Ethereum, Dogecoin and DogeMiyagi are pushing the DeFi movement forward in 2023

Ethereum, Dogecoin and DogeMiyagi are pushing the DeFi movement forward in 2023

Decentralisation is a beautiful thing. You are the sole owner of your money, to trade with anyone and anywhere while keeping your anonymity intact and having no overseers control your trades to limit your freedom to spend!

Still, it’s been a long, drawn-out battle securing decentralised finance (DeFi) amongst crypto communities. Cryptocurrency was the chosen one to secure DeFi for the masses, but in recent years, cryptocurrencies have been at the forefront of controversies being exposed for their flawed centrality.

The hero’s here to save the day for DeFi are Ethereum, Dogecoin and DogeMiyagi, but which cryptocurrency has the best strategy to bring us true and authentic DeFi?

Is Ethereum Decentralisation still debatable after the network upgrade?

Ethereum (ETH) is the leading blockchain network that was one of the first to usher in DeFi by giving users the power to mine cryptocurrency with their computers. However, Ethereum decided to ditch the crypto mining process for its network with its Ethereum 2.0 upgrade, which had many users up in flames—that their trusty DeFi network was about to abandon decentralisation.

However, Ethereum 2.0. is proving to be more favourable for its new Proof-of-Service mechanism, that’s more energy-efficient, cost-effective and with better transaction performance than Ethereum’s previous Proof-of-Work (PoW) method that required crypto mining. This makes Ethereum 2.0. easier for individuals to scale up their businesses without needing a large budget—the network is now for everyone to build a business from scratch.

As more users join the network with new DApps and Ethereum-based cryptocurrencies, the network will continue to diversify with more options to stake crypto with. Currently, Ethereum is one of the most open DeFi networks on the market, as other crypto networks, such as VeChain, use restrictive access to use their blockchain network.

Dogecoin still the OG Meme Coin for decentralisation?

Back in 2023, a cryptocurrency that was created purely as a joke, went on to make over 1,000 DOGE-made millionaires. This was the start of meme coins, a cryptocurrency represented by a meme, led users to buy and share it as a meme—gave the meme coin value.

Dogecoin’s (DOGE) value was purely community-driven, with some prominent community members including Elon Musk. Companies such as Microsoft, Newegg and ExpressVPN even began to accept DOGE payments! While Dogecoin is true to DeFi, poor fundamentals have held it back, including inefficient PoW mining and a lack of utility beyond its meme power. Therefore, DOGE has begun to lose traction from its community that fully controls the value of DOGE.

DogeMiyagi’s Community-Driven approach to DeFi

DogeMiyagi (MIYAGI) wants to be the meme coin that gets decentralisation right. It takes inspiration from DOGE’s early success for DeFi, by using meme power. MIYAGI combines the doge meme with Mr Miyagi characteristics from The Karate Kid movie franchise—pulling in the cult following of both cultural icons.

But DogeMiyagi doesn’t stop there. MIYAGI wants to be one of the first ethical meme coins by fostering the principles of Mr Miyagi. To achieve this, DogeMiyagi uses the Proof-of-Stake mechanism to provide its community with fast transactions at low-cost fees. The PoS mechanism is also proven to be more environmentally friendly than cryptos using the PoW mechanism of mining crypto.

The ‘DeFi’ Formula 2023 and onwards

Not only is Miyagi an ethical DeFi, but it will also be a 100% community-governed coin with no central influence, and every member is protected with anonymity. This is what DOGE has struggled to achieve, by securing solid fundamentals for a DeFi meme coin that can last beyond its initial hype. As a result, investors are increasingly bullish on blockchain networks and meme coins such as Ethereum and DogeMiyagi for their future in DeFi.






WARNING: The investment in crypto assets is not regulated, it may not be suitable for retail investors and the total amount invested could be lost

AVISO IMPORTANTE: La inversión en criptoactivos no está regulada, puede no ser adecuada para inversores minoristas y perderse la totalidad del importe invertido

Thank you for taking the time to read this article. Do remember to come back and check The Euro Weekly News website for all your up-to-date local and international news stories and remember, you can also follow us on Facebook and Instagram.

Author badge placeholder
Written by

Guest Writer