According to blockchain explorer inDiem data, testnet for Facebook-backed stablecoin project Diem reached more than 50 million transactions yesterday. This development came one month after Diem’s rebranding of his old “Libra” project.
Diem is a type of cryptocurrency fixed on a 1: 1 basis with fiat currencies – a fixed currency that aims to disrupt the traditional payments market with its low-cost, scalable and fast payment features. The Diem organization is led by a consortium of other members, such as crypto exchange Coinbase and car sharing giant Uber.
Currently working in the testing phase – or “testnet” in the language of the crypto industry, Diem reached more than 50 million transactions late yesterday. This type of testing allows developers to mitigate any bugs within the network before a public release.
The data show that Diem testnet runs at an average efficiency of over 3 operations per second (tps). While it sounds fast, this is much slower than transactions in both Bitcoin (4.6 tps) and Ethereum (15 tps) and much slower than speeds on approaching networks like Solana (65,000 tps). However, Diem may not be working anywhere near capacity.
In terms of Testnet users, more than 221,000 individual addresses interacted with Diem in a certain capacity. Of these, a single address holds more than 100 million LBR (tokens running on Diem), while more than 53 of them hold exactly 820 LBR.
In total, 57 of the top 100 wallets hold 29 LBR, while the others each hold a single LBR – possibly to test the network in various ways at various times of the day.
With tests in full stream, a public launch for Diem (a so-called “limited launch) is expected in late 2021, according to previous reports. Meanwhile, stablecoin has already found its buyers and said that music app Spotify is already strengthening its payment section in anticipation.