Shibarium Wallets Surpass 100,000 Following SHIB Devs’ Bridge Relaunch

Shibarium, the innovative layer-2 blockchain designed for Shiba Inu (SHIB) enthusiasts, has achieved a remarkable milestone, surpassing the 100,000 wallet mark on its platform. This achievement gained significant momentum as an impressive 35,000 new wallets were established within the span of just 24 hours following Shibarium’s successful relaunch on August 28.

The prominent developer and co-founder of Shiba Inu, Shytoshi Kusama, officially confirmed the restoration of Shibarium’s functionality through an informative blog post on the aforementioned date. In this communication, Kusama acknowledged the initial count of 65,000 wallets and a staggering 350,000 transactions. However, these statistics have undergone an astonishing upsurge since that time, experiencing a remarkable 55.8% increase in wallet count and a 20.2% surge in transactions, as reported by Shiariumscan.io.

Upon examination of Shibarium’s block explorer, it becomes evident that an impressive total of 101,277 wallets have been actively participating in 420,897 transactions across 344,614 blocks. The blockchain’s efficiency is underscored by its average block time of just 5 seconds, which contributes to its swift and seamless operation.

Kusama conveyed his confidence in the platform’s security during the relaunch, asserting that user funds have always remained safeguarded. Expressing gratitude, he credited Sandeep Nailwal, co-founder of Polygon Labs, for extending critical assistance during Shibarium’s revival. Kusama highlighted Nailwal’s rapid response and willingness to provide additional resources, affirming that the decision to transition to a fork of Polygon proved to be the right strategic move.

As the reinvigorated Shibarium re-entered the scene, its positive impact was evident not only in the platform’s statistics but also in SHIB’s price movement. The cryptocurrency observed a commendable 3.6% price increase, valuing it at $0.00000825 per token, as reported by CoinGecko over the preceding 24 hours. Nevertheless, it’s important to note that SHIB’s current price is still down by 14.3% compared to its value of $0.00000963 at the time of the previous service interruption.

Kusama had previously attributed the interruption to an overwhelming surge in both transactions and users at launch. It was later revealed that an exceptionally high number of contract creation and regular transactions within a single block had triggered the blockchain’s fail-safe mode. This incident resulted in approximately $2.5 million worth of funds being temporarily stuck on the bridge.

In response to this challenge, the Shibarium team swiftly took action to bolster the server infrastructure by an impressive 1500%. This substantial enhancement aimed to effectively manage on-chain congestion and ensure a smoother user experience.

Shibarium operates as a layer-2 network built on Ethereum, leveraging SHIB for gas fees. The platform’s primary focus revolves around developing engaging gaming and metaverse applications that harness the potential of the SHIB ecosystem.

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