Shibarium network’s native test network, Puppynet Tesnet, crossed 10 million transactions earlier this week in a sign of rising activity ahead of a release on the mainnet planned for later this year.
Puppynet Testnet of Shiba Inu Logs 10M Transactions, Putting Ecosystem Tokens in Focus
Earlier this week, the native test network of the Shibarium network, called Puppynet, surpassed 10 million transactions, indicating a growing level of activity leading up to its planned release on the mainnet later this year. According to data from blockchain explorers, the Puppynet testnet has processed over 11 million transactions from nearly 15 million wallets since its launch on March 11. The majority of this activity occurred in the past week, with more than 400,000 transactions within a 24-hour period on May 21.
Shibarium, the upcoming layer 2 network, is set to join the expanding group of Ethereum-based blockchains, including Arbitrum and Optimism, which aim to address scalability, speed, and cost-related challenges. Layer 2 refers to off-chain solutions that are built on top of layer 1 blockchains to alleviate scaling and data congestion. These solutions bundle multiple off-chain transactions into a single layer 1 transaction, reducing data load and fees.
The developers of Shiba have previously mentioned that Shibarium will emphasize metaverse and gaming applications, particularly with the anticipated growth of the non-fungible token (NFT) sector in the upcoming years. Additionally, Shibarium will serve as a cost-effective settlement for decentralized applications (dApps) built on the network.
This launch has the potential to strengthen the foundation of Shiba Inu, originally created as a meme coin inspired by the Shiba Inu breed during the previous bull market. Since then, Shiba Inu has sought to establish itself as a serious project with its own blockchain network and dApp ecosystem.
Furthermore, this development could further enhance the fundamentals of Shiba Inu’s three ecosystem tokens: shiba inu (SHIB), leash (LEASH), and bone (BONE), which collectively hold a market capitalization exceeding $5 billion.
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