Shibarium’s Puppynet beta testnet has seemingly captivated the community behind the meme-inspired cryptocurrency Shiba Inu ($SHIB), registering over 550,000 wallet addresses and processing in excess of 2.5 million transactions within a mere three weeks since its inception, according to blockchain data.
At the time of writing, blockchain data shows that around 2.7 million transactions have been processed, while 568,400 wallets have been created on the blockchain. The layer-2 network has seen these transactions get included in over 330,000 blocks, with an average block time of six seconds.
The network reached a new milestone on April 11, after recording a total of 890,000 transactions in a single day, up from around 480,000 transactions on April 10. Before the surge, daily transactions on the network were anywhere between 1,000 and 14,000.
Crypto influencer Lucie has also pointed out that Shibarium’s testnet has already seen developers launch 71 tokens on top of it. Shibarium-related social media platforms have also seen significant rises in activity, with its Discord server seeing over 100,000 messages exchanged since launch.
As CryptoGlobe reported Bone ShibaSwap ($BONE), one of the three main tokens within the Shiba Inu ($SHIB) ecosystem, has seen a significant surge in large transactions as Shibarium’s testnet, Puppynet, continues to experience growth.
According to data from on-chain analytics firm IntoTheBlock, the total volume of large transactions involving BONE increased from 119,360 to 377,960, representing a rise from $127,800 to $402,000.
As CryptoGlobe reported, this year BONE saw its price explode in a move that helped it become one of the top 100 cryptocurrencies by market capitalization.
The token is known to be central to the ecosystem’s decentralized exchange ShibaSwap, and according to Coinbase, it’s a “governance token that aims to allow the Shiba users to vote on the upcoming proposal on Doggy DAO,” which is the ShibaSwap platform’s decentralized autonomous organization.
BONE is also central to Shibarium, as the team behind the platform has confirmed that every transaction on it will require BONE to pay for gas fees, and will burn SHIB to make the latter more scarce.
Featured image via Pixabay.