Shibarium, the new Shiba Inu’s layer-2 blockchain, experienced a drop in its SHIB ticker to $0.000008, but celebrated surpassing 100,000 wallets on its platform, with 35,000 of those added within a day of its relaunch on August 28.
Shytoshi Kusama, the chief developer and co-founder of Shiba Inu, assured in a blog post-dated August 28 that Shibarium was operational again.
At that point, Kusama pointed out that Shibarium had recorded 65,000 wallets and 350,000 transactions. These numbers have since surged by 55.8% and 20.2% respectively, as indicated by Shibariumscan.io.
The block explorer of Shibarium indicates that 101,277 wallets have now conducted 420,897 transactions over 344,614 blocks, with an average block time of 5 seconds. Kusama, in a statement, asserted that the relaunch confirmed that funds have always been secure.
The anonymous individual also expressed gratitude to Polygon Labs co-founder, Sandeep Nailwal, for aiding Shibarium during its restart:
“Immediately after the incident occurred, I reached out to Sandeep from Polygon and, without hesitation, he provided extra resources to ensure the situation was resolved satisfactorily. This is why our decision to fork Polygon was the right one.”
The positive impact of Shibarium’s re-launch was evident in the SHIB price, which rose by 3.6% to $0.00000825 in the past 24 hours, as per CoinGecko. However, SHIB remains 14.3% below its $0.00000963 price when the outage occurred. During the outage, Kusama attributed the issue to a “HUGE surge in transactions and users” upon its launch, and later identified an instance where “countless contract creations and regular transactions” in a single block prompted the activation of the fail-safe mode.
It’s estimated that around $2.5 million worth of funds were trapped on the bridge during the incident. In the subsequent days, the Shibarium team reportedly increased the server infrastructure by 1500% to better handle on-chain congestion.
Shibarium is a layer-2 network of Ethereum that uses SHIB for transaction fees. The project is dedicated to developing gaming and metaverse applications on its platform.
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