The Polygon Edge-based Dogechain locks nearly $5 million in liquidity and is gaining prominence among retail crypto traders.

Dogecoin prices have surged this week following retail interest in Polygon Edge-based network Dogechain, a bridge that allows traders to convert dogecoin (DOGE) to weighed dogecoin (wDOGE) and allows them to use tokens, non-fungible tokens (NFT) and products built on the network.

Dogechain is built on Polygon Edge, which lets the project bootstrap a new blockchain network while providing full compatibility with Ethereum smart contracts and transactions, according developer documents.

DOGE prices rose some 10% in the past 24 hours even as the broader crypto market remained largely flat. This added to a 25% increase over the past week, CoinGecko data shows, and is currently seeing resistance at the $0.088 price level.

Part of the price movement in dogecoin has arisen from user demand for DOGE tokens, which are used for bridging over to Dogechain. Dogechain – which touts itself as a layer 2 for dogecoin – uses dogecoin as the platform’s base trading token and as payment for fees on its network.

Dogechain is also set to airdrop its own DC token to users of the platform, its site shows. “The dogechain team is preparing to airdrop millions of $DC tokens to the Dogecoin community,” developers said. CoinDesk hadn’t replied to requests for comment at time of writing.

Some Crypto Twitter users have speculated that users who bridge their dogecoin to Dogechain will be recipients of the airdrop. This has further increased short-term demand for dogecoin.

The Dogechain bridge is raking in money from retail traders betting on short-term price movements of the dog-themed tokens, many of which contain “doge” or “shib” in their names. Most of these tokens are speculative in nature, however, and do not showcase a legitimate use case.

Data from on-chain trackers shows some $4.6 million in value is now locked on Dogechain-based products since its launch earlier this week. Over 97% of that is locked on Dogechain-based exchange DogeSwap alone, the data shows.

Dogechain developers said Wednesday that the network had seen over 480,000 unique transactions and some 58,000 native wallets since the network’s creation earlier this week.

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Polygon Edge, a gas-free and easy to access scaling service targeting business users, was unveiled at Ethereum’s annual community gathering in Paris.

Bringing the long-awaited convergence between public and private blockchains a step closer, enterprise Ethereum platform Kaleido is teaming up with Polygon, the popular scaling service.

Unveiled on Thursday at Ethereum’s annual community gathering in Paris, EthCC, Polygon Edge offers businesses a user-friendly, cloud-based system connected to the Ethereum mainnet. Polygon Edge offers companies a choice of high to zero gas fee models, depending on the transaction requirements.

Historically, blue chip companies have looked to create private blockchains to keep control of their data and stay within existing regulations. However, these firms are now being drawn to the transparency of public chains, driven by the growing interest in Web3, decentralized finance (DeFi) and non-fungible tokens (NFTs).

“We’ve been saying for years the enterprise blockchain segment, that popped up in 2015, would come together with these public ecosystems,” Kaleido founder Steve Cerveny said in an interview. “Now we are seeing enterprise NFTs that are references to digital twins and real world things and all kinds of utility being created and happening now in 2022.”

Polygon is developing a whole range of clever overlay and side channel systems to make Ethereum, with its congestion and high gas costs, fast and affordable. But an additional scaling layer is required, which Cerveny calls “app-chains.” This is a kind of dedicated blockchain for an application, he said, that comes with additional choices out of the box when it comes to intuitively bridging Ethereum.

For example, if an enterprise customer wants to set up a stablecoin, that might require high gas fees on the Ethereum mainnet to some extent, Cerveny said. A second tier of transactions could use the Polygon mainnet and would incur a smaller fee, he noted. Then there are a large percentage of use cases and transaction loads that need to be zero gas fees, he added.

“We are bringing along a framework that offers the power to choose. It’s as simple as a different flag on the API to choose a super-special transaction, or something very high volume with a different mix of security and decentralization,” Cerveny said. “Making it that simple to build on really does unlock a lot more zeros in the scaling equation.”

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