A newly introduced application layer of the Dogecoin blockchain, DogeOS, has reportedly raised $ 6.9M in funding. Flow Traders was led by Polychain Capital, known for backing crypto and blockchain companies. The funds will go toward expanding and launching DogeOS, including application development, developer tooling, and ecosystem partnerships.
As reported byDecrypt, the DogeOS team is the same team that created MyDoge, a Dogecoin wallet with over 500,000 users. Designed for developers to build applications across Artificial Intelligence, Gaming and Decentralised Finance (DeFi), the platform provides the means for creating various applications. With this infrastructure in place, Dogecoin holders can use their Dogecoin on-chain for a wider variety of use cases beyond peer-to-peer transactions.
“Dogecoin is traditionally seen as a digital asset built around fun and with limited use cases. With DogeOS, we are taking a step toward scaling out Doge’s practical use via native DOGE applications and yield opportunities. The application layer will support yield farming, stablecoin integration, and other decentralized financial tools on the Dogecoin network,” the company explained in a press statement.
This development aims to allow Dogecoin’s roughly 10 million holders to engage more structuredly. DogeOS empowers decentralized apps (dApps) and financial services and helps transition from mostly a speculative asset to a utility-based digital currency.
The funding will also enhance the developer experience on the Dogecoin blockchain. This comprises functionality and integration rollout for the creation of decentralized applications. X native applications and tools will be DogeOS-supported applications and tools geared towards current trends like artificial intelligence and DeFi.
The goal is to match the community mentality and provide a technological base for sustainable growth. Dogecoin is a platform that can serve a variety of applications, stimulating developers’ interest and resulting in a continuous growth of activity on the blockchain.
