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
|Decentralized, community-driven currency
|Governance token for Doggy DAO
|Token for ecosystem’s ardent supporters
Table 2: Shibarium PUPPYNET Testnet Metrics (As of April 15, 2023)
|Growth (last 16 days)
|Transactions: 1490% Wallets: 5272%
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