All you need to know about DRC-20

What is DogeChain?

DogeChain was launched on August 1, 2022, and created by Dogecoin holders as a fully community-driven project. Serving as an EVM layer-2 network built on Polygon Edge, DogeChain addresses the limitations of the Dogecoin network by not supporting smart contracts. It enables developers to build compatible Ethereum Virtual Machine (EVM) blockchains, mint NFTs, create tokens, and host decentralized applications (DApp). Additionally, DogeChain can integrate into DeFi protocols like Uniswap and SushiSwap, enhancing the scalability and $DOGE liquidity of the Dogecoin ecosystem.

With the rise of DRC-20, trading volume on DogeChain has surged. The massive and cohesive community strength of Dogecoin is also an essential foundation for the consensus formation of DRC-20. Combined with the endorsement of top influencer Elon Musk, Dogecoin’s marketing power is undeniable. Dogecoin enjoys a pricing advantage compared to other tokens, with its low unit price enabling online and offline circulation. Currently, over 1,500 merchants accept Doge as payment.

What is DRC-20?

With an understanding of DogeChain, let’s now look at DRC-20. Currently, Dogecoin has two different protocol standards for inscriptions: Doginals and Cardinals. The developers of Dogewow’s DogeChain have implemented the Cardinals protocol, where the smallest unit is defined as “elon,” with 1 Dogecoin equaling 100,000,000 elons. Doginals, released in February 2023, is the earliest and closest version to the BRC-20 standard on the Bitcoin network.

The DRC-20 protocol inherits the technical features of BRC-20 and, to some extent, addresses the issues present in the BRC-20 protocol, enhancing decentralization and improving transaction efficiency. Additionally, the minting fees for DRC-20 are much lower than BRC-20, which has attracted numerous users to participate.

The Features of DRC-20

• Low Minting Fees: Dogecoin has a low price, and the cost of minting transactions on the network is much lower than on other networks. Using DRC-20 to issue new tokens is cost-effective, approximately 0.1 $DOGE per token (as of the time of writing, 1 $DOGE is priced at $0.16).
• Fast transaction speed: The DogeChain network processes transactions quickly. It is backed by a strong Dogecoin community, and its Meme properties easily trigger FOMO (Fear Of Missing Out), further enhancing token liquidity.
• High Security: DRC-20 ensures high security by recording transactions on the ledger, with ledger information stored on the DogeChain. Additionally, transactions occur on the Dogecoin chain to ensure the security of user assets. Furthermore, DRC-20 employs the more secure Keccak-256 encryption algorithm, while BRC-20 uses the SHA-256 encryption algorithm. SHA is derived from the Keccak standard.

The difference between DRC-20 and BRC-20

Compared to the previously popular BRC-20, although still in its early stages, DRC-20 has already demonstrated its natural advantages on DogeChain:

• More Efficient: Deployed on the Dogecoin network, DRC-20 benefits from the natural advantages of DogeChain, such as low gas fees and fast transaction speeds. It also inherently possesses meme attributes and boasts a large community user base. In contrast, the infrastructure of the Bitcoin network supporting BRC-20 is less robust, with greater development challenges. High gas fees, slow transaction speeds, and various address types on the Bitcoin network significantly limit user participation. With the minting of DRC-20 tokens, transaction volume on the DogeChain continues to increase, and the price of $DOGE tokens has risen to new highs in recent years.

• Enhanced Security with UTXO Model Support: Unlike BTC and LTC, only Dogecoin can implement the Unspent Transaction Outputs (UTXO) model. The support for the UTXO multi-signature mechanism in the DRC-20 standard primarily aims to prevent double spending, providing users with stronger privacy and security for their assets.

How to Participate in the DRC-20 Market

Although the infrastructure of Dogecoin is quite well-established, the DRC-20 market is still in its early stages. Below, we have compiled some essential tools and guidelines for participating in the DRC-20 market.

DRC-20 Wallet

To purchase DRC-20 assets, the first step is choosing a wallet. Users need to select a wallet compatible with the Bitcoin network. Currently, there are many Dogecoin wallet products available that support Dogechain asset listing, purchasing, and transferring, including popular options like Unielon and DPal Wallet.

Unielon

Unielon provides a decentralized and secure ecosystem interaction platform for the Dogecoin ecosystem, offering expansion wallets for Dogecoin, DRC-20, and Oardinals. It is worth noting that Unielon is deployed on the ETHW chain.

After registering a wallet, users can transfer their Dogecoin from centralized exchanges to the wallet address and then participate in the entire Dogecoin ecosystem. Unielon supports users in inscribing DRC-20 inscriptions, inscription transfers, NFTs, and Swaps. The Swap and staking functions are also very smooth, and the transaction fee will be reduced to 0.3%, and all of it will be given to the LP. In addition, Unielon also has its platform token, $UNIX.

DRC-20 Webpage](https://unielon.com/drc20

DPAL Wallet

DPAL Wallet is a plugin wallet explicitly designed for Dogecoin, which helps Dogecoin Web developers integrate the Dogechain more conveniently, quickly, and securely. It supports DRC-20 wallets, inscription, viewing wallet balance, and inscription transfer functions. To avoid abuse caused by low costs, the wallet sets the minimum change to 0.05 DOGE, which greatly improves the security and stability of the Dogecoin network. If you have registered a Unielon wallet before, you can only use it by importing the wallet to DPal through the private key.

DPAL Wallet Official Website

Mint and Query of DRC-20 Inscriptions

Before participating in minting, first, determine which DRC-20 inscriptions can be minted. DRC-20, like BRC-20, has its own representative token. BRC-20’s representative token is $ORDI, while the representative token on DRC-20 is $DOGI. As the leading token on DRC-20 and the first token based on the DRC-20 standard, its minting volume has exceeded 100%, indicating that all minting has been completed. The popular token $FIWB has over 45k holders. Unlike $DOGI, $FIWB is designed for utility, supporting payment for goods transactions on DogeChain. In addition, $FIWB’s burning mechanism makes the token supply increasingly scarce, and its price has repeatedly reached new highs.

Mint DRC-20

One of the mainstream methods of minting DRC-20 is to mint directly from the wallet. Take Unielon as an example. Click on the DRC-20 column to view the current popular DRC-20 tokens. Select Mint, enter the tick and amount, and the address to receive the DRC-20.

DRC-20 Mint Interface](https://unielon.com/inscribe

Dogex

Dogex is a comprehensive platform for Dogim market data and trading information developed by independent developers. It is relatively decentralized, and users can view the transaction and holding status of their favorite tokens through the platform.

Before using Dogex, you must first register a DPal wallet. Once the wallet is connected, you can directly trade on Dogex. The trading process is smooth, and the user experience is similar to Uniswap. This product is also the first to implement the Swap function in its public version. However, it’s important to note that its Swap function does not currently support slippage settings, which could potentially result in higher purchasing prices.

Dogex Swordpool Interface

DRC-20 Marketplace

After learning how to purchase and mint DRC-20 tokens, let’s introduce several commonly used DRC-20 marketplaces.

OrdiFind

OrdiFind is the first exchange to support DNS Dogecoin domain trading. Its core function revolves around assisting users in exploring and understanding inscriptions on Doge Ordinals, providing a comprehensive database and detailed information about inscriptions. The platform’s native token, $OIFI, can also be utilized within the OrdiFind marketplace for purchasing goods. Additionally, loyal platform users have the opportunity to receive token rewards.

OrdiFind Official Website](https://ordifind.com/marketplace

Doginals Trading Platform / Wallet

Doginals is currently the largest exchange for DRC-20 in terms of trading volume and liquidity. DogeLabs Wallet, the official wallet of Doginals, is designed to provide a secure trading environment for DRC-20 holders. The DogeLabs Wallet is fully compatible with DRC-20 and Doge NFT and supports DRC-20 Mint, Launchpad, and ranking of popular DRC-20 inscriptions, among other integrations within the Doginals ecosystem. This comprehensive integration empowers users to manage their Dogecoin and Doginal assets effectively.

Doginals Official Website](https://drc-20.org/marketplace?type=DOGINALS

Doggy

Doggy is the first publicly accessible market for trading Dogemap and DRC-20. It is also one of the most active markets for Doginal protocol trading, with its primary focus currently on Dogecoin NFT trading. Popular Ethereum network NFT series such as Dogecoinpunks, Dogecoin Bored Ape, Dogemaps, and World of Olws have all been listed on the Doggy market under the DRC-20 standard. Moreover, Doggy has achieved decentralization and openly shares its indexer data. Users can search for an inscription ID or number, regardless of whether it appears on the market list.

Doggy Official Website](https://doggy.market/）

How to Purchase DRC-20 Tokens

Currently, the leading DRC-20 tokens, such as $DOGI popular tokens like $FIWB, $DOGEL, etc., all have a market value exceeding 1 million USD. If you want to acquire DRC-20 tokens, you can purchase them through a cryptocurrency exchange. For example, the reputable Gate.io exchange has already listed $DOGI. All you need to do is create a Gate.io account, complete the KYC process, fund your account, and then you can directly purchase $DOGI tokens.

Conclusion

Although the Dogecoin ecosystem has been steadily developing, the fact that Dogecoin experiences yearly inflation means its purchasing power is affected. As a purely speculative meme coin, Dogecoin’s codebase is essentially no longer being actively developed. While other networks aggressively expand their ecosystems, the popularity of Dogecoin may suffer.

Introducing the DRC-20 standard into the Dogecoin ecosystem has broadened the scope for ecosystem development. It enables developers to create new projects, adding value to the Dogecoin ecosystem. Furthermore, DRC-20 increases Dogecoin’s influence, enhances its utility, and boosts its circulation, trading volume, and activity.

In summary, DRC-20 has, to some extent, addressed the limitations posed by Dogecoin’s lack of support for smart contracts, bringing new possibilities to the Dogecoin network. Hopefully, this could stimulate further development within Dogecoin’s ecosystem in the future.