Share this article
Shiba Inu’s Puppynet Testnet Logs 10M Transactions, Putting Ecosystem Tokens in Focus
Ecosystem tokens shiba inu, leash and bone will be used to transact on the upcoming Ethereum-based blockchain.
Updated Apr 9, 2024, 11:24 p.m. Published May 23, 2023, 5:52 a.m.
Shibarium network’s native test network, Puppynet, crossed 10 million transactions earlier this week in a sign of rising activity ahead of a release on the mainnet planned for later this year.
Blockchain explorer data shows the Puppynet testnet has processed more than 11 million transactions from almost 15 million wallets after its launch on March 11. Much of that activity came in the past week, with more than 400,000 transactions over a 24-hour period on May 21,
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The upcoming layer 2 network Shibarium will soon join the ever-growing fray of Ethereum-based blockchains, such as Arbitrum and Optimism, looking to solve the problems of scalability, speed, and expense.
Layer 2 refers to a set of off-chain solutions (separate blockchains) built on top of layer 1s that reduce bottlenecks with scaling and data. These bundle multiple off-chain transactions into a single layer 1 transaction, which helps reduce the data load and fees.
Shiba Inu developers have previously said Shibarium would have a focus on metaverse and gaming applications, especially as the non-fungible token (NFT) sector is expected to heat up in the coming years, apart from Shibarium’s use as a cheap settlement for decentralized applications (dapps) built on the network.
The launch could contribute to strong fundamentals for Shiba Inu, formed in the previous bull market as a Shiba Inu-themed meme coin, that has since tried to position itself as a serious project with its own blockchain network and dApp ecosystem.
This move could further bolster the fundamentals of Shiba Inu’s three ecosystem tokens: , leash (LEASH) and bone (BONE), which together command over $5 billion in market capitalization.
Each transaction on Shibarium will burn a certain amount of SHIB tokens, but the specific amount has not been decided yet. Burns refer to the permanent deletion of tokens from the total supply.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Bitcoin Treads Water Near $90K as Bitfinex Warns of 'Fragile Setup' to Shocks
BTC's relative weakness compared to stocks points to tepid spot demand, making the largest crypto vulnerable to macro volatility, Bitfinex analysts said.
What to know:
- Bitcoin erased very modest overnight gains early Monday and spent the rest of the U.S. session in a tight range around the $90,000 level.
- Rising long bond yields and a small U.S. equities pulling back weighed on risk appetite as traders eye this week's Federal Reserve meeting.
- Bitfinex analysts pointed out bitcoin's relative weakness against U.S. stocks amid modest spot demand and structural softness.
Top Stories
