New data reveals that over a million transactions have already been conducted over Puppynet, the testnet of Shiba Inu’s (SHIB) highly anticipated new layer-2 scaling solution, Shibarium.
According to blockchain scanner Blockscout, 1,076,331 transactions have taken place over Shibarium’s testnet since it launched in its beta form last week.
[adinserter block="1"]Shibarium will be the Shiba Inu ecosystem’s new layer-2 protocol built on top of Ethereum (ETH), similar to Polygon (MATIC). Puppynet is Shibarium’s testnet before the mainnet launches.
Blockscout also finds that there are currently over 200,000 unique crypto wallet addresses using Shibarium.
Previously, Shiba Inu’s lead developer Shytoshi Kusama said the ultimate goal of Shibarium is to process transactions in mere seconds for less than pennies. The project’s development team believes this is how the protocol achieves “true decentralization.”
Currently, the testnet’s average block time clocks in at 7.7 seconds while its gas fees come in at just 1.5 Gwei, which is less than pennies.
Though no specific launch date has been revealed, blockchain analysis platform IntoTheBlock finds that about 70% of SHIB’s total supply is now being held by long-term holders anticipating the release of Shibarium’s mainnet.
SHIB is trading for $0.00001 at time of writing, a 1.75 decrease during the last 24 hours.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Lubos Mak/sdecoret/DM7
