Shibarium, a layer 2 blockchain intended to solve the Ethereum SHIB token host chain issues, particularly low speeds and high transaction fees, saw an initial increase in acceptance as users investigated and tested its features on a “puppynet” testnet.
Shiba Inu is a decentralized cryptocurrency concept inspired by the famous internet joke of the Shiba Inu dog. It is built on the Ethereum network as an alternative to Dogecoin.
The Shiba Inu Ecosystem (SHIB) consists of three different tokens, each serving a different purpose. The core token, SHIB, serves as a decentralized, community-based money that is available to millions of people around the world. SHIB, which launched on the Ethereum blockchain in late 2020, has gained global fame and can be accepted as payment in a variety of locations, both directly and through third-party intermediaries.
BONE, the ecosystem governance token, has a total supply of 250,000,000 and allows the Shib Army to engage in decision-making through Doggy DAO by voting on ideas. Additionally, BONE acts as the foundation for Shibarium, the ecosystem’s own Layer 2 network.
With a total of 107,646 tokens, LEASH serves passionate supporters of the ecosystem by granting special privileges and access. Previous LEASH holders benefited from BONE incentives to supply liquidity in ShibaSwap, exclusive access to Shiboshi’s NFT minting, and early access to land auctions in the Shib: The Metaverse project.
The Shibarium beta testing network is known as PUPPYNET. According to blockchain explorer BlockScout, the beta version of Shibarium has successfully processed over 3,234,886 transactions as of 8:37 am UTC on April 15. According to this PUPPYNET explorer, the number of wallet addresses using Shibarium beta has reached 5,833,825. Currently, gas costs 1.01 Gwei, which is almost free. The number of transactions and wallets on the Shibarium testnet has increased by 1490% and 5272%, respectively, in the last 16 days!