Shiba Inu (SHIB) Making Progress as Shibarium Hits Transaction Landmark: Details

Amid the prevailing drop in the price of SHIB as well as other crypto assets, users continue to execute tons of transactions on the beta testnet of Shibarium, a Shiba Inu layer-2 scaling solution.

PuppyNet, the Shibarium beta test network, has achieved a new milestone in terms of transaction volume following the stunning patronage the project received over the past month. In particular, transactions executed on Puppynet have surpassed the 20 million threshold as of June 12.

According to data available on Puppyscan, the only block explorer for PuppyNet, the total transaction on the Shibarium beta test network is now more than 20,472,477. While this current statistic represents a 157% increase when compared to the previous month’s transaction volume, PuppyNet now handles an average of 491,994 transactions daily.

Shibarium Beta Testnet’s Processed Transactions

The dedicated analytic platform for Shibarium further showed that out of the over 20 million transactions on PuppyNet, 12,516,765 transactions were processed in May alone.

More so, PuppyScan showed that there are a total of 16,724,346 addresses on the Shibarium beta test network with total blocks processed by the network sitting at 1,238,517 at the time of writing. Despite the voluminous transactions, the network still retains a good speed with the average block time being 5 seconds.

Notably, the increasing interest in Shibarium comes as the layer-2 project promises to help reduce the supply of Shiba Inu when it finally launches on the mainnet via weekly burns.

It bears noting that the Woofpaper V2 is scheduled to be released in early July to bring new functionalities to the meme token ecosystem according to a disclosure from lead Shiba Inu developer Shytoshi Kusama. As published, the pseudonymous developer compared the Woofpaper V2 to Vitalik Buterin’s solution for Ethereum.

Follow us on Twitter, Facebook, Telegram, and Google News

Ndianabasi Tom

Ndianabasi Tom joined the crypto and blockchain industry in late 2018. He is an all-rounded crypto journalist and content writer. At TimesTabloid, he covers the industry's latest news, developments, and other educational content. He is a graduate of Petroleum Engineering.