Blockchain developers QED Protocol and Nexus are preparing to launch a layer-2 (L2) scaling solution designed to bring smart contracts to the Dogecoin network, according to a Sept. 26 announcement. 

The planned L2, a zero-knowledge virtual machine (zkVM), aims to “enable the world’s oldest and most popular memecoin network to compete in the smart-contract realm with the likes of Ethereum and Solana,” QED and Nexus said in a statement. 

Dogecoin operates on a proof-of-work (PoW) blockchain network similar to Bitcoin’s but with less computationally intensive transaction verifications and no upper limit on total Dogecoin ( DOGE ) supply. Dogecoin does not support smart contracts. 

Launching a high-throughput zkEVM on Dogecoin will help “to make the world’s foremost memecoin network ‘STRONKer than all the others,’” QED and Nexus said. 

QED, Nexus aim to bring smart contracts to Dogecoin image 0

Source: Dogecoin

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In 2024, the memecoin market became one of the fastest-growing sectors in the crypto space.

Smart contract platforms for memecoins are often highly profitable, with Solana’s Pump.fun surpassing $100 million in revenues in August. 

The Dogecoin zkVM aims to “include tools that empower developers to create a wide variety of high-performance applications on the network that could include everything from decentralized exchanges to NFTs,” according to the announcement. 

Initially launched in 2013 as a satirical commentary on Bitcoin ( BTC ), DOGE now commands a total market capitalization of approximately $17 billion, according to data from CoinMarketCap. DOGE is widely considered the first “memecoin” but is also used for micropayments and tipping. 

QED protocol has already developed a zkVM scaling solution on the Bitcoin network designed to support smart contracts and low-latency transactions. Nexus operates Nexus zkVM, a modular scaling network using zero-knowledge proofs. 

Scaling solutions settling on PoW blockchains such as Bitcoin are proliferating. According to data from DefiLlama, the total value locked (TVL) on Bitcoin’s L2s surged to approximately $1.4 billion in September. 

“What we are doing with Dogecoin can certainly be replicated in other ecosystems… thanks to recent breakthroughs in zero-knowledge technology,” said Daniel Marin, Nexus’ CEO.

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