Dogecoin Set To Enter DeFi In 2 Weeks: Here’s How

Rosen Bridge announced on Thursday via X that it expects Dogecoin to be integrated into its secure cross-chain ecosystem in around two weeks. This development would allow DOGE holders to access the myriad opportunities DeFi has to offer—such as yield farming, staking, and privacy features—by leveraging Rosen’s high-security bridge technology, which already supports Ergo, Cardano, Ethereum, and BNB.

“Rosen integrating Doge into its secure ecosystem is progressing well, 2 weeks?” the announcement read on X. “DOGE enabling holders to access yield farming, staking, privacy features and other opportunities. This enhances Dogecoin’s utility and adoption while leveraging Rosen’s high-security bridge technology for trusted cross-chain access on Ergo, Cardano, Ethereum, and BNB.”

Dogecoin

Rosen Bridge’s forthcoming Dogecoin integration follows the project’s official launch on Ergo Mainnet in December 2023. In a press release at that time, the team underscored the importance of secure, interoperable infrastructure for the future of decentralized finance:

“As the industry has grown, the need for secure interoperable blockchain infrastructure has become increasingly important. In order for the DeFi sector to truly flourish, decentralization and open source tooling must be the priority. With the launch of Rosen Bridge, we establish a new standard in bridge security with clear open assumptions – one that has the potential to revolutionize the industry and establish Ergo as a hub for the intersection of multiple blockchains.”

The release emphasized how cross-chain interoperability can break down the barriers between insulated blockchain ecosystems. By facilitating native asset swaps between blockchains such as Cardano, Ethereum, Binance Smart Chain, and soon Dogecoin, Rosen Bridge aims to unlock new levels of collaboration and innovation.

Rosen Bridge’s approach is anchored by Ergo’s proof-of-work model, which the team describes as “time tested and robust.” Unlike many existing cross-chain protocols, the core security logic for Rosen Bridge resides on Ergo itself, minimizing the need for external smart contracts that can introduce vulnerabilities on other networks. According to the team, previous bridge technology on other blockchains has required that the interacting blockchains execute smart contracts on their respective networks – a scenario that can create multiple attack vectors.”

Related Reading: Dogecoin Price Repeats Pattern From 2021 That Could Trigger Rally Above $10

In contrast, Rosen Bridge operates with a two-layer authentication system made up of “Watchers” and “Guards.” Watchers monitor and reach consensus on events across the integrated blockchains. Once a consensus is achieved, Guards verify these events and finalize the transactions. This modular architecture allows Rosen to scale more efficiently while maintaining a strong security posture.

Currently, the Rosen Bridge supports Cardano on the Ergo Mainnet, enabling direct swaps and cross-chain operations without heavily taxing each participating network’s resources. The addition of DOGE means that Dogecoin holders could soon participate in a range of DeFi applications, bridging an asset that has historically been limited in utility to new frontiers of staking, privacy, and yield farming.

At press time, DOGE traded at $0.16