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Shibarium Hits New Utility Landmark on Epic ETH Bridge Reveal

Fri, 07/28/2023 - 15:04
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Tomiwabold Olajide
Shibarium achieves significant milestone
Shibarium Hits New Utility Landmark on Epic ETH Bridge Reveal
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Shiba Inu Layer 2 testnet, Shibarium beta "Puppynet," keeps smashing new milestones, which might point to its demand and utility.

In a new landmark for the Shiba Inu Layer 2 testnet, total transactions processed have smashed the 33 million milestone.

According to Puppyscan, the Shibarium testnet has now processed 33,072,763 transactions since its March 11 launch. The total number of blocks is currently 1,882,580, while there are now 17,062,762 interacting wallet addresses.

Lucie, a Shiba ecosystem official, announced on July 26 that the Shibarium beta bridge was now live for public testing. She cautions users to refrain from using real assets as the bridge is currently in beta.

According to Shibarium documentation, the Shibarium bridge offers a bidirectional transaction environment between Shibarium and Ethereum. The bridge would allow users to transfer tokens between the two networks without introducing third-party risks or hurting market liquidity, while also acting as a scaling solution.

Shibarium Token BONE Jumps as Shiba Inu Hits These Two Milestones

Shibarium's utility is likely to rise once the bridge goes live on the mainnet, given that there are currently over 450,000 ERC-20 tokens on Ethereum.

Shiba Inu keeps building

Shiba Inu ecosystem official Lucie draws attention in a recent tweet to the fact that Shiba Inu continues to build despite adverse market conditions. "SHIB in bear builds to bloom in bull," Lucie wrote after listing several accomplishments and partnerships over the last two years.

These include SHIBOSHIS, released in October 2021; BONE as a gas token and Doggy Dao, introduced in January 2022; and fast-food restaurant Welly's partnership with John Richmond, announced in February 2022.

The metaverse was launched in April 2022. Shiba Eternity was tested in Indonesia in August 2022, then it officially launched in November 2022. The SHIB metaverse also saw advancements as the Wagmi temple and an MV website were built.

March 2023 witnessed the launch of Shibarium beta and Discord. That year as well, exciting partnerships were formed with Tangem wallets, Bad Idea AI, and Rock'n Vodka.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.