The number of Dogecoin transactions hits a record high ─ DRC-20 temporarily surpasses Bitcoin | coindesk JAPAN | Coindesk Japan

Dogecoin (DOGE) daily transactions rose to about 10 times its normal level on May 14, following the introduction of a new mechanism that enables token issuance on the Dogecoin blockchain. recorded the highest.

According to data from BitInfoCharts, the number of transactions exceeded 645,000, temporarily surpassing Bitcoin (BTC) and Litecoin (LTC) transactions on the same day. As of the 17th, it has fallen to its previous level.

Dogecoin Transactions Temporarily Exceed Bitcoin (BitInfoCharts)

Looking at the data so far, the number of transactions per day for Dogecoin is around 20,000. However, with the introduction of the DRC-20 standard on May 9, network activity suddenly increased.

The DRC-20 standard allows developers to issue tokens on the Dogecoin blockchain. This opens up the possibility of DeFi (decentralized finance) services in addition to Dogecoin’s new value proposition.

Criticism of DRC-20

But not everyone is happy with the deployment of the DRC-20. Critics say DRC-20 can congest networks and deviate from its purpose of being used as an everyday currency.

“The Dogecoin community promoting DRC-20 should stop their shameless hype,” tweeted one community member. Another member said, “I think everyone should focus on the use case as a currency in which they trade.”

Soaring transaction fees and network congestion are major concerns for any blockchain. Networks are expensive and slow for ordinary users, which can hinder their adoption.

In the Bitcoin blockchain, the “BRC-20” standard was released in March, and a large number of meme coins were issued and traded, and transaction fees rose to the highest level in two years.

｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
| Image: CoinDesk
｜Original: Dogecoin’s Daily Transaction Reached Lifetime Highs After ‘DRC-20’ Tokens Introduced