Shibarium's Testnet Hits 20 Million Transactions, Nearing Mainnet Launch
Shibarium's test network, Puppynet, has achieved a significant milestone by surpassing 20 million transactions from 16 million wallets, indicating its progress towards a mainnet release in the near future.
The blockchain data of Shibarium, a network designed for Shiba Inu, revealed that one of the prominent SHIB investors recently added an additional $10 million worth of tokens to their holdings, resulting in a total of 5.3 trillion SHIB, which is valued at $35 million based on current prices. The recent deposit made by the investor stands out as one of the largest transactions witnessed on the network in recent times.
Following the launch of Shibarium's public beta testnet, Puppynet, the network has opened doors for anyone interested in building on its platform. The team behind Shibarium has created various opportunities for users and projects to contribute, such as becoming a validator or bringing their projects onto the network. The project's official documentation provides a detailed guide on how to participate in the testnet.
Despite the remarkable growth in transaction volume on Puppynet, Shytoshi Kusama, the anonymous developer of Shiba Inu, previously cautioned traders that tokens on the testnet should not be considered investments.
Shibarium represents an upcoming layer-2 (L2) blockchain network built on Ethereum specifically for Shiba Inu. Initially conceived by Ryoshi, the anonymous creator of Shiba Inu, the Shibarium project aims to construct a layer-2 solution on the Ethereum blockchain. Shibarium will transform Shiba Inu from a mere memecoin into a comprehensive ecosystem, encompassing a decentralized exchange (DEX), a metaverse, and blockchain games like Shiba Eternity.
The network will enhance the overall functionality of the Ethereum blockchain by assuming the role of handling a large volume of transactions, thereby ensuring faster throughput while maintaining the robust security layer of Ethereum. A unique token burning mechanism is in place to control inflation.
To ensure the validity and verification of transactions on Shibarium, delegated proof-of-stake (DPoS) will be employed. This mechanism involves selecting 100 validators through a voting process. These validators will play a crucial role in maintaining the network's integrity and security.
The native token of Shibarium, $BONE, will serve as the means of payment for gas transactions and as a reward for validators and delegators within the Shibarium protocol.
With a total token supply of 250 million, out of which 20 million have been reserved to reward validators and delegators in the future, the allocation of these tokens will be determined through a voting process conducted by the Shiba community using the decentralized autonomous organization (DAO) mechanism.
