Shiba Inu’s Shibarium is Network “Ready”, SHIB’s Price Continues To Struggle
In Brief
Shytoshi Kusama, the lead developer of Shiba Inu, released a blog post saying that Shibarium, Shiba Inu’s Layer 2 solution, is currently in a “ready” state and has been enhanced and optimized for better transactional experiences.
On August 17, Shibarium encountered transactional issues that resulted in approximately $1.7 million worth of ETH being locked within the Shibarium cross-chain bridge.
Shibarium, Shiba Inu’s Layer 2 solution, encountered transactional issues that resulted in approximately $1.7 million worth of ETH being locked within the Shibarium cross-chain bridge on August 17.
The issue raised concerns about its technical robustness and potential centralization. Transactions within the Shibarium ecosystem were in a state of uncertainty, and the Shibarium project team was silent, which further caused users to be in a state of limbo.
Following this, auditors were engaged to assess the Shibarium network’s vulnerabilities. Subsequent to their involvement, the Ethereum Bridge experienced a collapse, intensifying discussions about the platform’s fundamental challenges.
But on August 22, Shytoshi Kusama, the lead developer of Shiba Inu, released a blog post saying that the network is currently in a “ready” state and has been enhanced and optimized for better transactional experiences.
According to Kusama, the blockchain is successfully producing blocks while still undergoing testing.
He further elaborated on the new enhancements to the platform, announcing the introduction of a new monitoring system and added safety mechanisms. These features will also encompass a rate limiting at the RPC level and automated server resets in response to high traffic volumes.
According to the post, the team is confident about the project and believes that they are almost ready to reopen the network to the public.
The update also brings other enhancements, including additional validators, which will go live on August 23. The move is expected to provide users with expanded options to stake their ShibaSwap Bone (BONE) tokens.
More than that, Shytoshi Kusama shared that the company plans to start the implementation of ShibPaper.
In the blog, Shiba Inu’s Kusama also acknowledged the challenges faced during Shibarium’s launch. He stated that the pause in operations resulted from high traffic, leading to technical complications and asset lockups.
Meanwhile, the Shiba Inu (SHIB) token’s price performance continues to face challenges. In the past 24 hours, it has declined by 2.08% as of writing. Likewise, over the past week it declined by 22.06%.
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About The Author
Valeria is a reporter for Metaverse Post. She focuses on fundraises, AI, metaverse, digital fashion, NFTs, and everything web3-related. Valeria has a Master’s degree in Public Communications and is getting her second Major in International Business Management. She dedicates her free time to photography and fashion styling. At the age of 13, Valeria created her first fashion-focused blog, which developed her passion for journalism and style. She is based in northern Italy and often works remotely from different European cities. You can contact her at valerygoncharenko@mpost.io
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Valeria is a reporter for Metaverse Post. She focuses on fundraises, AI, metaverse, digital fashion, NFTs, and everything web3-related. Valeria has a Master’s degree in Public Communications and is getting her second Major in International Business Management. She dedicates her free time to photography and fashion styling. At the age of 13, Valeria created her first fashion-focused blog, which developed her passion for journalism and style. She is based in northern Italy and often works remotely from different European cities. You can contact her at valerygoncharenko@mpost.io
