Facebook’s Testnet Diem hits 50 million transactions

Data from the blockchain explorer inDiem shows that Testnet (test network) Diem, the stablecoin project supported by Facebook, reached more than 50 million transactions in January. This level has been reached after more than 1 month since Diem was renamed “Libra” from the first project.

Diem is a stablecoin – a cryptocurrency pegged 1: 1 to fiat, in this case the US dollar – that aims to disrupt the traditional payments market with fast, affordable processing features, scalable and low fees. It is operated by the Diem Association and a consortium of other members such as the cryptocurrency exchange Coinbase and car sharing giant Uber.

Diem is currently in beta – also known as “Testnet” – and closed more than 50 million transactions in January. Such tests allow developers to minimize network outages, if any, before public release.

Trade on Testnet Diem | source: inDiem

According to the data, the Diem test network operates with an average throughput of over 3 transactions per second (tps). Although it sounds fast, this is much slower than transactions on Bitcoin (4.6 tps) and Ethereum (15 tps) and significantly slower than the speeds on upcoming networks like Solana (65,000 tps).

Regarding the Testnet users, more than 221,000 individual addresses have partially interacted with Diem. Among them, a single address holds more than 100 million LBR (Token running on Diem), while more than 53 addresses contain exactly 820 LBR.

All in all, 57 of the top 100 wallets have up to 29 LBR while others hold 1 LBR each – and may test the network in different ways at different times of the day.

Once fully tested, Diem is slated to launch publicly by the end of 2021 (albeit referred to as a “limited launch”). In the meantime, stablecoins have found users, such as apps. The music app Spotify is said to have increased its payment department in anticipation.

Thuy Trang

After decrypting

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