Shibarium, the new layer-2 blockchain designed for Shiba Inu (SHIB), has taken the crypto world by storm, surpassing a remarkable milestone of 100,000 wallets on its platform. A staggering 35,000 new wallets joined within 24 hours of Shibarium’s relaunch on August 28th, marking a pivotal moment for the Shiba Inu ecosystem.
The lead developer and co-founder of Shiba Inu, Shytoshi Kusama, officially announced the revival of Shibarium through a blog post on the same date. Kusama shared the exhilarating news of Shibarium amassing 65,000 wallets and 350,000 transactions, which has since skyrocketed. The figures surged by an impressive 55.8% and 20.2%, respectively, as confirmed by Shiariumscan.io.
The blockchain’s block explorer reveals an astounding 101,277 wallets that have collectively facilitated 420,897 transactions across 344,614 blocks. Impressively, the average block time stands at a swift 5 seconds.
Kusama addressed the relaunch, assuring users that their funds had always been secure. In addition, Kusama expressed gratitude towards Sandeep Nailwal, co-founder of Polygon Labs, for his assistance in Shibarium’s reboot. Kusama praised Nailwal’s swift and unwavering support, stating, “And that is why our pivot to fork Polygon was the correct one.”
The resurgence of Shibarium has positively impacted SHIB’s price, resulting in a 3.6% increase to $0.00000825 within the last 24 hours, as reported by CoinGecko. However, the cryptocurrency is still 14.3% below its pre-outage price of $0.00000963.
The outage had been attributed to an overwhelming influx of transactions and users during its initial launch. Kusama later revealed that an uncommon situation involving many contract creations and transactions within a single block had triggered the fail-safe mode, leading to the outage. An estimated $2.5 million was stuck on the bridge during the ordeal.
In the aftermath, the Shibarium team responded vigorously, scaling their server infrastructure by a staggering 1500% to better accommodate on-chain congestion. Operating as an Ethereum layer-2 network utilizing SHIB for gas fees, Shibarium is primarily geared towards building gaming and metaverse applications on its innovative platform.
As Shibarium propels forward with renewed vigor and heightened adoption, the Shiba Inu community is witnessing an exciting chapter in its journey, marked by resilience and evolution.
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