The first stablecoin backed by Dogecoin is presented
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Usdoge will bring “Defi without interruptions to the community of Dogecoin”.
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Apparently, it will work with a mechanism similar to DAI in Ethereum.
The Dogeos Organization has revealed the development of Usdoge, which would be the first Stablecoin backed by Dogecoin (Doge). This token will allow users of that memecoin to use it as a collateral to generate a digital dollar.
Usdoge aims to offer a new way of “accessing decentralized finances (defi) without interruptions”, taking advantage of the technology behind Dogecoin, the active developers, dogeums pointed out.
To generate USDOGE, as can be seen in a video shared by Dogeans, users will deposit Doge as a collateral in an intelligent contract, which guarantees that the stablcoin is supported and, therefore, maintain its stability.
Once the deposit is made, users will receive USDOGE, who will be linked to the value of the US dollar, offering a stable more option within the cryptocurrency ecosystem.
Similarly works the Stablcoin Dai, as it is a Token ERC-20 of Ethereum that is generated from asset deposits such as ETH, Bat, USDC, WBTC, TUD, KNC, ZRX and Mana among others, as explained by cryptootic cryptopedics.
This announcement comes two months after Dogeos raised USD 6.9 million to finance the development of its application layer. With this financing, the organization seeks to integrate defi accessible to the Dogecoin community, offering new opportunities for Doge users They can take advantage of their assets while maintaining their participation in the cryptocurrency.
