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- 1 The highly anticipated Layer 2 (L2) solution of the Shiba Inu ecosystem, Shibarium, is looking at the test of its native network.
- 2 The network dubbed Puppynet is witnessing the success of the total transactions that would be considered the metric.
- 3 It recently crossed the milestone of ten million transactions recently.
Surging transactions indicate increasing activities across the test network. This could be considered a good sign for the mainnet, expected to launch later this year. Blockchain explorer data suggests over 11 million transactions have been processed over the Puppynet testnet. The transactions took place since its launch in March, this year.
Up to 15 million wallets were involved in initiating a significant amount of transactions.
Data also suggests that much of the activity occurred in the past week. On May 21, over 400K transactions occurred in just 24 hours.
Shibarium Seeking Position of Leading Ethereum L2 Networks
Following the launch, Shibarium will be positioned to be in the list of Arbitrum and Optimism-like Layer 2 network solutions, based on the Ethereum blockchain. The solutions are poised to resolve the issues related to transaction speed, gas fees and scalability.
The L2 solutions primarily bring solutions that are separate from parent blockchains—often called off-chain solutions. These solutions help burden off the scaling and data-related issues.
The developers of popular memecoin indicated that Shibarium would have more than one sector to focus on. It would provide an alternative for cheap and fast app transactions. In addition, it would facilitate services related to non-fungible tokens (NFTs), metaverse and gaming applications.
Puppynet’s Success Reflecting on Token Prices
Following the news surfacing across the market, the SHIB token price witnessed a jump of 2%. The mainnet launch is expected to act as a crucial catalyst for crypto ecosystem’s other crypto assets getting strong fundamentals.
Since their launch in the previous bull cycle, the Leash (LEASH) and Bone (BONE) tokens seek the value of getting a strong base. The blockchain network, its own decentralized applications ecosystem, metaverse, etc., are the efforts to set itself as one among serious projects.
All three tokens in the ecosystem, Shiba Inu (SHIB), Leash (LEASH) and Bone (BONE), hold a collected market capitalization of more than 5 billion USD.
The Shiba Inu community has one more anticipated goal. It is to burn SHIB tokens as much as possible. This would help to reduce the humongous circulation supply. Shibarium would also contribute towards it. With the goal of burning SHIB tokens each time, a transaction would take place over the network.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
