Shiba Inu's Shibarium Testnet Processes Over 1 Million Transactions, Drawing Strong Interest from Cryptocurrency Community

Bombolo | News and Media

New Data Reveals Over a Million Transactions Already Conducted on Shibarium, the Testnet of Shiba Inu's Highly Anticipated Layer-2 Scaling Solution

Shiba Inu's (SHIB) highly anticipated new layer-2 scaling solution, Shibarium, has been in beta form for only a week and has already conducted over a million transactions. According to blockchain scanner Blockscout, 1,076,331 transactions have taken place on Shibarium's testnet. The protocol is built on top of Ethereum (ETH) and is similar to Polygon (MATIC). Puppynet is the testnet of Shibarium before the mainnet launches.

Currently, there are over 200,000 unique crypto wallet addresses using Shibarium. The project's development team believes that the ultimate goal of Shibarium is to process transactions in mere seconds for less than pennies. This is how the protocol achieves "true decentralization."

Shibarium's 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. The project aims to provide a fast and affordable platform for its users.

The release of Shibarium's mainnet has not been announced yet. However, 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. It seems that the market has high expectations for the project's success.

At the time of writing, SHIB is trading for $0.00001, a 1.75 decrease during the last 24 hours. This price decrease may be due to the market's recent volatility, as cryptocurrency prices have been fluctuating rapidly.

In conclusion, Shibarium's testnet has already demonstrated its ability to process a large number of transactions in a short amount of time, with low gas fees. The protocol's success may depend on its ability to provide fast and affordable services to its users, as well as the market's response to its mainnet launch.

FAQs

1. What is Shibarium?
   Shibarium is Shiba Inu's new layer-2 scaling solution built on top of Ethereum (ETH), similar to Polygon (MATIC).

2. What is the goal of Shibarium?
   The ultimate goal of Shibarium is to process transactions in mere seconds for less than pennies, achieving "true decentralization."

3. How many transactions have taken place on Shibarium's testnet so far?
   According to blockchain scanner Blockscout, 1,076,331 transactions have taken place on Shibarium's testnet.

4. When will Shibarium's mainnet launch?
   The release date of Shibarium's mainnet has not been announced yet.

5. What is the current price of SHIB?
   At the time of writing, SHIB is trading for $0.00001, a 1.75 decrease during the last 24 hours.