Launching a new token on popular blockchains has numerous merits, contrary to popular opinion. Existing blockchains, for instance, Ethereum and Binance Smart Chain, have a known structure the new coin will fit into, reducing the need for a whole new blockchain model. Also, the new currency has access to the blockchain’s inherent features, which are an extensive range of DeFi tools on Ethereum’s blockchain and faster transactions on the BSC. New memecoin Dogeliens (DOGET) aims to upend its Ethereum-based counterparts, Shiba Inu (SHIB) and Enjin Coin (ENJ), in its rise to the top through its utility-based protocol and giveaway contest. Read on to discover more.
Shiba Inu (SHIB)
Shiba Inu (SHIB) is one of the top-rated meme coins on the cryptocurrency market. It was released in 2020 to provide some competition for Dogecoin at the time, and although it has been delivering, experts tout that it is still operating way below its potential.
Shiba Inu (SHIB) is a community-owned project, and while it’s not DAO yet, the community calls the shots concerning the token’s operations. It was launched by an anonymous developer Ryoshi and numbered about half a quadrillion tokens at launch. Shiba Inu (SHIB) is based on the Ethereum network, where its users can access the various DeFi tools and web3 solutions that the blockchain offers.
Shiba Inu (SHIB) has a decentralized exchange platform, Shibaswap, which functions like other DEXs to provide coin swap options for traders. The network also has an NFT incubator, a platform for users to generate NFTs, but there is no marketplace to sell them.
Shiba Inu (SHIB) currently sells for $0.0000121 CoinGecko.
Enjin Coin (ENJ)
Enjin Coin (ENJ) is one of the most Ethereum-based tokens in the cryptocurrency market. It helps businesses and individuals to use NFTs more efficiently by adding real-life value to the minted NFTs.
Enjin Coin (ENJ) runs on a proof-of-work protocol, where miners are the reliable sources of the token. The platform has some software programs that make NFT trade and blockchain gaming more exciting and safer. Users can have their in-game currencies in a single decentralized wallet, allowing them to level up quickly in the games. This feature is made possible by the payment gateway systems; it will enable the transfer of game assets from the game’s centralized wallet to the user’s account, which can be used in other game modes or converted to other currencies.
Enjin Coin’s significant contribution to DeFi is in the NFT sector. The platform allows users to create NFTs and define them under the same standards as regular tokens. Enjin Coin (ENJ) depicts all its tokens under the ERC-1155, a more versatile variant than ERC-20 or ERC-721.
Once minted, NFTs are defined under this standard and bound to smart contracts for security. Afterward, the platform locks some ENJ tokens along with the NFT, giving it real-life value. This ensures that the NFT stays within the real-world value locked in with it.
ENJ is available on CoinMarketCap for $0.465.
In contrast to Shiba Inu (SHIB) and Enjin Coin (ENJ), Dogeliens is built on the Binance Smart Chain instead of the Ethereum blockchain. The advantages of launching on BSC are faster transaction processing and easy scalability. The chain also requires minimal gas fees for operations on the network.
Dogeliens (DOGET) has been gaining a massive following in the cryptocurrency market recently. Consequently, the developers have decided to launch a giveaway contest, where users with over $20 worth of DOGET are eligible to win rewards from a $10,000 reward pool. The giveaway ends in about three weeks, so users are encouraged to participate in the contest.
Dogeliens’ (DOGET) protocol is a highly competitive, feature-packed one that plans to keep users engaged for years, with frequent upgrades along the way. The features include a Metaverse space for gaming and peer-to-peer interactions, a virtual learning platform to promote DeFi literacy among the community’s members, and an NFT store for purchasing customized tokens directly from the developers.
The Dogeliens (DOGET) platform also plans to encourage education in underdeveloped countries worldwide through its charity work. Funding for such projects will come from the tax levied on every transaction.
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