Shibarium beta, the beta version of Shiba Inu’s upcoming L2 platform, hits new milestones, stoking anticipation in the crypto community.
The Shiba Inu cryptocurrency project, rooted in the popular Shiba Inu dog meme, presents itself as a rival to Dogecoin and runs on the Ethereum blockchain. The Shiba Inu (SHIB) ecosystem comprises three unique tokens, each serving a particular purpose within the project.
SHIB, as the main token, acts as a decentralized, community-driven currency that is accessible to millions of users around the world. Having launched on the Ethereum blockchain in late 2020, SHIB has since gained global attention and can be used for payment at various locations, either directly or through intermediary services.
BONE serves as the governance token in the ecosystem, with a total supply of 250 million. BONE enables the Shib Army to participate in decision-making by voting on proposals through the Doggy DAO. Additionally, BONE establishes the groundwork for Shibarium, Shiba Inu’s own Layer 2 network.
The third token, LEASH, has a limited supply of 107,646 and offers exclusive benefits to dedicated supporters of the ecosystem. LEASH holders have experienced advantages such as increased BONE rewards for providing liquidity to ShibaSwap, exclusive rights to mint Shiboshi NFTs, and priority access to land sales within the “SHIB: The Metaverse project.”
Shibarium, a layer 2 blockchain, has been developed to overcome Ethereum’s limitations, including slow speeds and high transaction costs. The Shiba Inu project currently has Shibarium in beta testing.
According to BlockScout, as of 7:10 p.m on May 18, 2023, Shibarium beta, affectionately known as “Puppynet,” has recorded a substantial 9,248,681 transactions since its inception on March 11. This active beta environment’s total block number has reached 880,494 with an impressively brief average block time of only 6.0 seconds. Further signs of growing interest and adoption are visible in the wallet addresses, surpassing 15 million, with the current count at 15,790,876.