Shibarium, the new layer 2 blockchain associated with Shiba Inu, has achieved a significant milestone by surpassing 100,000 wallets on its platform. Within just 24 hours of Shibarium's reboot on August 28, it added 35,000 wallets, a no table surge. Shiba Inu's lead developer and co-founder, Shytoshi Kusama, confirmed in a blog post on August 28 that Shibarium was operational once again.
Initially, Shibarium had reported 65,000 wallets and 350,000 transactions, but these numbers have seen a remarkable increase, rising by 55.8% and 20.2%, respectively, according to data from Shibariumscan.io. As of now, Shibarium boasts 101,2 77 wallets facilitating 420,897 transactions in 344,614 blocks, with an average block time of 5 seconds. Kusama emphasized that this restart demonstrated the safety of funds within the platform.
Kusama expressed gratitude to Sandeep Nailwal, co-founder of Polygon Labs, for his assistance in the Shibarium reboot. He revealed that they had sought help from Sandeep at Polygon immediately after the incident, and this collaboration provided additional resources to ensure a successful outcome. Shibarium's relaunch appears to have positively impacted the price of SHIB, which has risen by 3.6% in the past 24 hours to reach $0.00000825, according to CoinGecko.
The previous outage of Shibarium was attributed to a massive influx of conversions and users at its launch. Kusama also mentioned the discovery of a scenario where thousands of contract creations and normal transactions occurred within a single block, causing the system to enter failsafe mode. this period, it was estimated that approximately $2.5 million was held on the bridge. Following the incident, the Shibarium team claimed to have expanded their server infrastructure by 1500% to better manage on-chain congestion.
Shibarium operates as an Ethereum layer 2 network, utilizing SHIB for gas fees, with a primary focus on developing games and Metaverse apps on its platform.
