Timothy Stebbing, a product lead on the Dogecoin Basis, has highlighted how he thinks the meme lord ought to evolve sooner or later. In an X publish, Stebbing opined that the age of Dogecoin (DOGE) layer 2 is at hand.
Consequently, he has cautioned customers to anticipate good and dangerous adjustments. Furthermore, the introduction of layer two chains on the Dogecoin community will open up floodgates for scammers amongst reputable companies.
“The L2s will present good contracts, new mechanisms for fee, id methods, tokenization of real-world belongings.. a complete ecosystem, a brand new monetary system might be born right here,” Stebbing famous.
Stebbing highlighted that the L2 chains on the Dogecoin community work collectively and embrace competitors by means of open protocols.
“Construct open protocols, collaborative and welcome.. then innovate and win by way of your factors of distinction, stand above the gang in your deserves, however elevate others up with you,” Stebbings concluded.
Affect on Dogecoin Community
The meteorite development of the Ethereum (ETH) community is closely influenced by its layer two networks led by Base and Arbitrum. The introduction of Layer 2 chains on the Dogecoin community might be an enormous recreation changer on the dog-themed memecoin.
Furthermore, institutional traders will seamlessly tokenize real-world belongings led by stablecoins, which can considerably enhance the memecoin’s liquidity and utility.
The introduction of the L2 chains on the Dogecoin community could affect a shift in the direction of the proof of stake (PoS) from its present proof of labor (PoW) consensus methodology. Furthermore, the Ether core builders have proved that the PoS is extra cost-efficient and nonetheless safe for optimizing DeFi developments at scale.
