- Shiba Inu’s layer-2 scaling solution Shibarium surpassed 11 million transactions on its native test network Puppynet.
- Puppynet has processed over 11 million transactions for 15.9 million addresses since its launch in March.
- Shibarium’s new milestone helps layer-2 position itself as a competitor to Ethereum-based blockchains Arbitrum and Optimism.
Shiba Inu, one of the largest meme coin projects in the crypto ecosystem, is gearing up to compete with Ethereum layer-2 blockchains. Scaling solution Shibarium’s test network Puppynet surpassed 11 million transactions.
Also read: Three reasons why Litecoin whales could push LTC price to $100 before third halving
Shibarium’s Puppynet hits a new milestone with 11 million transactions
The Shiba Inu ecosystem’s layer-2 scaling solution hit a key milestone with transactions on the native test network Puppynet climbing above 11 million. Based on data from the BlockScout explorer, Puppynet has completed 11,160,339 transactions for 15.94 million wallet addresses.
Puppynet statistics
Around 3% of the 11.16 million transactions, nearly 400,000, was recorded in a 24-hour period on May 21. The success of the layer-2 scaling solution is preparing Shibarium to compete with Ethereum-based Arbitrum and Optimism.
Arbitrum and Optimism are focused on tackling scalability, speed and relatively high cost of transactions. With Shibarium in the mix, these Ethereum-based blockchains have a new competitor vying for market share in the ecosystem.
Shibarium was built with a focus on metaverse and gaming applications. The layer-2 solutions' relatively low transaction cost is likely to attract decentralized application (dApp) developers to build on the network.
Shiba Inu battles the speculation and hype
While most meme coin projects are typically driven by speculation and hype, Shiba Inu has differentiated itself from its competitors with a layer-2 scaling solution and a metaverse gaming ecosystem.
Shiba Inu’s ecosystem tokens SHIB, BONE and LEASH control upwards of $5 billion in crypto market capitalization and the success of Shibarium is likely to fuel a bullish thesis among holders, driving these assets higher.
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