According to Cointelegraph, QED Protocol and Nexus are preparing to launch an L2 scaling solution to introduce smart contracts on the Dogecoin network. The zkVM aims to make the Dogecoin network compete with Ethereum and Solana in the field of smart contracts.
Dogecoin currently runs on a PoW blockchain network and does not support smart contracts. The launch of the high-throughput zkEVM will make the Dogecoin network more powerful.
The meme coin market became one of the fastest growing sectors in crypto in 2024. Solana’s Pump.fun platform surpassed $100 million in revenue in August.
Dogecoin zkVM will provide developers with tools to create high-performance applications from decentralized exchanges to NFTs. DOGE currently has a market value of approximately $17 billion.
QED Protocol has developed a zkVM scaling solution on the Bitcoin network, and Nexus operates Nexus zkVM, a modular scaling network using zero-knowledge proofs. Scaling solutions on PoW blockchains are increasing, with Bitcoin’s L2 total locked value reaching approximately $1.4 billion in September.
Nexus CEO Daniel Marin said that Dogecoin’s solution can be replicated in other ecosystems thanks to breakthroughs in zero-knowledge technology.
