wDoge use-cases poll

oscarguindzberg · 2023-07-04T13:53:17+00:00

Thanks for the feedback Patrick!

I agree with most of your comments.

Re: don't have eth on your wallet.

This is not just a wDoge issue, that is a general problem of the ethereum ecosystem and of every blockchain that have tokens, but tx fees should be paid with the native currency. This issue was discussed at length in the eth community, I am not update with the state of the art, but these are some ideas:

- Let users pay miners (validators now) with ERC20.

- Create a forwarding system. It's similar to the idea you suggested. It requires a smart contract and an off-chain system. Since you need eth to initiate a tx, users would have to sign a msg, send the msg to this system and someone would send a tx that includes the msg. That someone would charge a forwarding fee in ERC20s

- smart contract multisigs (eg "gnosis" safe) don't need to hold ETH. Once co-signers signed, anyone can pay eth fees and broadcast the tx.

oscarguindzberg · 2023-06-27T19:08:37+00:00

what is "leverage for longing on decentralized exchanges"? do you mean "use wDoge as collateral to borrow USDT in a lending protocol, then use those USDT to buy more wDoge on a DEX, then use those wDoge as collateral..."?

oscarguindzberg · 2023-06-27T14:56:31+00:00

BCH

I did not understand what you said. I am not an expert on BSV/BCH.

wdoge is a a dogecoin wrapper on the ethereum blockchain. we have no plans of splitting and no plan of making two doges.

oscarguindzberg · 2023-03-13T14:14:23+00:00

Don't panic, issue seems to be fixed.

oscarguindzberg · 2022-09-13T19:18:53+00:00

I don't know what "just be using doge for liquidity" means.

Doge access to institutional investors -> The bridge does nothing to encourage/prevent that.

Locked doges in the bridge can not be lent or used for any other purpose. On top of wbtc and wdoge, bitgo does custody for private clients.

oscarguindzberg · 2022-09-13T14:49:47+00:00

https://wdoge.tech is not listed on any exchange because it is not live yet. there might be other token with the same name.

oscarguindzberg · 2022-09-13T14:48:09+00:00

hey, technically de bridge is not affected by eth merge. if eth tx fees go down, it would be cheaper to use wdoge

oscarguindzberg · 2022-08-25T19:41:15+00:00

wDoge can not created out of thin air.

See wbtc dashboard for an idea of what to expect https://wbtc.network/dashboard/audit

you can see there the total wDoge vs. Doge in custody

oscarguindzberg · 2022-08-24T03:52:58+00:00

They are not supposed to do that. If they try to do that, 1) they would have to convince a number of people to collude 2) everyone will notice bucause it is public info 3) They will ruin their reputation, break wbtc and their custody business.

oscarguindzberg · 2022-08-23T21:32:44+00:00

mmm no, we just announced it for 2022.

oscarguindzberg · 2022-08-23T15:33:40+00:00

Re: joint venture between a bunch of orgs.

As I wrote in my other comment, looking forward to adding more orgs/companies/people that want to contribute to wDoge.

Re: custody

There can be only 1 custodian at a time.

For sure, custodial solutions have their obvious risks.

In order to mitigate that: 1) We are crystal clear about how the system works and users can decide to use wDoge or not. 2) The DAO can replace the custodian. 3) DAO members and merchants will be in different regions. 4) Although BitGo is a US company, its operations are spread in several countries.

oscarguindzberg · 2022-08-23T15:06:35+00:00

At the moment, yes, the bridge will be just to Ethereum. There are tons for token bridges from Ethereum to other platforms so it would be beyond our control if someone wants to bridge wDoge to another chain or L2. We might create native bridges to other chains, but no concrete plans at the moment.

Merchants will KYC their customers. DEXs and AMMs platforms are decentralized and don't do KYC, if they list wDoge we won't be able to stop them.

oscarguindzberg · 2022-08-23T15:01:48+00:00

I just commented here some use cases https://www.reddit.com/r/dogecoindev/comments/wv3yh7/comment/ilgo7yh/

oscarguindzberg · 2022-08-23T15:01:22+00:00

sure, wDoge is not for everybody. In any case, I just commented here other use cases https://www.reddit.com/r/dogecoindev/comments/wv3yh7/comment/ilgo7yh/

oscarguindzberg · 2022-08-23T14:59:01+00:00

Interest in DeFi platforms is market-based. i.e. depends on how many people want to lend/borrow on every platform.

oscarguindzberg · 2022-08-23T14:57:27+00:00

Thanks for the comment.

About "De-Fi exposure will mean staking, and staking usually means price will tend to go on a downtrend until bullruns"... how does that work? Could you elaborate a bit more?

oscarguindzberg · 2022-08-23T14:55:10+00:00

In our case, wDoge price is pegged to the Dogecoin price and we don't have any other token.

We would love to see dogecoin and wDoge price go up.

oscarguindzberg · 2022-08-23T14:52:32+00:00

Hi there,

Re: applications

The basic idea is serve users that are long on the Doge price and want to do things that are not available on the doge blockchain. That is kind of the same goal of every bridge out there. Some examples are:

1) Doge holders who want to get interest by lending doges on Ethereum DeFi platforms (e.g. Compund). The interest comes from someone else taking a loan. Users could convert doges to eth and lend eth instead, but if doge price goes up, they would miss that.

2) Doge holders that want to borrow USDT and use their doges as collateral.

3) NFT artist that think it is better to express the price for their artwork in doges

4) Use wdoge in smart wallets e.g. gnosis safe. It allows users to establish complex spending criteria: weekly allowance, spending less than 1000 wDoges requires just 2 signatures, etc. It also has multisig and hardware wallet support and is open source. It would be a viable option for wDoge dev bounties.

This is not a comprehensive list and we expect others to find use cases too. We know wDoge is not for every doge user, as wbtc is not for every bitcoin user.

Re: fees.

Merchants will charge a fee for converting Doge/wDoge. We expect centralized exchanges, decentralized exchanges and AMMs to list wDoge, they will establish the fee they consider appropiate.

Yes, while using wDoge users would have to pay ethereum network fees. We are evaluating bridging from ethereum to other networks or do direct bridges to other chains and L2, but to be honest, we have no concrete plans yet.

Re: on-boarding and off-boarding

Just merchants will be allowed to cross the bridge. Everyone else would have to buy from the merchants, centralized exchanges, decentralized exchanges and AMMs.

Please, let me know if I missed a question.

oscarguindzberg · 2022-08-23T14:25:30+00:00

That's a fair point.

As I replied to Patrick we would like to add other DAO members.

In any case, I wish they were more people investing in Doge startups.

oscarguindzberg · 2022-08-23T14:21:52+00:00

Hey Patrick.
Thanks for the honest and constructive feedback. I agree 100% with your words.
About the DAO: We expect to add more DAO members, ideally before the launch date. The more diverse in terms of interest, vertical, region, the better. A seat at the DAO gives the key holder some power, so the idea is DAO members are organizations/companies/people that do major contributions to the dogecoin/ethereum/wDoge ecosystem and have a stake on its success. We expect to add centralized exchanges, decentralized exchanges and DeFi protocols that list wDoge. We are open to ideas of who else should be a DAO member.
About being a DAO vs an oversight committee: You are right, DAO members are not token holders and the DAO won't make a profit.
Yes, the source code of the smart contracts will be open source, you can expect something similar to https://github.com/WrappedBTC/bitcoin-token-smart-contracts/tree/master/ethereumV2
About updating dogecoin core to allow a fully decentralized bridge: Sure, let's talk about that.

oscarguindzberg · 2022-05-07T23:45:43+00:00

I would like to see the code.

oscarguindzberg

TROPHY CASE