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Shiba Inu’s (SHIB) Shibarium Sees Explosive Growth As Testnet Wallets Break 100,000

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Shiba Inu’s (SHIB) Shibarium Sees Explosive Growth As Testnet Wallets Break 100,000

by Cuevas Antonio
March 30, 2023
in Altcoin
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Shiba Inu’s (SHIB) Shibarium Sees Explosive Growth As Testnet Wallets Break 100,000
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Shiba Inu’s (SHIB) highly anticipated new layer-2 project Shibarium is experiencing an early wave of adoption as new users experiment with its testnet.

Shibarium is the Shiba Inu ecosystem’s new layer-2 protocol built on top of Ethereum (ETH), similar to Polygon (MATIC).

According to blockchain explorer PuppyScan.Shib, Shibarium’s beta version has already completed over 193,000 transactions.

Source: puppyscan.shib.io

PuppyScan’s data also shows that there are already 99,867 wallet addresses using Shibarium, after starting at zero just days ago. Gas fees are currently at 1.51 Gwei, or essentially free.

New public documentation recently revealed that Shiba Inu developers plan on achieving “true decentralization” by creating a protocol that charges minimal transaction fees, if not zero.

According to lead developer Shytoshi Kusama, Shibarium will offer low transfer fees for every project built on Shibarium, and says the goal is to process transactions in seconds for less than pennies.

Says the document,

“The blockchain ensures secure and transparent creation and exchange of digital assets. In addition, it serves as a base for the development of decentralized applications (DApps), including Shib – The Metaverse (Shib.io), Shiba Eternity, and various other products, projects, platforms, and services within the broader Shiba Inu community.”

According to blockchain analytics firm IntoTheBlock, nearly 70% of the total supply of SHIB is now in the hands of long-term holders as the community gears up for the mainnet launch of Shibarium.

At time of writing, SHIB is trading for $0.00001067, mostly sideways over the last week.

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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 loses 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.

Featured Image: Shutterstock/AnuStudio/Natalia Siiatovskaia/Andy Chipus





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Cuevas Antonio

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