DogeOS opens Ethereum-compatible test network for DOGE applications

DogeOS opened a public test network on Wednesday for Ethereum-style trading, lending and other applications using DOGE. The network aims to give Dogecoin holders ways to use their coins beyond payments and price speculation. The network is Ethereum-compatible, allowing developers to build applications with familiar software. The trial uses test DOGE to pay transaction fees. Projects are developing lending services, trading platforms and a cryptocurrency-backed stablecoin. DOGE has a market value of about $13 billion, yet most of it sits in wallets or changes hands on exchanges. Lending, borrowing and trading applications could give holders another reason to keep DOGE. Dogecoin itself can move DOGE between wallets but cannot run a lending service or exchange. DogeOS runs those applications on a separate system and lets users bring their DOGE across, requiring users to trust that system's records. DogeOS plans to support that trust with mathematical proofs showing that the system followed its rules. DogeOS eventually plans for Dogecoin's own network to check those proofs. DogeOS has not set a mainnet launch date. Weak Dogecoin ETF inflows and the decline of earlier memecoin application networks raise questions about demand.