QED, Nexus aim to bring smart contracts to Dogecoin

Blockchain developers QED Protocol and Nexus are preparing to launch a layer-2 (L2) scaling solution for the Dogecoin network, enabling smart contracts.

The L2, a zero-knowledge virtual machine (zkVM), aims to "allow the world's oldest and most popular memecoin to compete with Ethereum and Solana in the smart contract arena," QED and Nexus stated.

Dogecoin operates on a proof-of-work (PoW) blockchain like Bitcoin but with less computationally intensive transaction verifications and no supply limit. It currently lacks smart contract support.

QED and Nexus believe the zkEVM on Dogecoin will enhance the network's capabilities.

Source: Dogecoin

The memecoin market has experienced rapid growth since 2024. Smart contract platforms for memecoins have proven profitable, such as Solana's (SOL) Pump.fun generating over $100 million in August.

The Dogecoin zkVM "will include tools that empower developers to create a variety of high-performance applications on the network, ranging from decentralized exchanges to NFTs," the announcement states.

Launched in 2013 as a parody of Bitcoin, DOGE now has a market capitalization of approximately $17 billion, according to CoinMarketCap. It is the original "memecoin" and is also used for micropayments and tipping.

QED has developed a zkVM scaling solution for Bitcoin to support smart contracts and low-latency transactions. Nexus operates Nexus zkVM, a modular scaling network based on zero-knowledge proofs.

Scaling solutions for PoW blockchains like Bitcoin are increasing. DefliLlama data shows the total value locked (TVL) on Bitcoin's L2s reached approximately $1.4 billion in September.

"What we are doing with Dogecoin can certainly be replicated in other ecosystems... thanks to recent advancements in zero-knowledge technology," said Nexus' CEO, Daniel Marin.