Shibarium, an innovative layer-2 blockchain for Shiba Inu (SHIB), has achieved over 100,000 wallets on its system, with 35,000 of those added in the first 24 hours following its relaunch on August 28.
Confirming Shibarium’s restoration, Shytoshi Kusama, the lead developer and co-founder of Shiba Inu, posted a blog on August 28. In the post, he initially disclosed that Shibarium had garnered 65,000 wallets and 350,000 transactions. Subsequently, these numbers experienced significant increases, rising by 55.8% and 20.2%, respectively, as reported by Shiariumscan.io.
According to Shibarium’s block explorer, the number of wallets has now reached 101,277, facilitating 420,897 transactions through 344,614 blocks. The average block time is approximately 5 seconds.
Kusama Reassures Shibarium Wallet Safety in Relaunch
In a statement, Kusama assured that the relaunch underscored the safety of funds all along. He expressed gratitude to Sandeep Nailwal, co-founder of Polygon Labs, for aiding Shibarium in its reboot. Kusama stated:
“When the issue arose, I reached out to Sandeep from Polygon immediately, and he readily extended additional resources to ensure a flawless resolution to the situation. This is why our decision to transition and fork to Polygon was the correct one.”
The revival of Shibarium had a positive impact on the price of SHIB, which increased by 3.6% to $0.00000825 over the past 24 hours according to CoinGecko. Nevertheless, SHIB still remains 14.3% lower than its price of $0.00000963 during the outage.
Shibarium Disruption and Recovery
At the time of the disruption, Kusama attributed it to an “ENORMOUS surge of transactions and users” upon its launch. Later, it was revealed that there was a scenario where a single block contained “thousands upon thousands of contract creation and normal transactions,” causing the system to activate fail-safe mode.
Approximately $2.5 million in funds were estimated to be trapped on the bridge at that time. Subsequently, the Shibarium team reported that they had boosted the server infrastructure by 1500% to better handle on-chain congestion.
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