New data reveals that over 25 million transactions have taken place over the testnet of Shibarium, Shiba Inu’s (SHIB) highly anticipated new layer-2 scaling solution, as the project’s developers promote its benefits.
According to blockchain scanner Blockscout, 25,780,900 transactions have taken place over the testnet, known as the Puppynet, since it launched in March.
Furthermore, the data shows that there are over 17 million unique wallets that use the protocol.
At the end of March, the testnet saw about 1 million transactions take place.
Lucie, a content marketing specialist for SHIB, lays out the benefits of using Shibarium, such as its scalability, cost-effectiveness and enhanced security, as well as its impact on Bone ShibaSwap (BONE), the project’s gas fee token.
“Shibarium empowers projects by offering scalability, cost-effectiveness, and enhanced security. The reduced gas fees on Shibarium can have a significant impact on Bone, increasing its demand and potential value.
With Shibarium, projects have the opportunity to innovate, expand, and create a more accessible and thriving decentralized ecosystem.”
Lucie also details how Shibarium will have a deflationary token-burning system in place that would lower the supply of SHIB, theoretically increasing its price.
“Shibarium significantly impacts the SHIB ecosystem by introducing a burning mechanism that reduces the supply of SHIB. When users make transactions on the network, the base fee is locked on a Shibarium contract, while the priority fee is paid to validators. The base fee is divided, with 70% burned and 30% set aside for network maintenance…
This burning mechanism has several key benefits. Firstly, it introduces deflationary aspects to SHIB tokens, reducing the supply over time. This can potentially benefit token holders through increased value and scarcity. Secondly, it helps maintain the supply-demand balance within the SHIB ecosystem.
With fewer tokens in circulation, assuming demand remains constant or increases, it can lead to price appreciation. Moreover, the burning mechanism incentivizes user engagement.”
SHIB is trading for $0.000007 at time of writing, a fractional decrease during the last 24 hours.
Shytoshi Kusama, a widely-followed SHIB developer, has hinted at the upcoming release of Shibarium. In a brief hype video shared with his 918,900 Twitter followers, Kusama did not disclose when Shibarium will launch but rather asked “Where?”.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxCheck Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
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 cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
