Understanding Dogepad in One Article: The First Token Launch Platform on DRC-20

Author: DogePad

1. Market Background

1. DRC-20

DRC20 is a standardized protocol for fungible tokens based on the Cardinals protocol. Currently, besides BTC and LTC, only Dogecoin can implement the UTXO model. The protocol was officially released by the Dogecoin community Dogewow on May 9. In Dogecoin, the smallest indivisible unit is defined as "elon," where 1 Dogecoin = 100,000,000 elons. As a new experiment on the Cardinals protocol, DRC20 aims to explore the potential for asset tokenization on the Dogecoin blockchain. Currently, wallets and protocols play important roles as rule makers and consensus promoters.

2. Cardinals Protocol

The Cardinals protocol is a system for numbering elons, where each elon has a serial number that increases in order of mining. These serial numbers are referred to as "Cardinals." Cardinals give each elon a unique identity, while the act of inscribing text, images, audio, and video files onto elons is called "inscription." All files inscribed on elons are collectively referred to as Cardinals NFTs, primarily consisting of images and text, similar to the Ordinals protocol.

3. Unielon

Unielon is an open-source Chrome extension wallet designed specifically for Dogecoin, Cardinals, and DRC-20 tokens. Unielon provides users with a seamless experience, allowing them to easily and securely store and transfer digital assets.

4. Core Advantages of DRC20

The DRC20 protocol inherits the technical characteristics of BRC20 and addresses some of the issues faced by the BRC20 protocol, achieving a higher degree of decentralization and improving transaction efficiency.

First, the DRC20 protocol ensures absolute security of assets by putting the ledger on-chain. In contrast, the current inscriptions ledger of BRC20 tokens is centrally stored by wallets. It is important to clarify that the ledger and transactions are two different concepts. BRC20 transactions occur on the BTC chain, while ledger information is stored in the wallet's database. The parsing and indexing rules of the ledger are determined by the wallet, and if not indexed according to the wallet's rules, the corresponding inscription information cannot be found. For example, if not indexed according to Unisat's rules, the inscription information under Unisat's rules cannot be found.

Regarding the Unisat platform, it is essentially a simplified DeFi platform and not fully decentralized. In practice, users authorize BTC to Unisat, which handles the inscription operations on their behalf. However, this authorization also carries certain risks. Although malicious actions do not affect the user's balance, there are still inherent risks.

The DRC20 inscription ledger will be placed on the ETHF chain, while transactions occur on the Dogecoin chain. Even if the wallet is lost, users can still find the corresponding inscriptions, ensuring absolute security of assets through this on-chain method.

Secondly, the DRC20 standard features fast transaction speeds and low fees, which are more conducive to the development of applications. To achieve long-term development goals, BRC20 needs to continuously improve the DeFi ecosystem, such as introducing stablecoins and oracle functions. However, high Gas fees directly limit the participation of new users. Currently, as users mint DRC20 standard tokens on the Dogecoin chain, the daily transaction volume on the Dogecoin chain has surged, setting historical highs and even surpassing Bitcoin and Litecoin at times. The speculative frenzy surrounding the BRC20 token standard has gradually spread to the Dogecoin chain.

Additionally, regarding the UTXO model, only Dogecoin can implement this function besides BTC and LTC. BTC, LTC, and Dogecoin are cryptocurrencies without smart contract functionality, allowing developers to create various programmable tokens and financial products. However, the difference is that DRC20 tokens have a broader user base, and DRC20 inherently possesses "meme" attributes, which is precisely where the opportunity for development lies.

As one of the currently popular protocols, DRC-20 is rapidly developing its ecosystem. After the official wallet Unielon went live, the first decentralized token launch platform on DRC-20 also announced its launch, providing Launchpad services for projects and users, assisting new projects in fundraising and offering users quality investment opportunities. This article will explore the features and gameplay of the Dogepad platform from a mechanism perspective.

2. Introduction to DogePad

DogePad is the first fair distribution platform for tokens based on the DRC-20 Cardinal protocol, designed for all communities. It aims to help more project parties raise funds and assist early investors in identifying relatively safe investment opportunities, building a fully decentralized, open, and traffic-aggregating Launchpad.

Official website: https://dogepad.xyz

3. The Only Token Launch Platform on DRC-20

As the first IDO launch platform on the DRC-20 Cardinal protocol, DogePad will introduce high-quality and innovative projects with potential to the DRC-20 ecosystem. Leveraging the strong traffic and user support of memes, it aims to become a truly decentralized, stable, and long-lasting platform deeply rooted in memes, filtering investment opportunities for investors and helping startups raise funds quickly. By hosting IDO events, project parties have a more convenient, faster, and relatively fair way to issue tokens, and the benefits brought by IDOs can be summarized as follows: more openness and fairness, fast transaction speeds, and ample liquidity, allowing for a quick transition to the secondary market after the primary market issuance ends.

1. Decentralization

In the current digital economy era, blockchain technology has garnered widespread attention and exploration. As a decentralized technology, blockchain is considered to have revolutionary potential to change the business models and transaction methods across various industries. With the rise of web3, more and more innovative projects and applications are emerging, bringing many new opportunities and challenges to investors and tech enthusiasts.

So, how can one find promising projects among numerous options? How can one quickly identify and filter good projects? This has become a topic of interest for many investors.

Undoubtedly, IDO platforms allow more startup projects to obtain funding support through decentralized means, providing investors with more opportunities to participate in early projects. Compared to traditional CEX, IDO platforms have advantages; centralized exchanges not only incur high fees but also lack operational transparency. There are a series of risks: centralized custody of user funds makes them vulnerable to hacking, potentially leading to user fund losses; they may become targets for regulatory scrutiny or hostile government oversight, with user funds possibly being confiscated; and they are prone to technical issues that could lead to severe downtime. The greatest risk of trading on CEX is the threat of losing assets stored on the platform, neglecting the protection of participants, which is the fundamental reason for users' hesitation towards CEX.

DogePad, based on blockchain technology, utilizes a POW consensus mechanism on the DRC-20 protocol and adopts a decentralized architecture, characterized by greater transparency, security, fairness, reduced human intervention, and stability, providing users with more choices. It breaks free from the constraints of centralized institutions, fully embodying the decentralized philosophy of blockchain. Currently, DogePad, as a decentralized token distribution platform, will provide many startups in the DRC-20 ecosystem with more convenient financing channels and offer investors more opportunities to participate in early projects, providing better services for both investors and project parties.

2. Emphasis on Community and Ecological Cooperation

DogePad collaborates with the largest meme community DOGE, launching IDOs with high-quality projects introduced through Mystenlabs and quickly promoting the market in cooperation with KOLs from different regions. In ecological construction, DogePad also plays a very important role. Through collaboration with other projects, DogePad can more easily establish and expand networks within the DRC-20 ecosystem, achieving interoperability and collaborative development among various projects. At the same time, DogePad leverages the platform's technological and traffic advantages to provide incubation consulting services for new projects in the DRC-20 ecosystem, helping them grow rapidly and implement applications, comprehensively building a decentralized economic ecosystem with complete technology, users, applications, and transactions.

3. Asset Security Assurance

Security is one of the key concerns for every user. As one of the important application areas of blockchain technology, various projects in the DRC20 ecosystem also face numerous security challenges and threats. As an important component of the BRC20 ecosystem, DogePad ensures the stability and security of the entire ecosystem through multiple security measures. As a fair token launch platform, user assets are entirely on-chain, and the platform considers user asset security from the user's perspective.

First Point: User-Friendly Platform

On the DogePad platform, token launches are fair and just, with listed tokens distributed to IDO participants according to proportion, with no front-running; everyone can successfully obtain tokens. The platform will conduct a comprehensive evaluation of the project based on the quality of the project and team, token economics, current market conditions, project community size, market maturity, etc., to determine whether the project can conduct an IDO on the platform.

Second Point: Meeting Various Needs of Project Issuers

DogePad offers multiple customizable parameters such as IDO price, issuance schedule, and investment limits. Project parties can set token prices based on market conditions, adjust issuance times, and set purchase limits for each investor. This allows startups and project parties to tailor IDO plans precisely to meet their needs and market conditions, attracting more investors to participate.

Third Point: Transparent Platform Protection Mechanism

The fundraising methods and amounts for IDO projects are conducted according to the platform's mechanisms. The fundraising payment token is DOGE, with 70% of the fundraising amount available to the project party upon reaching 100% of the IDO progress; 23% of the fundraising amount requires the project to complete a one-week assessment period before it can be obtained; and 7% of the fundraising amount is allocated as DogePad platform fees. DogePad will lock the fundraising payment tokens for a certain period before releasing them, rather than releasing all tokens at once. This effectively mitigates the risk of project parties absconding, maintains market order, and protects the interests of both investors and project parties.

Fourth Point: Staking Incentive Mechanism

DogePad's staking requirements are kept as low and diverse as possible, allowing participants to earn substantial staking rewards. Initially supporting DOGE staking, it will later support more tokens. Additionally, DogePad will incentivize users to participate in platform construction and management through token issuance and other means, achieving a virtuous cycle for the ecosystem, allowing DogePad to operate more intelligently.

In summary, DogePad is a highly competitive MEME coin launch platform. It meets market demands by providing flexible, secure, and fair participation methods and integrating the DRC-20 ecosystem, ensuring that projects receive successful funding support through precise outreach to the meme community. More importantly, it is a new platform that proposes rules and continuously addresses pain points within the current new protocol led by Bitcoin. For project issuers, it offers flexible token distribution mechanisms, convenient launches, and quick fundraising; for investors, it provides protection through publicly disclosed project information, permanent records of project data, and high security.

DogePad is still in its early stages, and the token has not yet been officially launched. However, according to official information, we understand that the platform is currently preparing the whitelist for its first IDO, which will be the most practical demonstration for investors. We look forward to seeing the wealth effect it can generate!