Shibarium Network’s native testnet, Puppynet, is experiencing an increase in activity leading up to its mainnet release planned for later this year. According to blockchain explorer data, since launching on March 11, Puppynet has processed over 700,000 transactions from nearly 200,000 unique wallets. This surge of activity was particularly prominent in the past week, as over 114,000 transactions were processed within a 24-hour window on March 28 and 29.
Puppynet, the beta test network of Shibarium’s upgrade, has seen considerable activity since its launch just over a week ago with over 200,000 wallets now active. However, Rachel Lin, CEO of SynFutures, cautions that the associated financial impact is yet to be seen. Unification – the firm behind Shibarium – has announced plans to implement an all-in-one wallet solution that would enable two-way asset transfers, staking/delegating, and integration with Shibaswap. This could mean a positive near-term price spike for SHIB and Bone, the native tokens of the Shibarium network. But given the current global economic climate, any such movements are likely to be short-lived.
Testnets, such as Puppynet, are blockchain networks designed for testing and debugging purposes. Recently, developers of the Shiba Inu ecosystem have announced a new development: Shibarium – a layer 2 blockchain that seeks to reduce bottlenecks with scaling and data. By bundling multiple off-chain transactions into one layer 1 transaction, the data load and fees are significantly reduced. The primary focus of this new development will be on metaverse and gaming applications, such as Non-Fungible Tokens (NFTs).
Additionally, Shibarium could provide an important layer of cheap settlement for decentralized applications built on the network. This is a major step forward in the positioning of Shiba Inu as a serious blockchain project.
