Crypto

Binance-Peg Dogecoin vs Dogecoin – What’s The Difference?

While you are interacting with the crypto world, you may have noticed that there are 2 versions of DOGE: Binance-Peg DOGE and DOGE.

What exactly is the difference between them, and how can you convert between these 2?

Here’s what you need to know:

Is Binance-Peg DOGE the same as DOGE?

DOGE is a native token that exists on the Dogecoin blockchain. Meanwhile, Binance-Peg DOGE is a DOGE token that exists on either the BNB Smart Chain (BEP20) or BNB Beacon Chain (BEP2).

This means that the value of both Binance-Peg DOGE and DOGE will be the same, just that these tokens exist on different blockchain networks.

If you search for Dogecoin on Trust Wallet, you will notice that there are 3 separate tokens:

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Trust Wallet also supports the Dogecoin blockchain, so you can send native DOGE to this wallet.

Binance-Peg DOGE should be 1:1 with DOGE

For every Binance-Peg DOGE that is on the BNB Smart Chain or BNB Beacon Chain, Binance will store 1 DOGE in a public address.

Transaction fees are lower on BNB Smart Chain compared to the Dogecoin network

If you are sending and receiving DOGE via the DOGE network, the transaction fees can be quite high. However, if you choose to send DOGE via the BNB Smart Chain (BEP20) or BNB Beacon Chain (BEP2), the fees are actually much lower.

Here are the transaction fees you’ll need to pay on Binance when withdrawing DOGE using these different networks:

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The transaction fees on BEP2 and BEP20 are lower compared to the native DOGE network.

While it is advantageous to send Binance-Peg DOGE compared to DOGE, you may want to double-check that the wallet or application that you’re using supports the BEP20 version of DOGE.

If they do not support the BEP20 version of DOGE, then you should only be sending native DOGE to that wallet or platform. Otherwise, your funds may be lost!

Is DOGE a BEP20 token?

The Binance-Peg DOGE token is a representation of native DOGE on the BNB Smart Chain (BEP20) and can be converted 1:1 for a native DOGE token.

Can you send DOGE to the BNB Smart Chain?

You are able to send DOGE via the BNB Smart Chain (BEP20) to any wallet that supports the BNB Smart Chain. However, you will need to send DOGE from a platform that supports BEP20 withdrawals of DOGE, such as Binance or Crypto.com.

Even though there are quite a few platforms that list DOGE, most of them will only allow withdrawals of DOGE via the native DOGE network.

2 platforms that allow BNB Smart Chain withdrawals of DOGE include:

  1. Binance
  2. SafePal

What is the difference between the BEP20 and BEP2 versions of DOGE?

There are 2 versions of Binance-Peg DOGE which exist on different blockchains, where the BEP20 version exists on the BNB Smart Chain, while the BEP2 version exists on the BNB Beacon Chain.

The BNB Smart Chain and BNB Beacon Chain are 2 separate networks, so you can’t send BEP20 DOGE to a BEP2 address!

How do I convert Binance-Peg DOGE (BEP20) to DOGE?

To convert Binance-Peg DOGE from BEP20 to native DOGE, you will need to send DOGE to a platform that supports both Binance-Peg (BEP20) DOGE and native DOGE.

Here are some platforms that you can use:

How to convert DOGE from BEP20 to native DOGE on Binance

If you would like to convert DOGE from BEP20 to native DOGE, you will need to send the BEP20 version of DOGE from your wallet to Binance using the BEP20 network.

First, you will need to obtain the DOGE (BEP20) deposit address on Binance.

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This address should start with ‘0x‘. You may also want to note that your ERC20 network address will be the same.

After that, you can copy this BEP20 address to your Metamask wallet which holds DOGE on the BNB Smart Chain.

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If you have not added Binance-Peg DOGE to your Metamask wallet, you can check out this guide here.

After processing the transaction, you will receive DOGE in your Binance account.

Binance does not separate out the different versions of DOGE based on the network you’ve used to send to Binance. As such, it does not matter whether you send native DOGE or Binance-Peg DOGE to your Binance account.

Ultimately, all of them will be aggregated into one account balance.

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If you would like to send DOGE to another wallet (such as Trust Wallet), you can withdraw DOGE from your Binance account using the native DOGE network.

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How to convert Binance-Peg DOGE to native DOGE on SafePal

Another option to convert Binance-Peg DOGE to native DOGE is on your SafePal wallet. You can send Binance-Peg DOGE to your SafePal wallet via the BEP20 deposit address.

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Once you have deposited DOGE (BEP20) to your SafePal wallet, you can go to the ‘Swap‘ feature and swap from DOGE (BEP20) to native DOGE.

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You will have to pay a transaction fee for each swap that you make.

Conclusion

Binance-Peg DOGE is a BEP20 or BEP2 version of DOGE, which represents DOGE on either the BNB Smart Chain or BNB Beacon Chain. This is similar to how BTCB is a Binance-Peg token of BTC.

There are only a few ways that you can convert between Binance-Peg DOGE (BEP20) and native DOGE, which include:

  1. Binance
  2. SafePal

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