Shibarium, the layer 2 blockchain designed to address the shortcomings of the SHIB token’s host chain Ethereum, namely low speed and high transaction cost, is witnessing an initial surge in adoption as users explore and test its capabilities on testnet “puppynet”.
Shiba Inu is a decentralized cryptocurrency project inspired by the popular internet meme of the Shiba Inu dog breed. It was created as an alternative to Dogecoin on the Ethereum blockchain.
The Shiba Inu (SHIB) ecosystem comprises three unique tokens, each serving a different purpose. SHIB, the primary token, functions as a decentralized, community-driven currency accessible to millions worldwide. Launched in late 2020 on the Ethereum blockchain, SHIB has gained global recognition and can be used as payment at numerous locations, either directly or through third-party intermediaries.
BONE, the ecosystem’s governance token, has a total supply of 250,000,000 and enables the Shib Army to participate in decision-making by voting on proposals via the Doggy DAO. Additionally, BONE serves as the basis for the ecosystem’s proprietary Layer 2 network, Shibarium.
LEASH, with a total supply of 107,646 tokens, caters to the ecosystem’s loyal supporters by offering exclusive benefits and access. Holders of LEASH have previously enjoyed incentivized BONE rewards for providing liquidity on ShibaSwap, exclusive access to Shiboshi NFT minting, and early access to land sales in the Shib: The Metaverse project.
The beta test network for Shibarium is named PUPPYNET. As per the blockchain explorer BlockScout, currently (i.e., as of 8:37 a.m. UTC on April 15, the beta version of Shibarium has successfully executed more than 3,234,886 transactions. Data from this PUPPYNET explorer indicates that the number of wallet addresses utilizing Shibarium beta has reached 5,833,825. Presently, the gas fees are 1.01 Gwei, which is virtually cost-free.
In the past 16 days, the number of transactions and wallets on Shibarium’s testnet have increased by an insane 1490% and 5272%, respectively!