The Shibarium Network, a crucial layer-2 blockchain within the Shiba Inu project, has successfully recommenced its block production operations. This move comes after a temporary pause due to soaring transaction volumes following the mainnet launch.
Resumption of Block Production, Challenges and Response
Following a nearly day-long transaction pause, the Shiba Inu project’s layer-2 blockchain, Shibarium, is back in action. According to the Shibariumscan.io block explorer, the network is now generating blocks again. The temporary halt was implemented to ensure the security of funds as the network unexpectedly encountered high traffic levels post-mainnet launch.
Lead developer Shytoshi Kusama confirmed that the elevated blockchain traffic brought about challenges. However, he emphasized that the security of funds remained intact throughout the process. Both the bridge and the chain continued to function smoothly despite the hiccup. The fail-safe mode served its purpose, and the network is now primed for a swift restart.
Scaling Plans and Updates
In an official blog post dated Aug. 18, Shiba Inu developer Kaal Dhairya outlined the project’s strategy for scaling operations and catering to substantial traffic on Shibarium. The team’s focus on maintaining regular updates regarding the network’s status was highlighted, as well. Notably, Shibarium is a fork of Polygon, underlining its connection to the wider blockchain ecosystem.
To address potential challenges related to fund retrieval, the Shiba Inu project made a strategic decision. The team secured insurance coverage amounting to $2 million, ensuring a safety net in case of future disruptions. This move was particularly important in light of the recent pause and subsequent resumption of Shibarium’s operations.
Community Sentiment, Impact and Price Fluctuations
While the ShibArmy community remained positive and supportive of the network’s efforts, there were concerns about the spread of fear, uncertainty, and doubt (FUD) within the ecosystem. This negative sentiment had led to significant divestment of major holdings by large holders and traders.
Despite this, the reactivation of Shibarium led to a rebound in prices, even amidst a broader crypto market sell-off.
Over the past 24 hours, SHIB’s value experienced an 11% drop, reaching its current value of $0.0000082. The price fluctuated between a low of $0.0000076 and a high of $0.0000093 during this period. Additionally, BONE’s price witnessed a 15% decline, settling at $1.18, while LEASH’s value dropped by 5% to reach $430.
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