Psy, formerly known as QED Protocol, has developed a trustless bridge connecting Dogecoin with the Solana blockchain. This innovation opens up new possibilities for users of both platforms.
What is the bridge by Psy?
The Psy bridge is a technology that links Dogecoin and Solana blockchains, allowing them to exchange transactions directly. This solution provides Proof of Work security to Solana and makes Dogecoin accessible within Solana's growing decentralized application (dApp) ecosystem.
Statements from Psy and Solana Representatives
Carter Feldman, CEO of Psy Protocol, stated, "We have been working hard to better serve the Dogecoin community, and now we have the chance to offer them even greater utility for their Dogecoin." Lily Liu, President of the Solana Foundation, added, "We’re excited to announce the DOGE bridge to Solana, a significant step in integrating one of crypto’s most iconic communities into the Solana ecosystem."
How does the bridge work?
The bridge captures and verifies each Dogecoin block header directly on Solana. This allows the system to cryptographically confirm the validity of Dogecoin transactions without relying on intermediaries. When users send $DOGE to the bridge, it verifies the deposit on the Dogecoin blockchain and mints an equivalent amount of $QDOGE tokens on Solana.
The establishment of a trustless bridge between Dogecoin and Solana underscores the importance of secure solutions in the cryptocurrency ecosystem and opens new opportunities for users on both networks.
