- The Puppynet testnet of Shibarium, Shiba Inu’s native network, recorded over 10 million transactions indicating heightened activity prior to its mainnet launch later this year.
- Shibarium’s launch is expected to strengthen the fundamentals of Shiba Inu’s ecosystem tokens: shiba inu (SHIB), leash (LEASH), and bone (BONE).
Puppynet Testnet Hits Milestone Transactions
The Puppynet testnet under Shibarium, Shiba Inu’s native network, surpassed 10 million transactions earlier this week, indicating a surge in activity before its anticipated mainnet launch later this year. Blockchain explorer data revealed that Puppynet testnet processed over 11 million transactions from nearly 15 million wallets after its debut on March 11. Notably, a significant proportion of this activity was recorded over the past week, with more than 400,000 transactions within a 24-hour period on May 21.
Shibarium, an upcoming layer 2 network, is set to join the burgeoning portfolio of Ethereum-based blockchains such as Arbitrum and Optimism. These blockchains aim to address the existing issues of scalability, speed, and expense.
Boosting Shiba Inu’s Ecosystem Tokens through Shibarium Launch
Shiba Inu developers mentioned that Shibarium would concentrate on metaverse and gaming applications, especially as the non-fungible token (NFT) sector is anticipated to expand in the upcoming years. In addition, Shibarium aims to offer a cost-effective settlement for decentralized applications (dApps) constructed on the network.
The impending launch could significantly enhance Shiba Inu’s fundamentals, which initially emerged in the previous bull market as a Shiba Inu-themed meme coin. However, it has since endeavored to establish itself as a serious project with its unique blockchain network and dApp ecosystem.
This development is expected to further consolidate the fundamentals of Shiba Inu’s trio of ecosystem tokens: shiba inu (SHIB), leash (LEASH), and bone (BONE). These tokens jointly command over $5 billion in market capitalization.
Each transaction on Shibarium will incinerate a certain amount of SHIB tokens, although the exact quantity is yet to be determined. The term ‘burns’ refers to the permanent removal of tokens from the total supply.
Setting New Milestones and Gearing up for Future Developments
Puppynet of Shiba Inu Layer 2 Shibarium achieved a new record, crossing the 11 million mark in total transactions. According to PuppyScan, Shibarium’s beta “Puppynet” has processed over 11 million transactions since its launch.
In addition to these remarkable milestones, Shibarium continues to undergo development in preparation for its mainnet launch. Over the weekend, community members shared a preview of the SHIB burn mechanism on Shibarium beta, a feature actively under development.
Finally, the Shiba Inu ecosystem tokens LEASH and BONE have seen a 7% price growth in the last 24 hours, reflecting the positive impact of these developments on the market.