Shiba Inu’s (SHIB) highly anticipated new layer-2 project Shibarium is experiencing an early wave of adoption as new users experiment with its testnet.
Shibarium is the Shiba Inu ecosystem’s new layer-2 protocol built on top of Ethereum (ETH), similar to Polygon (MATIC).
According to blockchain explorer PuppyScan.Shib, Shibarium’s beta version has already completed over 193,000 transactions.
PuppyScan’s data also shows that there are already 99,867 wallet addresses using Shibarium, after starting at zero just days ago. Gas fees are currently at 1.51 Gwei, or essentially free.
New public documentation recently revealed that Shiba Inu developers plan on achieving “true decentralization” by creating a protocol that charges minimal transaction fees, if not zero.
According to lead developer Shytoshi Kusama, Shibarium will offer low transfer fees for every project built on Shibarium, and says the goal is to process transactions in seconds for less than pennies.
Says the document,
“The blockchain ensures secure and transparent creation and exchange of digital assets. In addition, it serves as a base for the development of decentralized applications (DApps), including Shib – The Metaverse (Shib.io), Shiba Eternity, and various other products, projects, platforms, and services within the broader Shiba Inu community.”
According to blockchain analytics firm IntoTheBlock, nearly 70% of the total supply of SHIB is now in the hands of long-term holders as the community gears up for the mainnet launch of Shibarium.
At time of writing, SHIB is trading for $0.00001067, mostly sideways over the last week.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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Featured Image: Shutterstock/AnuStudio/Natalia Siiatovskaia/Andy Chipus