Doge Jake

Dear Dogecoin, about the Dogecoin bridge announced on Solana. I see a lot of hype, as we have seen in the past with other bridges. First: this bridge is new (thus NOT mature), it is NOT "native Dogecoin running on Solana", it is not trustless in both directions, it is not free of signer and redemption risk (like any bridge), and it is not unprecedented, even though the technical implementation on the Solana side is quite sophisticated. It is a system which holds native DOGE on the Dogecoin blockchain through a multisig controlled by a group of third-party signers, while issuing a token on Solana which is a redeemable(insofar as the bridge is functioning) representation of those coins inside Solana. This means that when you will bridge your DOGE, you are transferring it from your wallet to a Dogecoin address whose funds can be moved by the bridge's designated signers. You are effectively giving away direct ownership of that DOGE and trusting that the system controlling redemption will continue to function correctly when you want your native DOGE back. At the same time buying and holding the "DOGE" token on the Solana network (e.g. through some of the platforms that have already implemented it) is NOT the same as holding native onchain Doge: what you are holding is ONCE AGAIN basically an IOU, with all the risks coming from it. As I said about other bridges in the past - some of which eventually failed catastrophically, while others simply were shut down - I would not put through this bridge any amount of DOGE I would be unhappy to lose access to. I have used bridges in the past, as many of you might remember, but always with the idea that my DOGE was at risk or even as good as lost. Bridges always involve a certain level of complexity and a certain but variable (depending on implementation) degree of delegated trust, which makes them inherently risky - even more so in an industry as immature as this one. It's not a problem to use these bridged wrapped assets with pocket money, if you want to play in a casino and you really want to hold something linked to the value of the original native assets. But be aware of the risks. About the casino part: this is mostly yet another mechanism allowing the Solana ecosystem - already one of crypto's largest and most aggressive speculative casinos - to draw liquidity out of other markets and into its own DEXes, pools, lending platforms and token factories. It is an ecosystem which is controlled and manipulated in a very capillary manner by a few selected entities and sophisticated (and at the lower end, not so sophisticated) market makers all the way down to the lowly KOLs (most of them employees, by now) you see everywhere spamming threads on CT. The SOL ecosystem is constantly hungry for more liquidity, and it routinely hosts "black hole" liquidity events (see: Trump coins) where people lose their pants. Just understand what you are doing, and please do not confuse a sophisticated bridge (on SOL side) with native Dogecoin, or a redeemable token on another network with DOGE sitting safely in your own wallet. An important question for @sunrise: since both the native DOGE held by the bridge and the DOGE issued on Solana live on public blockchains, users should be able to independently verify the bridge's 1:1 backing at any moment. I would like Sunrise/Wormhole to publish the production custody configuration and a public proof-of-reserves monitor that makes this trivial to check. I am testing a solution locally but it would be good to have a system that is crystal-clear to monitor this.

Are you guys seriously retweeting Upshod right now only because he is friendly with you? You should be well aware of the damage he did during the past cycle, which affected many newbies to crypto who had trusted him. Be careful, for the sake of all newbies following you!!! @dogecoin reaches so many people, and it should be used with much more care than this.

Dear Dogecoin, a response from Patrick Lodder to the accusations contained in the post by the director of the Dogecoin "Foundation", a private company building solutions for Dogecoin. Needs some visibility as Patrick is not on X anymore. A good read, especially the precision of the letter linked to within the response: gist.github.com/patricklodde…