Shibarium Achieves Remarkable Milestones

Shibarium, the Ethereum-based layer-2 network of the Shiba Inu ecosystem, has continued to achieve remarkable milestones, with only a few weeks remaining until the launch of its mainnet.

According to data from PuppyScan, an analytics platform that captures on-chain transactions on the Shibarium protocol, the total number of L2 transactions has surpassed 31 million.

Since the debut of the PuppyNet testnet, the protocol has specifically processed 31,820,330 transactions.

This figure was further bolstered by other remarkable increases, such as the total number of blocks generated, estimated to be 1,810,079 since inception.

At the time of writing, 17,062,483 wallets have been created and are currently operating on the PuppyNet protocol.

The platform’s utilization has been remarkable since its inception, and at the time of writing, 17,062,483 wallets have been created and are operating on the PuppyNet protocol.

The launch of Shibarium is heavily publicized, and there is growing anticipation for its release, partly because Layer-2 networks on Ethereum have gained significant traction over the past year.

Following the launch of its mainnet, Shibarium will attempt to establish its community and gain market share in a niche dominated by the likes of Polygon (MATIC), Arbitrum (ARB), and Optimism (OP).

The Shibarium protocol is intended to enhance the overall utility of the Shiba Inu ecosystem.

Shibarium, initially envisaged as a memecoin, will make a decisive transition into a smart contract enabler.

Several protocols have expressed interest in building upon the Shibarium protocol, which has been under development for several months.

The optimism that is expected to follow the Shibarium launch, which will occur at the upcoming Blockchain Futurist Conference, as disclosed by lead developer Shytoshi Kusama, is likely to assist in driving the price of SHIB to an all-time high.

This is because a portion of the transaction fees generated in SHIB will be sent to dead wallets to be removed from circulation, a deflationary model regarded as essential for the long-term price increase.