The long-awaited DRC-20 standard was launched this week. Right after, DOGE’s daily trading volume has seen an all-time high since a long time. As a reminder, this new standard must now allow the issuance of tokens on the Dogecoin blockchain.
What does DRC-20 change?
DRC-20, the new standard that was largely driven by BRC-20 on Bitcoin has received a huge media hype. It’s no surprise that after their launch, Dogecoin’s transaction volume hit an all-time high. We learn from cryptopotato that OG Memecoin has seen a significant increase which has even surpassed that of Bitcoin and Litecoin. In effect, bitinfocharts gathered data that shows the volume of transactions on Dogecoin peaked above 628,000. At the same time, transactions on Bitcoin and Litecoin were 575,490 and 341,082 respectively.
Concretely, DRC-20 must allow users to register digital artifacts on Elons. These are the smallest indivisible units of Doge. One doge equals 100,000,000 Elons. Registrations do not require a sidechain or separate token. These standards allow developers to issue tokens that charge network fees in the form of Dogecoin (DOGE). The value proposition of Dogecoin is added. We could thus see possible decentralized finance (DeFi) services based on this Blockchain. This increase in the level of transactions, however, did not have much impact on the number of active addresses of Dogecoin. It reached over 67,000.
Not everyone is happy with this new normal
As with the deployment of BRC-20 on Bitcoin, observers expect huge network congestion with the deployment of DRC-20 on Dogecoin. Critics worry that the congestions created by DRC-20 no longer allow the network to fulfill its everyday currency mission.
” The DRC-20 Dogecoin Community Should Stop This Shameless Hype” , To writing a member of the Dogecoin community on Twitter. ” Everyone should probably focus on transactional currency use case” , To declared another.
DRC-20 brings features that could offer Dogecoin more utility. On the other hand, he could cause a congestion enormous and cause an increase in costs. Do the cons here outweigh the pros?
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