Shiba Inu (SHIB) is a meme cryptocurrency on the Ethereum blockchain. It was created in August 2020 by an anonymous developer named Ryoshi, whose identity is as mysterious as that of Bitcoin creator Satoshi Nakamoto. As the name suggests, SHIB is inspired by the Japanese dog breed, Shiba Inu.
Shytoshi Kusama, co-founder of the SHIB token, said the bridge was arranged with the help of Sandeep Nailwal, co-founder of Polygon Labs.
Shibarium, a new layer 2 blockchain which is intended to encourage the development of their own DeFi ecosystem for Shiba Inu (SHIB), has surpassed 100,000 wallets on its platform, with 35,000 of them in the first 24 hours after Shibarium’s relaunch on Aug. 28. Shibarium is Shiba Inu’s Layer 2 blockchain project
Shytoshi Kusama, the lead developer and co-founder of Shiba Inu, confirmed that Shibarium was back up and running in an Aug. 28 blog post.
At the time, Kusama noted that Shibarium had 65,000 wallets with 350,000 transactions; however, those numbers have since increased significantly, rising 55.8% and 20.2%, respectively, according to Shiariumscan.io.
Shibarium’s block explorer shows that there are now 101,277 wallets that have facilitated 420,897 transactions in 344,614 blocks, with an average block time of 5 seconds. This can be observed in a graphic of the number of wallet addresses went from 65,000 to over 100,000 within 24 hours of Shibarium’s relaunch, developed by Shiariumscan.io.
In a statement, Kusama said the relaunch proved that the funds are and always were safe.
The pseudonymous figure also thanked Sandeep Nailwal, co-founder of Polygon Labs, for providing assistance to Shibarium with its reboot, quickly after the incident began, I called Sandeep from Polygon directly and without hesitation, he helped provide additional resources to ensure a seamless outcome to the situation. And that’s why our move to fork Polygon was the right one.
Positive Aspects of the relaunch of Shibarium
The relaunch of Shibarium reflected positively on the price of SHIB, rising 3.6% to USD 0.00000825 in the last 24 hours, according to CoinGecko. This is shown in a graphic of SHIB price in the last 24 hours presented by CoinGecko; however, SHIB is still 14.3% below its price of USD 0.00000963 at the time of the disruption.
At the time of the outage, Kusama blamed the “MASSIVE flow of transactions and users” when it launched, and later said they found an instance where there were “thousands and thousands of contract creations and normal transactions” in a single block, causing it to go into security mode. It is estimated that about USD 2.5 million in funds were trapped on the bridge at the time.
According to @kaaldhairya #Shibarium is like a newborn baby that is overwhelmed by so many excited family members coming to greet it, this time it is ready, but please treat it with love and care.”
In the following days, the Shibarium team claimed to have scaled the server infrastructure by 1,500% to better handle on-chain congestion.
Shibarium is an Ethereum Layer 2 network that uses SHIB for gas rates. The project focused on building gaming applications and metaverses on the platform.
By Audy Castañeda
