- The Puppynet testnet, which operates on the Shibarium network, Shiba Inu’s native network, surpassed 10 million transactions, indicating a significant increase in activity prior to its planned mainnet launch later this year.
- Data from blockchain explorers revealed that since its introduction on March 11, the Puppynet testnet has processed over 11 million transactions from nearly 15 million wallets.
Earlier this week, the Puppynet testnet, which operates on the Shibarium network, Shiba Inu’s native network, surpassed 10 million transactions, indicating a significant increase in activity prior to its planned mainnet launch later this year. Data from blockchain explorers revealed that since its introduction on March 11, the Puppynet testnet has processed over 11 million transactions from nearly 15 million wallets. Notably, a substantial portion of this activity occurred in the past week, with more than 400,000 transactions recorded within a 24-hour period on May 21.
Shibarium, a forthcoming layer 2 network, will join the growing list of Ethereum-based blockchains such as Arbitrum and Optimism. These blockchains aim to address the scalability, speed, and cost challenges associated with the Ethereum network.
“Shiba Inu’s Ecosystem Tokens Soar: Shibarium Launch Amplifies Growth
Shiba Inu developers have highlighted that Shibarium will focus on metaverse and gaming applications, particularly due to the projected growth of the non-fungible token (NFT) sector in the coming years. Additionally, Shibarium aims to provide cost-effective settlement solutions for decentralized applications (dApps) built on the network.
The forthcoming launch has the potential to significantly strengthen the foundation of Shiba Inu, which initially gained attention during the previous bull market as a meme coin with a Shiba Inu theme. However, the project has since strived to establish itself as a serious endeavor by developing its unique blockchain network and dApp ecosystem.
This development is expected to further solidify the fundamentals of Shiba Inu’s trio of ecosystem tokens: shiba inu (SHIB), leash (LEASH), and bone (BONE). Together, these tokens currently hold a market capitalization of over $5 billion.
Each transaction on Shibarium will result in the burning of a certain amount of SHIB tokens, although the precise quantity is yet to be determined. The term “burns” signifies the permanent removal of tokens from the total supply.
Shibarium: Transforming Shiba Inu’s Ecosystem for the Future
Shiba Inu’s Layer 2 solution, Shibarium’s Puppynet, has achieved an impressive milestone by surpassing a total of 11 million transactions. According to PuppyScan, the beta version of Shibarium, known as Puppynet, has successfully processed over 11 million transactions since its launch.
Alongside these significant achievements, Shibarium continues to undergo active development in preparation for its upcoming mainnet release. Recently, community members shared a sneak peek of the SHIB burn mechanism, a feature currently in progress, on the Shibarium beta platform.
Furthermore, the Shiba Inu ecosystem tokens, LEASH and BONE, have observed a 7% increase in price within the last 24 hours. This positive market response reflects the favorable impact of these recent developments.
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