The upcoming Ethereum-based blockchain will utilize ecosystem tokens called Shiba Inu, Leash, and Bone for transactions.
Shibarium network’s test network called Puppynet surpassed 10 million transactions earlier this week, indicating increased activity as it approaches the planned release on the mainnet later this year.
Data from the blockchain explorer reveals that since its launch on March 11, the Puppynet testnet has handled over 11 million transactions from nearly 15 million wallets. A significant portion of this activity occurred in the past week, with over 400,000 transactions in a 24-hour period on May 21.
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In the near future, the upcoming layer 2 network called Shibarium will become part of the expanding group of Ethereum-based blockchains. Similar to platforms like Arbitrum and Optimism, Shibarium aims to address the challenges of scalability, speed, and cost.
Layer 2 refers to a group of solutions that operate separately from the main blockchain (layer 1). These solutions are designed to alleviate scalability and data congestion issues. They accomplish this by combining multiple off-chain transactions into a single transaction on the main blockchain, which helps reduce data load and fees.
The developers of Shiba Inu have expressed that Shibarium will primarily concentrate on metaverse and gaming applications. This is especially important considering the expected growth of the non-fungible token (NFT) sector in the upcoming years. Additionally, Shibarium will serve as an affordable settlement option for decentralized applications (dapps) developed on the network.
The launch of Shibarium could enhance the strong foundation of Shiba Inu. Originally created as a meme coin during the previous bullish market, Shiba Inu has since aimed to establish itself as a credible project with its own blockchain network and ecosystem of decentralized applications (dApps).
This step could strengthen the core aspects of Shiba Inu’s three ecosystem tokens: shiba inu (SHIB), leash (LEASH), and bone (BONE). Currently, these tokens have a combined market capitalization of over $5 billion.
On Shibarium, every transaction will result in a certain number of SHIB tokens being burned. However, the exact amount of tokens to be burned has not been determined yet. Burning tokens means permanently removing them from the total supply.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.