Shibarium Protocol Hits New Milestone As PuppyNet Hits 31 Million Transactions

Shibarium, the Ethereum-based layer-2 network of the Shiba Inu ecosystem has continued to hit impressive milestones with just a few weeks left for its mainnet to go live.

The Latest Shibarium Milestone

According to data from PuppyScan, the analytics platform that records on-chain transactions on the Shibarium protocol, the L2 scaling solution has crossed the 31 million total transaction count. Specifically, since the PuppyNet testnet was launched, the protocol has processed a total of 31,820,330 transactions.

This figure was further complemented by other impressive upticks including the total block generated, pegged at 1,810,079 since inception. The usage of the PuppyNet platform has been impressive since it was launched and at the time of writing, a total of 17,062,483 wallets have been created and working on the protocol at this time.

The Shibarium protocol was created in order to help scale Ethereum. It is a protocol that was conceived and created by the Shiba Inu team in a bid to bring more value to all of its ecosystem members. 

The Shibarium launch is well-hyped and there is growing anticipation for its release in part because Layer-2 networks on Ethereum have been gaining great momentum over the past year. Following its mainnet launch, Shibarium will be seeking to create its own community and get a share of the market in a niche that is dominated by the likes of Polygon (MATIC), Arbitrum (ARB), and Optimism (OP) amongst others

A Basis for SHIB Price Upshoot

Per its design, the Shibarium protocol is poised to help boost the entire usability of the Shiba Inu ecosystem. While it was initially conceived as a memecoin, Shibarium will be its most emphatic pivot into being a smart contract enabler.

The development of the Shibarium protocol has been going on for months and thus far, a number of protocols have indicated interest in building on it. The positivity that is billed to trail the Shibarium launch, scheduled to take place at the upcoming Blockchain Futurist Conference as revealed by lead developer Shytoshi Kusama, is bound to help push the price of SHIB to a new high.

This is because a portion of the transaction fees generated in SHIB will be sent to dead wallets to be taken out of circulation, a deflationary model that is deemed necessary for price jump in the long term.