wDoge is an Ethereum ERC20 token that represents Dogecoins on the Ethereum blockchain. Its security model, inspired by WBTC, ensures a 1:1 conversion rate between wDoge and Dogecoin. BitGo serves as the custodian, while The Dogecoin Foundation is a member of the DAO.
- wDoge unlocks access to DeFi for billions of dollars worth of Dogecoins.
- It was created by a team with a solid track record: The Dogethereum Bridge project leader and BitGo, with the support of the Dogecoin Foundation.
- Proven architecture: The security model was inspired by WBTC (Wrapped Bitcoin). WBTC is the wrapped token with the highest TVL and has been running smoothly for more than five years.
- Simple tokenomics: The system keeps one Dogecoin in reserve for every wDoge in circulation.
- Full transparency: there is a public dashboard that publishes proof of assets.
History
Once upon a time Vitalik wrote a smart contract that validated a Dogecoin block's proof of work. However, he soon realized that the gas consumption was prohibitive. A bounty was created to compensate the team that could build a Dogecoin-Ethereum bridge. In 2018, Oscar Guindzberg led a team that published a beta version of Dogethereum and was awarded a share of the bounty. A few years later Oscar co-founded BluePepper and secured funding from big names in tech and crypto. In 2022, BluePepper and BitGo co-created wDoge with MyDoge and The Dogecoin Foundation as DAO members.
