Shibarium, a recently launched Layer-2 blockchain designed for Shiba Inu, has achieved a significant milestone by attracting over 100,000 wallets to its platform. Impressively, 35,000 of these wallets were added within just 24 hours following Shibarium’s relaunch on August 28th, 2023.
In a blog post dated August 28th, Shytoshi Kusama, the co-founder and lead developer of Shiba Inu, officially announced the reactivation of Shibarium.
During that period, Kusama highlighted that Shibarium had recorded 65,000 wallets and 350,000 transactions. However, those numbers have seen a substantial surge, with a 55.8% increase in wallets and a 20.2% rise in transactions, as reported by Shibariumscan.io.
As indicated by Shibarium’s block explorer, a total of 101,277 wallets have played a role in enabling 420,897 transactions across 344,614 blocks. These activities have been occurring with an average block time of just 5 seconds.
Kusama expressed in a statement that the relaunch served as proof that the funds were secure from the start. Kusama also extended gratitude to Sandeep Nailwal, the co-founder of Polygon Labs, for offering valuable aid in Shibarium’s reboot.
The memecoin creator mentioned that during the incident, he promptly contacted Sandeep from Polygon, who readily provided extra resources to ensure a successful resolution. This confirmed the rightness of their decision to transition and collaborate with Polygon.
Shibarium’s relaunch had a positive impact on SHIB’s price. CoinMarketCap data shows that SHIB is trading at $0.000008113 following the rise of 2.31% in the last 24 hours at press time. Nevertheless, SHIB remains 14.3% lower than its value of $0.00000963 during the outage period.
Shibarium Launch: Network Overwhelm, Funds Stuck, Infrastructure Up
During the outage period, Kusama attributed the issue to an overwhelming surge of transactions and users upon Shibarium’s launch. Subsequently, it was discovered that a situation arose where an extensive number of contract creations and regular transactions occurred within a single block. This situation triggered the fail-safe mode that Shibarium went into.
Approximately $2.5 Million worth of funds were reportedly stuck on the bridge during that period. In the subsequent days, the Shibarium team announced that they had increased the server infrastructure by a significant 1500% to enhance their ability to handle congestion on the blockchain.
Shibarium operates as an Ethereum Layer-2 network and employs SHIB to cover gas fees. The primary objective of the project has been centered around developing gaming and metaverse applications on their platform.
