Shibarium, the layer 2 blockchain meant to solve the SHIB token’s host chain Ethereum’s problems, particularly low speed and high transaction cost, is seeing an early rise in acceptance as users investigate and test its features on testnet “puppynet.”
Shiba Inu is a decentralized cryptocurrency concept inspired by the Shiba Inu dog breed’s renowned internet joke. It was built on the Ethereum network as an alternative to Dogecoin.
The Shiba Inu (SHIB) ecosystem consists of three distinct tokens, each providing a distinct purpose. The core token, SHIB, serves as a decentralized, community-driven money that is available to millions of people worldwide. SHIB, which was launched on the Ethereum blockchain in late 2020, has garnered global notoriety and may be accepted as payment in a variety of locations, either directly or through third-party intermediaries.
BONE, the ecosystem’s governance token, has a total supply of 250,000,000 and allows the Shib Army to engage in decision-making through the Doggy DAO by voting on ideas. Furthermore, BONE acts as the foundation for Shibarium, the ecosystem’s own Layer 2 network.
With a total quantity of 107,646 tokens, LEASH caters to the ecosystem’s ardent supporters by providing special privileges and access. Holders of LEASH had previously benefited from BONE incentives for supplying liquidity on ShibaSwap, exclusive access to Shiboshi NFT minting, and early access to land auctions in the Shib: The Metaverse project.
Shibarium’s beta test network is known as PUPPYNET. According to the blockchain explorer BlockScout, the beta version of Shibarium has successfully processed over 3,234,886 transactions as of 8:37 a.m. UTC on April 15. According to this PUPPYNET explorer, the number of wallet addresses using Shibarium beta has reached 5,833,825. Currently, the gas fee is 1.01 Gwei, which is almost free. The number of transactions and wallets on Shibarium’s testnet have climbed by 1490% and 5272%, respectively, in the last 16 days!