$DOGE: Tesla CEO Disagrees That a ‘Dogecoin-Ethereum Bridge’ Will ‘Add Utility’

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Tesla and SpaceX CEO Elon Musk has dismissed the idea that a bridge between the Dogecoin ($DOGE) network and Ethereum ($ETH) is necessary for the meme-inspired cryptocurrency’s utility to grow.

Responding to a set of suggestions made by DOGE co-creator Billy Markus on social media, which included getting more businesses to accept DOGE payments  and increasing the use of DOGE as a tipping currency, Musk said a bridge between Dogecoin and Ethereum “is not necessary.”

A bridge between the Dogecoin and Ethereum networks, per billy Markus, would allow the meme-inspired cryptocurrency to be used with protocols on the so-called web3, meaning the decentralized web.

These protocols include decentralized exchanges and money markets, as well as non-fungible token (NFT) marketplaces and play-to-earn games. At the time of writing, there are over $80 billion worth of cryptoassets locked on the Ethereum blockchain’s decentralized finance (DeFi) space, made up of web3 protocols.

Musk, however, agreed with Markus that more businesses accepting DOGE payments would be helpful for the cryptocurrency’s utility, while noting that DOGE being used as a tipping currency would be “nice to have.”

The CEO of Tesla is notably a well-known supporter of the meme-inspired cryptocurrency. DOGE’s price surged earlier this week after it was announced Twitter’s board agreed to Elon Musk’s $44 billion bid to buy the company, effectively handling control of the microblogging platform to the CEO of Tesla and SpaceX.

In a statement, Bret Taylor, Twitter chair, said the board “conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing,” and added the transaction “will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders.”

Twitter shareholders will now receive $54.2 in cash for each share of Twitter common stock they own as Musk’s offer represented a 38% premium to the company’s closing price at the beginning of the month. If completed, it will be one of the largest leveraged buyouts in history.

Musk is a well-known supporter of Dogecoin, who has collaborated with developers to improve the cryptocurrency. Along with DOGE’s co-creator, Musk has pushed for McDonald’s to accept payments in the meme-inspired cryptocurrency and has hinted SpaceX – a company he also owns – could soon accept payments in DOGE.

His electric car maker, Tesla, accepts DOGE payments on its website for specific products such as its “cyberwhistle,” its “Giga Texas” belt buckle” and its “cyberquad” four-wheeler for kids.. Musk has suggested Twitter could use DOGE as a means of payment.

More recently Vladimir Tenev, CEO of the commission-free trading platform Robinhood, outlined how DOGE could become the “future currency of the internet.”

DISCLAIMER

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

IMAGE CREDIT

Featured image via Unsplash



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