Shibarium, the layer 2 scaling solution for the Shiba Inu ecosystem, is gearing up for an update to move its testnet, Puppynet, to the Sepolia Upgrade on December 15. This shift involves a transition from the Goerli testnet, aligning with modifications in the broader Ethereum network.
Shibarium’s growth is evident in its transaction volume, now surpassing 35 million, with an average daily rate of 7 million. This increase underscores Shibarium’s excellent adoption and emphasizes the need for a robust and scalable test environment to support continuous development and innovation in the ecosystem.
Learn all about the upcoming Puppynet adoption of Sepolia and discover a new era of burning 🔥 in our latest blog post: https://t.co/1M3xxHAD4u
— Shib (@Shibtoken) December 4, 2023
The decision to move from Goerli to Sepolia is timely, considering Ethereum’s gradual phasing out of Goerli. This update will provide developers with a test environment more akin to the Ethereum mainnet, enhancing their ability to build and refine applications. The transition is expected to strengthen the stability and functionality of the ecosystem, meeting the needs of its growing user base.
Shibarium Evolves in All Areas
The layer 2 scaling solution is not only experiencing an increase in transactions and users but is also evolving its economic model. The update includes details about the Shibarium Burn Mechanism for Shiba Inu, a strategy aimed at enhancing the protocol’s long-term value. This mechanism will be implemented in two phases: the “Manual Phase,” managed by the official deployer wallet, and the “Automated Transition,” starting in January. This transition will incorporate predefined rules to promote transparency within the ecosystem.
The burn rate, a fundamental aspect of the deflationary approach of the Shiba Inu ecosystem, has seen an impressive increase of 7686774.46%, with 8,349,329,301 SHIB already burned. This mechanism plays a key role in Shibarium’s economic strategy, directly impacting its market dynamics and user participation.
The team is committed to rolling out more enhancements and version updates, focusing on serving the community and developers more effectively. Ongoing advancements reflect Shibarium’s commitment to growth and innovation, ensuring its position as a competitive and valuable player in the blockchain space.
Shibarium’s transition to the Sepolia testnet is undoubtedly a strategic move, signaling the growth of the protocol and the Ethereum network. This update and the innovative burn mechanism will further propel Shibarium, promising increased stability, functionality, and value for its users and developers as the ecosystem expands.