Is Dogecoin About Migrating to PoS? Poll Shows 39% Ready to Stake DOGE

• The Dogecoin community appears to be considering proof-of-stake (PoS).
• An X poll showed that 39.9% of respondents would be willing to stake Dogecoin, while 60.1% would not.
• A top figure in the Doge community expressed concerns about the risks of PoS.

The community of the most popular meme coin, Dogecoin (DOGE), is considering undertaking a proof-of-stake (PoS) endeavor. Marshall Hayner, a board member of the Dogecoin Foundation, took to X to gauge public sentiment regarding the concept of staking Dogecoin.

In a Twitter poll, Hayner posed the question, “If Dogecoin was stakeable, would you stake it? DOGE.”

The community responded with mixed opinions. According to the poll results, 39.9% of respondents expressed their willingness to stake Dogecoin. In contrast, the overwhelming majority, 60.1%, indicated their reluctance to do so.

Responding to this poll, Mishaboar, a prominent figure in the Dogecoin community on X, shared his thoughts on the matter. Mishaboar expressed concerns over false staking mechanisms, particularly those centered around lending. The influencer cautioned against the perceived high risks associated with such staking unless one possessed insider knowledge.

Moreover, Mishaboar pondered the case for Dogecoin transitioning to a real staking consensus mechanism. Reflecting on his observations over the past two years, Mishaboar hinted that he would prefer to move to an alternative Proof-of-Work (PoW) cryptocurrency. He playfully mused about customizing the logo to incorporate a dog if such a shift to PoS were to occur.

Meanwhile, Mishaboar noted that migrating to another consensus mechanism is not an entirely bad idea if done based on robust data. Mishaboar also voiced reservations about the efficacy of PoS chains. He cited instances of underperformance, excessive centralization by wealthy developers, catastrophic failures, and usability challenges.

Furthermore, when examining the benefits of PoS—reduced energy consumption and potentially faster transactions—Mishaboar questioned their relevance in practice to Dogecoin. He argued that for many transactions, such attributes might not be essential.