Earlier this week, Puppynet, the native test network of the Shibarium network, surpassed a milestone of 10 million transactions, indicating a significant increase in user activity as the mainnet release scheduled for later this year approaches.
According to data from a blockchain explorer, the Puppynet testnet has recorded over 11 million transactions from nearly 15 million wallets since its launch on March 11. A substantial portion of this activity occurred in the past week, specifically on May 21, when over 400,000 transactions were processed within a 24-hour.
In the near future, Shibarium, a layer 2 network, will enter the expanding landscape of Ethereum-based blockchains like Arbitrum and Optimism. These blockchains aim to address scalability, speed, and cost challenges, which are common concerns within the Ethereum ecosystem.
Layer 2 technology comprises a collection of off-chain solutions constructed on layer 1 blockchains to alleviate scaling and data congestion issues. These solutions involve separate blockchains that aggregate multiple off-chain transactions into a single layer 1 transaction. This bundling mechanism helps alleviate the burden of data processing and reduces transaction fees.
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SHIB Developers Considering Future Projects
Shiba Inu Developers have expressed their intention for Shibarium to prioritize metaverse and gaming applications, particularly considering the projected future growth of the non-fungible token (NFT) sector. In addition to serving as an affordable settlement option for decentralized applications (dApps) developed on the network, Shibarium aims to cater to the rising demand for NFTs and their associated applications in the metaverse and gaming realms.
However, the introduction could significantly enhance the fundamental aspects of Shiba Inu, which originated as a meme coin during the previous bull market. Since then, Shiba Inu has tried to establish itself as a legitimate project by developing its own blockchain network and dApp ecosystem. The launch of Shibarium adds credibility to Shiba Inu’s aspirations of being taken seriously as it moves beyond its meme coin origins.
It is relevant to note that the introduction has the potential to strengthen the underlying factors supporting the three ecosystem tokens of Shiba Inu: shiba inu (SHIB), leash (LEASH), and bone (BONE). Collectively, these tokens currently hold a market capitalization exceeding $5 billion.
On Shibarium, every transaction will result in burning a certain quantity of SHIB tokens; however, the exact amount has not been finalized at this stage. Burning tokens involves the permanent removal of those tokens from the overall supply.