Is Dogechain a scam?
Direct from the desk of Dane Williams.
Yes, Dogechain is a scam. Honestly, there is no other way to put it.
Shock horror, Dogechain is NOT what it is being made out to be.
To start with, nope, it is definitely not the layer 2 Dogecoin (DOGE) network that it is being marketed to n00bs as.
Dogechain is not built on top of the Dogecoin blockchain and is not integrated or associated with the original in any way shape or form.
Instead, Dogechain is actually just nothing more than its own separate network based on Polygon custom blockchain software.
While it’s this relationship to the completely separate, Ethereum-compatible code called Polygon Edge that means DOGE can be wrapped and used in the network’s DeFi protocols, you are putting your native DOGE in the hands of a scammy sidechain copy.
There is no other way to put it other than that the Dogechain project is a scam.
How does Dogechain work?
Think about a separate blockchain built using Polygon Edge in the exact same way you see the endless scam projects building on BNB Smart Chain.
It’s super simply for anyone to spin up a new, scammy project like this.
The Dogechain guys were just smart enough to use the Dogecoin branding that normies and the crypto mainstream seem to lap up.
Scammy as fuck.
Anyway, how Dogechain works is that it allows you to wrap your native DOGE into an EVM compatible, Dogechain version that they all wDOGE.
The smart contract holds the native DOGE at 1:1, ensuring that the value of 1 wDOGE always remains equal to 1 native DOGE.
For now…
By wrapping your DOGE into an EVM compatible token, this means that you will be able to stake your tokens on a yet to be copied… err, I mean developed, DeFi platform.
And eventually mint NFTs on their blockchain.
But I can’t stress enough that this is NOT on the Dogecoin blockchain.
Dogechain is a completely separate, scammy project that is designed to suck people who recognise the Dogecoin branding, into handing over their tokens.
What is Dogechain promising?
On their website, Dogechain is promising a number of things to unsuspecting n00bs, eager to get scammed.
The biggest being an initial airdrop of a new DC token (different again to DOGE and wDOGE), to all DOGE holders.
Somehow, they’re even claiming that those who hold their DOGE on Robinhood will receive the airdrop.
Umm okay, good luck with that.
Another being the ability to use your wDOGE to earn insanely high yields on future DeFi projects.
As those of us here on LeoFinance know better than anyone, the classic DeFi models that these scammy copies all use, just aren’t sustainable.
Honestly, what do you think is going to happen to the price of these tokens once insiders start dumping the shit out of them?
Final thoughts on whether Dogechain is a scam
If I haven’t made it clear enough yet, let me write it in caps in the hope that it saves you money:
YES, DOGECHAIN IS A SCAM.
AVOID THE SCAMMY DOGECHAIN PROJECT LIKE THE PLAGUE.
Best of probabilities to you.
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I always thought it was a scam and it tends to be when they just use the general buzzwords to get people in. I am wondering when the insiders will dump.
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I really appreciate how you gave the short and simple answer from the beginning without beating around
Nice analysis to support your judgement.
The issue is that crypto remains and unregulated space with different projects and copy projects sprouting up here and there to deceive the unsuspecting!
It's more of a casino than a scam if you ask me. It did seem like one but now I see Quickswap and Multichain joining the "ecosystem".
Quickswap is a fairly legitimate DEX and if they deployed over there it may be just a bit more than simple vaporware.
Again, I'm not saying there is any substance to it but I will proceed to farm shitcoins with pocket change just in case. It's my civil duty.
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LMAO. Spoken like a true farmer. xD
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So many scams out there, good thing we learn about them in posts like this on Leofinance!
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Good post. Cheers.
Such wow. Very scam.
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I think anything that is associated with 'DOGE' would most probably get you rekt for sure whether it's a scam or pure gamble.
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Ok got it, I'll put my life savings into it, thanks
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THIS GUY.
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I was sceptical from the moment I heard about it, so stayed well away!
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