- Shardeum’s Incentivized Testnet (ITN) Stage 3 has recorded over 7 million transactions within 20 days.
- Utilizing dynamic state sharding, Shardeum maintains low gas fees and high transaction throughput, to deliver a highly scalable blockchain solution.
- The ITN Stage 3 encourages active participation from users and validators through on-chain tasks, helping to stress-test the network’s performance in real-world conditions.
- Shardeum has raised $23.6 million till date from investors like Amber Group and Blockchain Founders Fund.
Shardeum, a linearly scalable, EVM-compatible Layer-1 blockchain, has hit a major milestone with its Incentivized Testnet (ITN) Stage 3, recording over 7 million transactions in less than 20 days.
Launched on October 1, 2024, ITN Stage 3 crossed the 3 million transaction mark within the first nine days, exhibiting rapid growth and user engagement.
This achievement comes as Shardeum prepares for its upcoming Mainnet launch. The testnet aims to simulate real-world conditions and stress-test the network’s capabilities through participation from on-chain contributors and validators.
The success of ITN Stage 3 highlights the scalability potential of Shardeum’s dynamic state sharding, which allows for low gas fees and high transaction throughput.
“Surpassing 7 million transactions in such a short span is a clear demonstration of Shardeum’s robust scalability and the strong support from our community,” stated Chris Chabot, VP of Developer Relations at Shardeum.
“This milestone illustrates the potential of our network as we gear up for the Mainnet launch,” Chris noted.
Shardeum’s design focuses on true decentralization with a consensus mechanism that allows anyone to run a node, lowering the computational power needed for validators.
The ITN Stage 3 encourages user participation through quests and validator activities, offering rewards such as XP, NFTs, and $SHM airdrops.
As the testnet progresses, Shardeum continues to refine its autoscaling Layer-1 network, aiming to maintain low gas fees and a high transaction-per-second (TPS) rate as user engagement grows.
Backed by notable VCs including Amber Group, Galxe, and Blockchain Founders Fund, Shardeum has raised $23.6 million to date, with its latest funding round in March 2024.
Shardeum was founded in 2022 by Nischal Shetty, founder of Wazirx cryptocurrency exchange, and Omar Syed.
With the Mainnet launch on the horizon, Shardeum is aiming to position itself as a competitive player in the blockchain space, setting new benchmarks for scalability and decentralization.
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