins, betting on prediction markets, gaming, and various kinds of apps.

DogeOS announced on X that its teams are working in the fields of payment solutions, decentralized finance, gaming, and marketplaces. However, their user manual still shows the list of dApps as “coming soon,” indicating that the developer testnet is not yet a mature ecosystem.

“We’re focused on the public testnet, giving developers time to build and test applications while we validate the network. We’ll share the mainnet timeline as we reach the next development milestones.”

— Jordan Jefferson, DogeOS CEO, speaking to The Block

How the security model works today, and where it’s headed

Currently, DogeOS is not entirely trustless. The network depends on a trusted execution environment, validators, and a permissioned sequencer. Dogecoin itself cannot yet confirm the ZK proofs. It has to use valid proofs, the majority of validator signatures, and a TEE signer to transfer through the bridge, according to The Block.

The DogeOS team has announced a proposal for an upgrade to the Dogecoin Core software which will enable ZK proofs to be validated on the base chain platform. However, this is not a definite solution, as the system is also based on other trust assumptions until it is implemented.

**DogeOS vs other DOGE utility efforts: How Dogecoin rollup security works**

Whether DOGE’s scale can pull in developers and liquidity

Dogecoin has a huge potential audience. BitInfoCharts claims that there are around 8.5 million addresses of DOGE with positive balance. Keep in mind that an address does not mean an owner; one address can have multiple owners and vice versa.

CoinGecko indicates the market capitalization of DOGE as of October 1 at about $14.7 billion. Comparatively, known EVM rollups have good liquidity for DeFi. DefiLlama shows about $6.3 billion on Base, $1.4 billion on Arbitrum, and $487 million on OP Mainnet.

As of October 1, CoinGecko indicates that DOGE is trading for around $0.0945, which reflects an increase of around 0.3% from the previous 24 hours, with the price fluctuating in the range of $0.0929 to $0.0979. Notably, the slight change in price indicates that the launch of DogeOS testnet has not caused immediate significant volatility in DOGE, although one day trading is too short-time span to draw the conclusion whether the network can convert developers’ interest into real-world use and liquidity.

The BIS bulletin in July warned that proliferation of L1 and L2 networks may contribute to fragmentation of liquidity and infrastructure, with new bridges creating additional trust, governance, and operational dependencies issues.

Dogecoin’s other push toward utility

DogeOS isn’t the sole project that seeks to boost the usability of DOGE. As stated by Cryptopolitan, House of Doge collaborated with Paxos in June to establish a connection between Dogecoin and the custody and brokerage infrastructure employed by PayPal, Venmo, and Interactive Brokers.

The methods vary: House of Doge and Paxos concentrate on payments and accessibility, while DogeOS prides itself on programmability. Whether the developers, liquidity, and native ZK-proof verification be allowed to reach Dogecoin Core or not, will reflect the success or failure of the initiative.

If you're reading this, you’re already ahead. Stay there with our newsletter.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

October hike odds climb toward 60% as Goldman and BofA both flip — what Warsh's "dose of accommodation" really changed Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

Author Irene Q.

Sep 23, Wed

Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

Four jobs reports in five days: what JOLTS, ADP, claims and the September payrolls mean for the October Fed decision The US labour market faces its densest data week of the month. JOLTS job openings land Tuesday (7.2 million expected), ADP on Wednesday (70,000 expected), initial claims on Thursday and the September non-farm payrolls on Friday (100,000 expected, down from 162,000). Markets price a 64%-70% chance of another quarter-point Fed hike on October 28. The dollar index sits at 100.77 and the S&P 500 at 7,729.8.

Author Mitrade

Sep 28, Mon

The US labour market faces its densest data week of the month. JOLTS job openings land Tuesday (7.2 million expected), ADP on Wednesday (70,000 expected), initial claims on Thursday and the September non-farm payrolls on Friday (100,000 expected, down from 162,000). Markets price a 64%-70% chance of another quarter-point Fed hike on October 28. The dollar index sits at 100.77 and the S&P 500 at 7,729.8.

Nvidia's $150 billion buyback landed — and the AI sector fell anyway. That's the signal worth trading Nvidia closed up 1.68% at $228.86 on 28 September after announcing a $150 billion share repurchase authorisation, the largest single corporate buyback on record, while the rest of the AI complex sold off: AMD -3.6%, Micron -2.6%, Meta -4.8% and the Philadelphia Semiconductor Index -1.61%. The divergence is not noise. Capital is rotating toward cash-flow certainty, not abandoning the AI theme. With Micron reporting after the close on 30 September, here is what the split means.

Author Irene Q.

Sep 29, Tue

Nvidia closed up 1.68% at $228.86 on 28 September after announcing a $150 billion share repurchase authorisation, the largest single corporate buyback on record, while the rest of the AI complex sold off: AMD -3.6%, Micron -2.6%, Meta -4.8% and the Philadelphia Semiconductor Index -1.61%. The divergence is not noise. Capital is rotating toward cash-flow certainty, not abandoning the AI theme. With Micron reporting after the close on 30 September, here is what the split means.

【Daily Brief】30-year Treasury tops 5.59%, S&P 500 slips to 7,670 and gold holds $4,180 — PCE lands tonight The 30-year Treasury yield closed at 5.59%, its highest since June 2002, and the Dow fell 131.59 points to 51,349.92. US consumer confidence dropped to 81.9, a 12-year low, and JOLTS job openings fell to 7.1 million. August PCE and Q3 GDP both land at 8:30am ET tonight.

Author Suzie

23 hours ago

The 30-year Treasury yield closed at 5.59%, its highest since June 2002, and the Dow fell 131.59 points to 51,349.92. US consumer confidence dropped to 81.9, a 12-year low, and JOLTS job openings fell to 7.1 million. August PCE and Q3 GDP both land at 8:30am ET tonight.

Gold falls to near $4,150 as higher Treasury yields, oil prices outweigh softer PCE inflation Gold price (XAU/USD) tumbles to near $4,150 during the early Asian session on Thursday, pressured by elevated US Treasury bond yields. Traders await the US September employment data for fresh impetus, which will be released later on Friday.

Author FXStreet

4 hours ago

Gold price (XAU/USD) tumbles to near $4,150 during the early Asian session on Thursday, pressured by elevated US Treasury bond yields. Traders await the US September employment data for fresh impetus, which will be released later on Friday.

Popular Symbols