Dogecoin Labs formed with Dogecoin Foundation to run MyDoge, DogeOS and Such App
In brief
- Dogecoin Labs, formed with the Dogecoin Foundation, was announced Tuesday, Decrypt reported.
- MyDoge wallet, DogeOS app platform and Such App merchant tool will be run by Labs.
- Jordan Jefferson, MyDoge founder, is CEO; the Foundation and House of Doge contributed assets and talent.
- The Foundation keeps stewardship and advocacy; Labs handles commercial product development.
- DOGE traded around $0.084 Tuesday, a market cap of roughly $13 billion, per Decrypt.
Three products under one roof
Dogecoin Labs will own and operate three flagship products: the MyDoge wallet, the DogeOS app platform and Such App (a merchant-payments tool). Both the Dogecoin Foundation and House of Doge contributed assets and talent to the new company, Decrypt reported.
Here's the idea. Together with Such App's merchant rails, the three products are meant to link developers, consumers and businesses into a DOGE economy.
DogeOS opened its public testnet on Sept. 30, which gave developers an Ethereum-compatible environment to build Dogecoin apps. MyDoge says it grew past 500,000 users without paid acquisition, and it's rolled out a V3 update that connects the wallet to DogeOS applications.
The Foundation isn't going anywhere.
It'll continue its stewardship, open-source support and advocacy work, while Labs takes on commercial product development.
Going after the product gap
The company's view is that the number of products and businesses built on DOGE is small relative to its audience. It's a gap Dogecoin Labs says it wants to close by building wallets, payments, commerce, trading, defi, gaming, AI and social apps.
Jefferson made the case in remarks carried by Decrypt:
"No other digital asset has Dogecoin’s combination of liquidity, community and cultural reach, and its potential has barely been tapped,"
Where DOGE stands
DOGE traded around $0.084 on Tuesday, up 3.9% on the day, for a market cap of roughly $13 billion, according to Decrypt. The token was also down about 14% over the past month and roughly 88% below its May 2021 record.
Separately, Decrypt noted that a Dogecoin Foundation-backed 21Shares DOGE ETF launched on Nasdaq this year, while Bitwise later shut its own Dogecoin fund (citing low demand and a need to optimize its product range).
Frequently asked questions
What is Dogecoin Labs?
Dogecoin Labs is a company announced on Tuesday and formed together with the Dogecoin Foundation, according to Decrypt. It brings Dogecoin ecosystem products, intellectual property and development teams into one independent organization. It's led by CEO Jordan Jefferson and will run the MyDoge wallet, DogeOS and Such App.
How is Dogecoin Labs different from the Dogecoin Foundation?
The Dogecoin Foundation will keep handling stewardship, open-source support and advocacy. Dogecoin Labs takes on commercial product development. Assets and talent for Labs came from both the Foundation and House of Doge, Decrypt reported.
What does DogeOS do?
DogeOS is an app platform now operated by Dogecoin Labs. It opened its public testnet on Sept. 30, giving developers an Ethereum-compatible environment to build Dogecoin apps. MyDoge's V3 update connects the wallet to DogeOS applications.
