The Flare network announced the addition of Dogecoin as a FAsset. Flare, a decentralised network, announced the news today in a post on Twitter. With this move, the Flare network seeks to introduce a complete smart contract utility to the Dogecoin ecosystem. DOGE users may also utilise their crypto to engage in DeFi and other network apps.
Flare is including Doge as an FAsset. When live this will allow Doge to be used on Flare and on any other chain connected to Flare through its LayerCake bridging system. @BillyM2k https://t.co/EBYKGMgB3A
— Flare ☀️ (@FlareNetworks) April 24, 2022
Flare Network and FAsset
Flare claims that once this capability is activated, DOGE will be able to be utilised on Flare as well as any other chain connected to Flare using its LayerCake bridging mechanism. Addition in FAsset enables smart contracts for the assets, providing utility to non-smart contract cryptocurrency.
The Flare Network relies heavily on F-Assets. While the network’s native token is Spark (FLR), users may also bring F-assets onto the network to use. Other F-assets on the Flare network are Litecoin (LTC), XRP, and Stellar (XLM).
Dogecoin push by Elon Musk
Elon Musk, CEO of Tesla, acquired 9.2% of stakes in Twitter. After it, Musk proposed to allow Twitter users to pay for Twitter Blue memberships using Dogecoin. He further proposed to pay content creators in Twitter’s monetization programme with Dogecoin. He recently stated that the meme cryptocurrency Dogecoin would acquire greater utility if more companies began adopting it.
Despite possible use cases in the Web3 industry, Musk believes that building a bridge between Ethereum and Bitcoin is unnecessary.
According to the Dogecoin Foundation, the goal of DOGE is to become the de facto global currency for trading goods and services. It claims to be working on projects to get the Dogecoin Ecosystem to a level of preparedness for fast grassroots adoption, emphasising the reality that 1.7 billion people worldwide are unbanked.
