Just-In: Shiba Inu Lead Developer Releases Final Shibarium Scaling Update

Just-In: Shiba Inu Lead Developer Releases Final Shibarium Scaling Update

Time Stamp: August 28, 2023 2:41 AM
Source Node: 2849516

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Just-In: Shiba Inu Lead Developer Releases Final Shibarium Scaling Update

Varinder Singh
8 hours ago
24/7 Cryptocurrency News, Altcoin News

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Shiba Inu’s lead developer Shytoshi Kusama on Monday published the final update on the Shibarium scaling, officially announcing the reopening of the L2 network to the public. Kusama appreciated the support from Polygon, Unification, and developers during the Shibarium mainnet down situation. He said, “Shibarium is live and operating well.”

Shiba Inu’s Shibarium Scaling Final Update

Shibarium has accumulated over 65,000 wallets and 350,000 transactions, revealed Shiba Inu lead developer Shytoshi Kusama in an official blog on August 28. Explorer Shibariumscan.io shows that Shibarium mainnet has been producing blocks since August 24.

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“I need to give explanation and a huge thank you to the Polygon team. Quickly after the incident began, I called Sandeep from Polygon directly and without a second thought, he helped provide additional resources to ensure a perfect outcome to the situation. And that, is why our pivot to fork Polygon was the correct one.”

Regarding the funds and bridge, Shytoshi Kusama revealed that funds are “safu” and the bridge is working correctly. SHIB, LEASH, and WETH withdrawals through the bridge will typically take 45 minutes to 3 hours, happening in at least 2 checkpoints. Meanwhile, BONE withdrawal can take up to 7 days.

He warned the community to be careful regarding any tokens building on the Shibarium and invest only after complete due diligence. Furthermore, he shared details including the bridge address, RPC, and Chain ID of Shibarium.

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Shytoshi Kusama earlier announced a plan to scale Shibarium by 1500% to improve security, stability, and decentralization. Also, Shibarium has a new monitoring system and additional fail-safe mechanism including rate limiting at the RPC level and auto server reset.

Also Read: Bullish Pattern Hints 2X Growth in PEPE, LUNC, SHIB

SHIB and BONE Prices Under Pressure

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Shiba Inu ecosystem tokens BONE and LEASH tokens skyrocketed over 15% after Shibarium mainnet started producing blocks after reopening to the public on August 24.

SHIB price has mostly been under pressure despite Shibarium reopening. SHIB price fell 2% in the past 24 hours, with the price currently trading at $0.0000079. The 24-hour low and high are $0.00000792 and $0.00000815, respectively.

Meanwhile, BONE price trades at $1.33, down 3% in the last 24 hours after a recovery last week. The 24-hour low and high are $1.29 and $1.38, respectively.

However, SHIB and BONE holders are increasing quickly, with trillions of tokens moving off exchanges recently.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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