Puppynet, the native test network of Shiba Inu’s Shibarium network, achieved a significant milestone this week, surpassing 11 million transactions. This surge in activity serves as a promising indication of growing momentum as the network prepares for its mainnet release scheduled later this year.
According to data from BlockScout, since its launch on March 11, the Puppynet testnet has successfully processed over 11 million transactions originating from nearly 16 million unique wallets. In the past week, a significant part of this activity unfolded, with over 400,000 transactions occurring within a 24-hour timeframe on May 21.
Joining the ranks of Ethereum-based blockchains like Arbitrum and Optimism, the upcoming Shiba Inu’s layer 2 network, Shibarium, aims to address the persistent challenges of scalability, speed, and cost that have been impeding blockchain technology’s growth. As the blockchain landscape continues to expand, Shibarium is poised to contribute to the ongoing efforts to overcome these obstacles.
Strong Fundamentals for Shiba Inu
Layer 2 technology encompasses a range of off-chain solutions, essentially separate blockchains, designed to alleviate scaling and data limitations found in layer 1 networks. These solutions effectively reduce data congestion and transaction fees by consolidating multiple off-chain transactions into a single layer 1 transaction.
Shiba Inu (SHIB) developers have emphasized Shibarium’s dedication to Metaverse and gaming applications, recognizing the growth potential of the non-fungible token (NFT) sector in the foreseeable future. Additionally, Shibarium’s affordability as a settlement option for decentralized applications (dApps) built on the network further bolsters its versatility and appeal.
The upcoming launch holds the potential to strengthen the foundational aspects of Shiba Inu, originally established during the previous bull market as a meme coin inspired by the Shiba Inu theme. Since then, the project has endeavored to establish itself as a serious contender by creating its own blockchain network and dApp ecosystem.
This strategic move is expected to provide a further boost to the underlying strength of Shiba Inu’s three ecosystem tokens: Shiba Inu (SHIB), Leash (LEASH), and Bone (BONE), which collectively hold a market capitalization exceeding $5 billion. As part of the Shibarium network, each transaction will result in burning a certain amount of SHIB tokens, while the specific quantity has yet to be determined.
