Shibarium is a so-called layer-2 scaling solution for the Shiba Inu (SHIB) memecoinbuilt on the Ethereum (ETH) network. The Shibarium testnet, also known as the Puppynet called has a important milestone obtained on the network. There are now more than 1 million on the testnet blocks produced, according to data from Puppy scan. Shibarium is well on track to be launched in the second half of this year.
— The Bus (@TheBus37643251) May 26, 2023
What is Shibarium?
Shibarium’s goal is to grow shiba inu into a full-fledged ecosystem that can compete with others altcoin projects in the market. It should reduce transaction costs, improve transaction speeds and enable the use of smart contracts. This makes it possible to develop full-fledged decentralized applications (dApps), blockchain games and decentralized finance (DeFi) realize applications.
Now that the project has successfully processed over 1 million blocks, it has important steps towards launch later this year. The community is enthusiastic and it shows in the use of the testnet. For example, the daily amount of transactions in BONE, the governance token on the Shibarium platform, increased sharply in the past 30 days. More than 400,000 transactions are now processed via Shibarium on a daily basis. HThe testnet has now processed more than 12 million transactions in total.
Good for Shiba Inu adoption?
The hype about Shibarium is not for nothing. Investors hope that the developments will attract users and developers to new blockchain applications launch on the Shiba Inu network. This could potentially increase demand for SHIB and create buying pressure. However, with the high amount of competition in the crypto market, the question remains whether Shibarium can deliver on these promises. With the important milestone of 1 million blocks and more than 12 million transactions on the puppynet, Shiba Inu is certainly taking an important step in the right direction.