Loopring said that meme cryptocurrency Dogecoin (DOGE) is now available on Ethereum Layer-2 via renDOGE (RENDOGE), noting that the move is in line with Ethereum (ETH) co-creator Vitalik Buterin’s suggestion.
What Happened: Loopring, an Ethereum Layer-2 scaling protocol, said on Twitter that deposits are now open for liquidity provider tokens for the renDOGE-Ethereum pair.
Deposits are now open for LP’s for renDoge / ETH pair
— Loopring (@loopringorg) June 14, 2021
Ethereum’s Layer 1 can handle about 15 transactions per second, while some Layer 2 projects are able to ramp it up to 4,000 transactions per second.
See Also: How to Buy Dogecoin (DOGE)
renDOGE is a one-for-one representation of Dogecoin on Ethereum’s blockchain. It was launched in January by Ren, an open protocol that works to enable the movement of value between blockchains. The Open Ren Doge decentralized application or DApp allows people to mint and burn DOGE on Ethereum.
Why It Matters: Buterin said earlier this month that he loves Dogecoin and suggested collaboration between the Shiba Inu-themed cryptocurrency and Ethereum for scalability.
“If Doge wants to somehow bridge to Ethereum and then people can trade Doge thousands of times a second inside of loopring, that would be amazing,” Buterin said.
The Ethereum co-creator had noted in a blog post last month that Tesla Inc. CEO (NASDAQ:TSLA) Elon Musk’s vision for Dogecoin may encounter technical roadblocks, noting that there were important but “quite subtle” technical factors that limit blockchain scaling.
Price Action: Ethereum is down 3.3% during the past 24 hours and is trading at $2,455.51 at press time, while Dogecoin traded 1.7% lower at $0.3134.