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Popular Dogecoin (DOGE) Layer-2 Solution Dogechain To Shut Down Wallet Services Next Month

dailyhodl.com 02 May 2024 22:11, UTC

A prominent layer-2 scaling solution for the meme asset Dogecoin (DOGE) is announcing that it is going to be shutting down its wallet services next month.

In a new thread on the social media platform X, Mishaboar, one of Dogecoin’s developers, tells investors to make sure they move their DOGE out of the Dogechain wallet before it shuts down on June 1st as well as keep a copy of their wallet’s private keys.

“Make sure to move your DOGE out of http://dogechain.info (only use the .info domain!) before June 1st. Keeping a copy of Dogechain’s wallets’ private keys is also important – in case you still have the addresses in use somewhere, this will allow you to recover funds you might inadvertently send or receive there in the future.”

Dogechain, an Ethereum Virtual Machine (EVM) blockchain powered by the technology of Polygon (MATIC), was created as a way to connect the Dogecoin ecosystem to the world of Web3.

Using a proof-of-stake (POS) consensus mechanism, Dogechain allows for faster and cheaper transactions, making non-fungible tokens (NFTs), blockchain-based video games, and decentralized finance (DeFi) services more accessible to holders of the meme coin.

Dogecoin is trading for $0.132 at time of writing, a 10.86% increase during the last 24 hours. On March 28th, DOGE was valued at $0.219.

dailyhodl.com