Shibarium network’s testnet, Puppynet, has seen a surge of activity in the past week, reaching over 10 million transactions since its launch on March 11. The testnet, which is a precursor to the mainnet launch planned for later this year, has created nearly 15 million wallets and recorded more than 400,000 transactions in a single day on May 22. Puppynet is a demonstration of Shibarium’s potential as a decentralized Layer-2 network that supports the projects of the global Shiba Inu community.
It aims to improve the scalability, speed, and cost of transactions on the Ethereum blockchain. Layer 2 networks are separate blockchains that run on top of layer 1 networks and reduce the data load and fees by bundling multiple off-chain transactions into a single layer 1 transaction.
Shiba Inu is Creating a Massive Ecosystem
Shibarium is designed to support metaverse and gaming applications, as well as non-fungible tokens (NFTs) and decentralized applications (dapps) that use the SHIB ecosystem tokens (SHIB, LEASH, and BONE). Shibarium is expected to launch its beta version soon, according to the Shiba Inu developers.
These tokens have a combined market value of over $5 billion, according to CoinMarketCap. ShibaSwap aims to provide a platform for the Shiba Inu community to interact and grow together, as well as to support other upcoming projects in the Ethereum ecosystem. This development could strengthen the fundamentals of Shiba Inu and its tokens, which have already seen a significant increase in price and popularity this year.
A portion of SHIB tokens will be permanently removed from the total supply every time a transaction occurs on Shibarium. The exact number of tokens to be burned for each transaction is still undetermined. Burning means that the tokens are erased forever and cannot be used again.
Shiba Inu is one of the many dog-themed cryptocurrencies that have emerged in the wake of dogecoin’s success. The project aims to create a vibrant community of crypto enthusiasts who support each other and donate to charitable causes.
