The number of transactions made on Dogecoin’s blockchain surged ten times higher than the previous average daily volume after the introduction of a new feature that enables developers to issue tokens on the blockchain. As a result, Dogecoin achieved a new record high in daily transaction volume, surpassing all previous levels.
According to data from BitInfoCharts, Dogecoin’s network experienced an impressive surge in transactions on Sunday, with over 645,000 transactions recorded. This momentarily surpassed the transaction volumes of both Bitcoin and Litecoin on that day. However, the transaction volume returned to its previous levels by Wednesday.
Dogecoin’s blockchain has traditionally processed an average of 20,000 transactions daily. However, the recent implementation of the DRC-20 token standard on May 9th has caused an immediate spike in the network’s activity. As a result, Dogecoin’s transaction volume has skyrocketed, breaking records and establishing a new milestone for the blockchain.
The integration of the DRC-20 token standard allows developers to issue tokens on Dogecoin’s blockchain, with network fees paid in DOGE. This adds to the overall value proposition of Dogecoin, opening up potential opportunities for decentralized finance (DeFi) services to be built on the blockchain. This development has widened the scope of Dogecoin’s potential uses beyond just a transactional currency.
Although the integration of the DRC-20 token standard has led to a surge in Dogecoin’s transaction volume, not everyone is thrilled about it. Some critics have expressed concerns that the deployment of DRC-20 may result in network congestion and that it deviates from Dogecoin’s original purpose of being an everyday currency. These criticisms highlight the challenges that any blockchain network may face when introducing new features that could potentially affect its performance and intended use cases.