Newly Launched Shibarium Network Resumes Block Generation

The Shiba Inu's Layer-2 blockchain, known as Shibarium, faced an unexpected hiccup on August 17th.

However, after a nearly day-long transaction hiatus, Shiba Inu's Shibarium network came back online, successfully resuming block generation.

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

It is believed that the interruption was initiated due to a surge in blockchain traffic right after the mainnet launch, which placed the network into a protective fail-safe mode. This action ensured that funds remained secure despite the challenges.

Lead developer, Shytoshi Kusama, shed light on the situation, stating:

In fact, as we slowly and carefully investigated where the problem exactly took place and found thousands upon thousands of contract creation and normal transactions IN ONE BLOCK.

The Shiba Inu developer team, understanding the necessity for scaling, plans to expand operations to handle extensive traffic on Shibarium. On August 18th, Kaal Dhairya, one of the Shiba Inu developers, announced in a blog post that regular updates regarding the status of Shibarium would be shared.

To further bolster their commitment to security and address concerns about funds, the Shiba Inu project secured an insurance policy worth $2 million.

However, it's worth noting the sentiments of the ShibArmy community. The widespread Fear, Uncertainty, and Doubt (often termed FUD) that emerged during the transaction pause stirred anxiety. Despite this, the majority of the community members exhibited optimism and extended their unwavering support.

While this pause prompted holders to sell their SHIB, BONE, and LEASH tokens, prices are gradually recovering, especially after the network's reactivation. SHIB's price on the last day saw a dip, hitting a low of $0.0000076 before rallying to a high of $0.0000093. At the same time, BONE and LEASH observed price increases of 3% and 2%, respectively.

Such moments of turbulence are not uncommon in the dynamic world of cryptocurrency. Yet, with transparency, swift action, and community support, projects like Shibarium navigate these challenges and continue to thrive.

• SEO Powered Content & PR Distribution. Get Amplified Today.
• PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
• PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
• PlatoESG. Automotive / EVs, Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
• PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
• ChartPrime. Elevate your Trading Game with ChartPrime. Access Here.
• BlockOffsets. Modernizing Environmental Offset Ownership. Access Here.
• Source: https://www.bitdegree.org/crypto/news/shibarium-network-resumes-block-generation-following-nearly-a-day-long-hiccup