Shibarium, the new layer-2 blockchain for Shiba Inu, has achieved a significant milestone, surpassing 100,000 wallets on its platform. Remarkably, 35,000 of these wallets joined within just 24 hours following Shibarium’s relaunch on August 28th.
In a reassuring update, Shytoshi Kusama, the lead developer and co-founder of Shiba Inu, officially confirmed Shibarium’s successful restoration in a blog post on August 28th. At that time, Shibarium boasted 65,000 wallets and had processed 350,000 transactions. Since then, these numbers have experienced a substantial uptick, with a 55.8% increase in wallets and a 20.2% rise in transactions, as reported by Shibariumscan.io.
Shibarium’s block explorer now showcases a remarkable tally of 101,277 wallets, facilitating 420,897 transactions across 344,614 blocks, all achieved with an average block time of just 5 seconds. Kusama emphasized in a statement that the relaunch unequivocally demonstrated the security of users’ funds, stating that they have always been and continue to be safe.
Furthermore, Shytoshi Kusama expressed his gratitude to Sandeep Nailwal, the co-founder of Polygon Labs, for providing invaluable assistance during Shibarium’s reboot. He highlighted how Sandeep from Polygon swiftly stepped in and offered additional resources to ensure a seamless resolution to the situation, affirming that the decision to pivot and fork with Polygon was the correct one.
Nevertheless, SHIB still faces a 14.3% decrease from its price of $0.00000963 at the time of the outage.
During the outage, Kusama attributed the disruption to a “MASSIVE influx of transactions and users” when Shibarium went live. Subsequently, it was identified that a single block contained “thousands upon thousands of contract creation and normal transactions,” forcing the system into a fail-safe mode.
Approximately $2.5 million in funds were reported as trapped on the bridge during this period. In response, the Shibarium team took swift action, announcing a 1500% increase in server infrastructure capacity to enhance congestion management on the blockchain.
Shibarium operates as an Ethereum layer-2 network, employing SHIB for gas fees. The project’s primary focus centers on the development of gaming and metaverse applications within this ecosystem.