The Dogecoin community has welcomed its first Layer2 called Laika Network, a side blockchain designed to enable smart contract functionality on the network of the crypto world's most popular memecoin.
The launch of Laika, which was enabled on the Dogecoin mainnet on July 28, represents a step forward in the development and evolution of this blockchain ecosystem.
The new L2 network, Laika Network, is designed to enable interaction with smart contracts, opening the door to a wide range of protocols, decentralized applications and advanced Web3 functionalities on Dogecoin.
The developers of this sidechain highlighted that, through Laika, they seek not only to improve the usefulness of Dogecoin, but also to provide greater speed to transactions, while improving the scalability and programmability of the blockchain network.
This is an important development designed to “propel the Dogecoin ecosystem to new heights of innovation and efficiency,” commented the L2 developers.
Smart contracts come to Dogecoin
Laika Network is the first L2 network deployed in the Dogecoin ecosystem, and its launch marks a significant milestone in the maturation of the network beyond simple memecoin transfers and mining operations.
With Laika Network, blockchain technology developers can now create DApps and smart contracts relying on the Dogecoin network, which will drive innovation and efficiency in the ecosystem.
At the moment, the new blockchain is being implemented gradually, through an iterative release, which will allow the development team to progressively introduce the new features of the main network. Thus, since July 28, blockchain developers can test the basic functions of the L2, while other more advanced ones, such as account abstraction (AA), governance and treasury management (DAO), staking and delegation to validators, among others, will be enabled in the coming days.
The Laika Network testnet launched at the end of May, allowing its creators to test its capabilities in addressing the limitations of the Dogecoin mainnet.
What is Laika Network?
Laika Network is a layer 2 solution that is based on the Dogecoin blockchain. As its developers comment on the network's Litepaper, Laika has been designed to improve the speed, scalability and programmability of Dogecoin, in order to promote this ecosystem towards new horizons.
This new L2 was named “Laika” in reference to the famous Soviet space dog that became the first living being to orbit the Earth.
Thanks to its design and structure, Laika integrates advanced programmability functions into Dogecoin, prioritizing security with all L2 actions verifiable on the blockchain. In addition to this, the L2 also improves the interoperability of Dogecoin within the blockchain ecosystem, seamlessly connecting native Doge assets between L1 and L2 to unlock new possibilities for developers. This means they can seamlessly transfer DOGE between the mainnet and L2, as well as other assets native to the network, such as RDC20 tokens. At this point, account abstraction also simplifies the use of native Dogecoin assets between L1 and L2.
On the other hand, the L2 integrates a blockchain bridge that allows integrate and connect assets from other blockchains, including memecoins like PEPE or WIF. This is in order to build a MemeFi ecosystem within Dogecoin.
Last but not least, Laika's architecture is designed to guarantee developers and users fast transactions and very affordable rates, so the chain can process transactions that are confirmed in 3 to 4 seconds with lower fees than in L1. This, the developers commented, makes Laika an ideal network for micropayments and for applications that demand large volumes of transactions.
The evolution of Dogecoin: DeFi and native NFTs on the blockchain
The race to bring smart contracts to Dogecoin has led to other projects working on similar solutions.
On July 26, the developers of the Qed Protocol solution proposed a new operation code of Dogecoin that would pave the way for DeFi applications and NFTs to be launched natively on the memecoin network.
It is expected that as Dogecoin continues to evolve, the ecosystem will expand further through layer 2 and sidechains, as well as through zero-knowledge technology and NFTs.
The launch of Laika Network is just the beginning of a new era for Dogecoin, in which the network will become a mature and vibrant ecosystem with a wide range of decentralized applications and advanced functionalities, beyond memecoin transactions.
At the close of this edition, the DOGE price is $0,126 dollars, showing a slight increase of 0,77% in the last 24 hours.
