Crypto News

Shibarium Testnet Sees Explosive Growth with 5.8M Wallets and 3.2M Transactions

Published by
Nonhlanhla P Dube
  • Shibarium is a Layer 2 blockchain network created to address the scalability and high transaction cost issues faced by SHIB token users on the Ethereum network.
  • The SHIB ecosystem comprises three distinct tokens, including SHIB, BONE, and LEASH, each serving a unique function.
  • Shibarium’s PUPPYNET testnet has seen explosive growth, with the number of wallets using the platform increasing to 5.8 million, and the number of transactions processed reaching 3.2 million. Shibarium’s testnet adoption is a promising development in the DeFi space, with the potential to provide faster and more cost-effective alternatives for SHIB transactions.

Shibarium, a promising Layer 2 blockchain network designed to tackle the scalability and transaction cost issues plaguing the Ethereum blockchain for SHIB token users, has been gaining traction in the crypto community. Shibarium aims to provide a faster and more cost-effective alternative for SHIB transactions through its Layer 2 solution.

As users continue to explore and test Shibarium’s features on its test network, known as PUPPYNET, the adoption of the platform has been skyrocketing. Shibarium’s beta network has already processed over 3.2 million transactions, as of April 15th, 2023, according to BlockScout, a blockchain explorer. This impressive milestone highlights the potential for Shibarium to be a game-changer in the decentralized finance (DeFi) space.

Shiba Inu, the inspiration for SHIB, is a decentralized cryptocurrency concept that gained popularity due to the famous internet joke about the Shiba Inu dog breed. SHIB was created as an alternative to Dogecoin and is built on the Ethereum blockchain. SHIB has since gained worldwide attention and has become a widely accepted cryptocurrency that can be used as a form of payment.

The SHIB ecosystem comprises three distinct tokens, each with a unique function. The core token, SHIB, is a community-driven, decentralized currency that is accessible to millions of people worldwide. Additionally, BONE, the governance token, allows the Shib Army to participate in decision-making by voting on ideas through the Doggy DAO. Furthermore, BONE serves as the foundation for Shibarium, the ecosystem’s own Layer 2 network.

LEASH, with a total supply of 107,646 tokens, is the token for the SHIB ecosystem’s ardent supporters. It provides exclusive access and privileges to its holders, such as BONE incentives for supplying liquidity on ShibaSwap, early access to land auctions in Shib: The Metaverse project, and exclusive access to Shiboshi NFT minting.

As Shibarium continues to develop, its PUPPYNET testnet is showing tremendous promise. The number of wallet addresses using Shibarium has increased to over 5.8 million, while the number of transactions has surged by 1490% and the number of wallets has increased by 5272% in the last 16 days, according to the PUPPYNET explorer. Additionally, the gas fee on Shibarium’s testnet is almost negligible, making it an attractive option for SHIB users who want to reduce transaction costs.

In conclusion, Shibarium’s testnet adoption is exploding, with users embracing the platform’s speed, low transaction costs, and efficiency. As Shibarium continues to improve its network, it may well be the solution to the scalability issues faced by the Ethereum network for SHIB transactions, making it a valuable addition to the DeFi space.

Table 1: Summary of SHIB Ecosystem Tokens

TokenPurposeTotal Supply
SHIBDecentralized, community-driven currencyUnknown
BONEGovernance token for Doggy DAO250,000,000
LEASHToken for ecosystem’s ardent supporters107,646

Table 2: Shibarium PUPPYNET Testnet Metrics (As of April 15, 2023)

MetricValue
Total Transactions3,234,886
Wallet Addresses5,833,825
Gas Fee1.01 Gwei
Growth (last 16 days)Transactions: 1490% Wallets: 5272%
Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at nonhlanhla@rateweb.co.za

Share
Published by
Nonhlanhla P Dube
Tags: Shibarium

Recent Posts

Tesla Unveils Refreshed Model 3 in North America with Exciting Upgrades

Model 3 Refresh: Tesla introduces a restyled Model 3 in North America, featuring a rear…

January 11, 2024

SEC Twitter Account Compromised, False Bitcoin ETF Approval Post Triggers Market Volatility

Unidentified individual accessed SEC's Twitter through a third party. Lack of two-factor authentication heightened vulnerability.…

January 11, 2024

Global Currency Markets Navigate Economic Uncertainties: Yen Weakens, Dollar Awaits U.S. Inflation Data

Japanese yen falls against the dollar and euro due to persistently shrinking real wages for…

January 11, 2024

Oil Prices Unmoved as Unexpected U.S. Inventory Build Raises Concerns

Unexpected Inventory Build: U.S. crude inventories unexpectedly grew, sparking concerns about weakening fuel demand and…

January 11, 2024

YanGuFang International Group Appoints Interim Executives Amidst CEO and CFO Detainment

Leadership Shake-up: CEO and CFO of YanGuFang International Group detained by Shanghai Police, prompting interim…

January 11, 2024

Cryptocurrency Market Analysis: SHIB, SOL, and ETH Navigate Challenging Terrain

SHIB breaches 200-day EMA, signaling bearish sentiment. Historical data suggests strong buyer reactions and potential…

January 11, 2024