Over 10 Million Transactions Made on Puppynet
Puppynet, the Shibarium network’s native testnet, saw 10 million transactions earlier this week. This development shows increased interest in the mainnet, which will be launched later this year. According to blockchain data, 15 million different wallets have processed over 11 million transactions on the Puppynet testnet since its launch on March 11. Most of the event belongs to more than 400,000 transactions that took place on May 21.
The soon-to-be-launched layer-2 network Shibarium will join the challenge of Ethereum-based blockchains like Arbitrum and Optimism, which are working to address scalability, speed and cost issues. Layer-2 refers to a set of off-chain solutions built on top of layer-1s that reduce scaling and data-related bottlenecks. These solutions help reduce data overhead and fees by consolidating multiple off-chain transactions on a single layer-1.
Shiba Inu developers have previously stated that Shibarium will focus on metaverse and game applications. Blockchain will not only create an affordable residential space for decentralized applications (dApps), but will also align with the NFT industry in the years to come.
The launch is expected to make a serious contribution to the shiba inu meme coin and ecosystem that emerged during the previous bull market. At the same time, this development can also strengthen shiba inu’s SHIB, BONE and LEASH tokens. Currently, these three tokens together have a market capitalization of over $5 billion. Transactions in Shibarium will be carried out by burning a certain amount of SHIB tokens, but this amount has not been determined yet.
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