Consequently, there’s no business development or marketing department promoting the coin for the benefit of insiders. Dogecoin had a fair launch, like Bitcoin, meaning there was no token presale, pre-mine, or VC fundraise. There’s no grand vision, no pronouncements about how Dogecoin will change the world. Unlike many other cryptocurrency projects, Dogecoin does not seek, or even pretend, to be anything more than to be the world’s most fun currency. “Dogecoin is an open-source peer-to-peer digital currency, favored by Shiba Inus worldwide,” proclaims the official website. The appeal of Dogecoin has always been its honesty. This joke currency, created to mock Bitcoin and the rise of altcoins way back in 20, is today worth more than $70B and has rocketed to the top of the crypto list with enormous trading volume, growing ownership, and celebrity endorsements. The Shiba Inu-themed cryptocurrency, whose community once sponsored the Jamaican Bobsled Team as part of a campaign called #CoolRunnings2, is today worth as much as Lloyds Banking Group, twice as much as Standard Chartered, and almost three times as much as Credit Suisse. In this report, we tell the story of the whimsical cryptocurrency and explain why, despite its shortcomings, Dogecoin is one of crypto’s most interesting phenomena.ĭogecoin has always been a joke, and the joke keeps getting funnier. And in February 2022, Solana’s bridge Wormhole lost $326 million.Įthereum inventor Vitalik Buterin warned in 2022 that bridge technology is fundamentally insecure and urged people to be cautious in using it.On the back of a major resurgence in cryptocurrency prices, along with retail trading manias fueled by mobile trading apps and Reddit-borne trade ideas, Dogecoin (DOGE) has emerged as the best performing crypto YTD. An attacker siphoned $611 million out of Poly Network, which operates in multiple chains, in October 2021. The blockchain game Axie Infinity fell prey to a $626 million hack related to a bridge between Ethereum and its Ronin sidechain in March 2022. RenBridge is also popular for the Bitcoin-Ethereum route.Ĭrypto bridges are victims of some of the industry’s biggest heists. You can deploy synthetic tokens like Wrapped Bitcoin (WBTC) or Ren Bitcoin (REN) in DeFi protocols to borrow, lend or earn interest, or trade. dollar, are the most common assets to bridge across blockchains.Īs the Bitcoin blockchain does not support decentralized finance protocols, developers built bridges that allow for Bitcoin to be bridged to smart contract chains like Ethereum. USDC and USDT, two major stablecoins pegged to the price of the U.S. Other popular bridges include Synapse, Across, cBridge, and Anyswap. While Hop Exchange supports a handful of chains compatible with the Ethereum network, like Polygon and Gnosis, Connext supports technically diverse chains, like Cronos and Moonriver. Of course, users can’t use the tokens in the vault and the synthetic tokens at the same time.īridges support different assets and chains. This amounts to an escrow system of sorts. When you want to transfer crypto assets from one chain, like Ethereum, to another chain, such as Solana, crypto bridges will hold your coins from the first chain in digital vaults and create synthetic tokens for use on the second chain. Instead, crypto users rely on a workaround called crypto bridges. It’s not possible, for instance, to directly send Bitcoin to an Ethereum address. Bitcoin isn’t the only blockchain-there are thousands-and they aren’t compatible.

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