DogeChain, a popular Dogecoin transaction management platform, announced its closure on June 1, 2024.
The platform urges users to swiftly transfer their DOGE tokens to other wallets and secure their private keys before the shutdown.
Closure of Dogecoin (DOGE) wallet announced
The announcement on the DogeChain website marks the end of a crucial service within the Dogecoin community. This platform has been essential for storing, sending, and receiving Dogecoin for several years.
Indeed, it was more than just a DOGE wallet; it was an integral part of the Dogecoin ecosystem. Operating on the Ethereum Virtual Machine (EVM) and powered by Polygon (MATIC), DogeChain provided a layer 2 scaling solution.
This setup facilitated faster and more cost-effective transactions and expanded access to NFTs, blockchain-based games, and DeFi services for Dogecoin holders.
Now, the platform advises users to swiftly move their assets to avoid any potential loss.
“Ensure you transfer your DOGE from DogeChain.info (only use the .info domain!) by June 1. Also, keep a copy of your private keys if you continue to use these addresses, as this will enable you to recover any funds accidentally sent or received in the future,” Dogecoin developer Mishaboar tweeted.
The decision to close the platform was part of a collective step forward, enabling the Dogecoin community to embrace newer, more reliable, and decentralized platforms. However, Kadan Stadelmann, CTO at Komodo, believes that this incident reflects the challenges faced by third-party wallet providers.
“While the news has been shocking and disappointing for many, this is actually a great opportunity for the Dogecoin community to control their own assets through self-custody methods, which include hardware and paper wallets. Of course, self custody is not perfect as one must choose a reliable hardware wallet or software wallet that allows you to have full control over your private keys,” Stadelmann told BeInCrypto.
As the June 1 deadline approaches, all DogeChain users must act swiftly to secure their assets.”
