Shibarium wallets surpass 100K after SHIB devs relaunch bridge

2


Shibarium, a new layer-2 blockchain for Shiba Inu (SHIB) has surpassed 100,000 wallets on its platform with 35,000 coming within 24 hours of Shibarium’s relaunch on Aug. 28.

Shytoshi Kusama, the lead developer and co-founder of Shiba Inu, confirmed Shibarium was back up and running in an Aug. 28 blog post.

At the time, Kusama noted that Shibarium tallied 65,000 wallets across 350,000 transactions — however, those figures have rocketed upwards since, respectively increasing 55.8% and 20.2%, according to Shiariumscan.io.

Shibarium’s block explorer shows that 101,277 wallets have now facilitated 420,897 transactions across 344,614 blocks, with an average block time of 5 seconds.

The number of wallet addresses increased from 65,000 to over 100,000 within 24 hours of Shibarium re-opening. Source: Shiariumscan.io

In a statement, Kusama said the relaunch proved that funds are, and always were safe.

The pseudonymous figure also thanked Polygon Labs co-founder Sandeep Nailwal for providing Shibarium assistance with its reboot:

“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.”

The relaunch of Shibarium reflected well in SHIB’s price, increasing 3.6% to $0.00000825 over the last 24 hours, according to CoinGecko.

SHIB price over the last 24 hours. Source: CoinGecko

However, SHIB is still down 14.3% from its $0.00000963 price at the time of the outage.

Related: What’s next for Shiba Inu as price continues to slide? Two alternative meme coins to watch

At the time of the outage, Kusama blamed the “MASSIVE influx of transitions and users” when it went live, and later said it found a case where “thousands upon thousands of contract creation and normal transactions” in one block — which led it going into fail-safe mode.

It is estimated that about $2.5 million in funds were stuck on the bridge at the time.

In the days following, the Shibarium team claimed to have scaled the server infrastructure by 1500% to better manage congestion on-chain.

Shibarium is an Ethereum layer-2 network which utilizes SHIB for gas fees. The project focused on building gaming and metaverse applications on the platform.

Magazine: Magazine: How smart people invest in dumb memecoins — 3-point plan for success