Shibarium Wallets Climb Over 100,000 After the Reboot

Shibarium Wallets Climb Over 100,000 After the Reboot

Time Stamp: August 29, 2023 4:36 AM
Source Node: 2851957

Shibarium wallet count increased by 35,000 only 24 hours after the reboot.

Shibarium, an Ethereum Layer-2 network, has gained 35,000 new wallets since its relaunch, with the total number of addresses climbing over 100,000.

According to Shytoshi Kusama, co-founder of Shiba Inu, at the relaunch of the blockchain, there were over 65,000 wallets and 350,000 transactions. But reportedly, the metrics had since jumped after the resumption of services, with wallets increasing by nearly 56% and transactions climbing by 20%.

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As of August 29th, data from Shibarium explorer shows there have been more than 66,000 daily transactions, with 349,000 total blocks and average block time standing at 5s.

Withdrawals on the relaunched platform are divided into two segments. SHIB, LEASH and wETH tokens could take 45 Minutes to 3 hours to withdraw, while BONE withdrawal might take up to 7 days.

On August 28th, Kusama issued a tweet announcing the new blockchain was running again after the unfortunate outage at the launch. Kusama noted that:

We've see [sic] a variety of fun, unusual, and sometimes offensive tokens deployed on Shibarium alongside a variety of platforms.

He also thanked the Polygon team for providing support and helping successfully reboot the platform.

Shibarium uses Shiba Inu (SHIB) tokens as fees, and the project reportedly focuses on metaverse applications. The official launch of Shibarium was announced on August 17, but there have been technical issues surrounding it.

Reportedly, the problems were caused by the high surge in traffic. The platform tried to deal with an influx of transactions and users, and finally, the system went into fail-safe mode. The team assured that all user funds were secure during the restoration efforts.

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