QED Protocol and Nexus, a development team focused on blockchain execution layers and modular virtual machines (VMs), announced on Thursday that they are jointly building a zero-knowledge VM for the Dogecoin network. , zkVM), hoping to derive decentralized finance (DeFi) and NFT applications based on Dogecoin.

The two teams plan to modify the Nexus zkVM to improve Dogecoin’s scalability and enable developers to create decentralized applications (dApps) on the network.

This collaboration will also expand the application scope of "OP_CHECKGROTH16VERIFY", an opcode proposed by QED Protocol in July to enable DeFi and NFT applications on the Dogecoin network, which involves an operation code that utilizes this opcode Established Layer 2 solution. The proposals have received support from major Dogecoin mining pools including AntPool, ViaBTC, and F2Pool.

QED Protocol and Nexus say the technology they develop for Dogecoin can be applied to other networks as well.

QED Protocol announced in July this year the completion of a $6 million round of financing led by Blockchain Capital, bringing its total funding to more than $10 million. Nexus announced in June this year the completion of a $25 million Series A round of financing co-led by Lightspeed and Pantera, with other investors including Dragonfly, Faction and Blockchain Builders Fund.

The price of Dogecoin (DOGE) has seen significant gains as the cryptocurrency market rebounded from early September to the present day, rising from approximately $0.0925 on September 6 to the current level of $0.1237, a gain of more than 30%.

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