In a significant stride for the Shiba Inu (SHIB) community, Shibarium, a novel layer-2 blockchain tailored for SHIB, has accomplished a remarkable feat by amassing over 100,000 wallets on its platform. This outstanding achievement was accelerated by the relaunch of Shibarium on August 28, with an impressive surge of 35,000 new wallets recorded within 24 hours.
Leading the forefront of the Shiba Inu project, Shytoshi Kusama, the lead developer and co-founder, shared the welcome news of Shibarium’s successful reboot through a blog post on the date mentioned above. Initially, the refreshed platform recorded 65,000 wallets with 350,000 transactions. However, these figures have since skyrocketed, depicting an impressive escalation of 55.8% in wallet count and a 20.2% upswing in transaction volume, as reported by Shiariumscan.io.
Shibarium’s dedicated block explorer currently showcases an impressive tally of 101,277 wallets, facilitating an exceptional 420,897 transactions across 344,614 blocks. Impressively, the average block time is an astonishingly low 5 seconds.
A Testament to Safety and Resilience
In response to the successful relaunch, Kusama conveyed assurance that funds remained safe during and after the incident. He further expressed gratitude towards Sandeep Nailwal, the co-founder of Polygon Labs, for his pivotal assistance during Shibarium’s rejuvenation process. Kusama’s statement emphasized the significance of quick response and collaborative support in overcoming challenges:
“Quickly after the incident began, I called Sandeep from Polygon directly, and without a second thought, he helped provide additional resources to ensure a perfect outcome. And that is why our pivot to fork Polygon was the correct one.”
Market Dynamics and SHIB’s Resurgence
The positive momentum in Shibarium’s relaunch reverberated positively in the market, notably influencing the price of SHIB. A 3.6% increase in the coin’s value, soaring to $0.00000825, was observed over the last 24 hours, according to CoinGecko. However, it’s worth noting that SHIB remains down by 14.3% from its price of $0.00000963 recorded before the outage.
Overcoming Challenges for Continued Growth
Kusama attributed the initial outage to an overwhelming influx of transactions and users during the platform’s relaunch. He later identified an issue involving an enormous volume of contract creation and normal transactions in a single block, which triggered the fail-safe mode. This predicament resulted in approximately $2.5 million temporarily stuck on the bridge.
In response to this challenge, the Shibarium team executed a monumental scaling of the server infrastructure by an impressive 1500%, a move aimed at enhancing the platform’s capability to manage on-chain congestion more effectively.
Empowering Gaming and Metaverse Applications
Shibarium is a dynamic Ethereum layer-2 network that leverages SHIB tokens for gas fees. The project focuses on developing an ecosystem conducive to the growth of gaming and metaverse applications on its platform. In its journey of growth, Shibarium can be likened to a newborn eagerly embraced by its excited family, ready this time to be nurtured with affection and care, as aptly expressed by the Shiba Inu community.
As Shibarium’s impressive journey continues, it’s clear that the amalgamation of innovation, resilience, and collaborative efforts is set to steer the platform towards greater success in the evolving landscape of blockchain technology.