Timothy Stebbing, a product lead at the Dogecoin Foundation, has highlighted how he thinks the meme lord should evolve in the future. In an X post, Stebbing opined that the age of Dogecoin (DOGE) layer 2 is at hand.
As a result, he has cautioned users to anticipate good and bad changes. Moreover, the introduction of layer two chains on the Dogecoin network will open up floodgates for scammers amongst legitimate businesses.
“The L2s will provide smart contracts, new mechanisms for payment, identity systems, tokenization of real-world assets.. an entire ecosystem, a new financial system will be born here,” Stebbing noted.
Stebbing highlighted that the L2 chains on the Dogecoin network work together and embrace competition through open protocols.
“Build open protocols, collaborative and welcome.. then innovate and win via your points of difference, stand above the crowd on your merits, but lift others up with you,” Stebbings concluded.
Impact on Dogecoin Network
The meteorite growth of the Ethereum (ETH) network is heavily influenced by its layer two networks led by Base and Arbitrum. The introduction of Layer 2 chains on the Dogecoin network will be a huge game changer on the dog-themed memecoin.
Moreover, institutional investors will seamlessly tokenize real-world assets led by stablecoins, which will significantly improve the memecoin’s liquidity and utility.
The introduction of the L2 chains on the Dogecoin network may influence a shift towards the proof of stake (PoS) from its current proof of work (PoW) consensus method. Moreover, the Ether core developers have proved that the PoS is more cost-efficient and still secure for optimizing DeFi developments at scale.
