DOGE Proponents Express Hope And Concerns Related To Dogecoin-Ethereum Bridges

Dogecoin DOGE/USD co-founder Billy Markus and popular DOGE news account Mishaboar shared their opinions on independently developed bridges between DOGE and Ethereum ETH/USD.

What Happened: In a series of tweets on Monday, Mishaboar said that developers creating DOGE-ETH bridges should primarily aim to be transparent with the community.

my opinion is i hope it works and i ain’t gonna be responsible for any DeFi shit ever

— Shibetoshi Nakamoto (@BillyM2k) August 22, 2022

DOGE creator Billy Markus said that while he hopes these bridges work, he won’t be responsible for any DeFi-related activity. 

Another IMPORTANT reminder: bridges to other long-standing well-established blockchains can be useful for interoperability.

But #Dogecoin holders should be holding on the Dogecoin blockchain, never as a bridged asset, and in a cold wallet, whenever possible.

— Mishaboar (@mishaboar) August 22, 2022

See Also: IS DOGECOIN A GOOD BUY?

Mishaboar emphasized two important reminders for the community to bear in mind with Dogecoin bridges — the first being that no bridge can claim to be an “official” bridge seeing as Dogecoin is decentralized and a permissionless blockchain.

He also urged the DOGE community to hold their coins on the Dogecoin blockchain and not as a bridged asset despite the benefits of bridging to other well-established blockchains. 

A wrapped version of DOGE enabled by these bridges would let users stake, lend and perform other DeFi functions using their coins. Currently, there are two ETH bridge solutions — renDOGE and pDoge — that enable this functionality. 

The newest bridge in development by Blue Pepper uses a centralized custodian BitGo. Mishaboar said that although BitGo is the custodian for the wrapped version of Bitcoin BTC/USD and provides traceable access to user funds, centralized solutions have a single point of failure. 

The Dogecoin proponent also noted that developers should reach out to the Dogecoin Core team to discuss the implementation.

See Also: Dogecoin Planning A Transition To Proof-Of-Stake; Ethereum's Vitalik Buterin Is Helping

Price Action: At press time, DOGE was trading at $0.068, down 0.46% over the last 24 hours, as per data from Benzinga Pro.