Shibarium resumes block production after temporary pause due to high demand

by Aug 20, 2023CryptoNews0 comments

Shibarium, the layer-2 blockchain of Shiba Inu, is back online after a short interruption. The network had to stop processing transactions for almost a day due to a surge in demand after its launch. According to the Shibariumscan.io website, the network is now producing blocks again. Shiba Inu’s lead developer, Shytoshi Kusama, confirmed that the network was paused to protect users’ funds from any issues caused by the high traffic. He assured that the funds were safe and that the bridge and the chain were working well. He also said that Shibarium was ready to resume operations quickly. A screenshot of the resumed block production. Source: Shibariumscan.io In an official blog post, another Shiba Inu developer, Kaal Dhairya, explained how the team planned to scale up the network to handle the large volume of transactions on Shibarium. He said the team would also provide regular updates on the status of the network, which is a fork of Polygon. He revealed that in one block, there were thousands of contract creations and normal transactions. To prevent any potential problems with fund recovery, the Shiba Inu project decided to get insurance coverage worth $2 million for Shibarium. After this announcement, the network restarted its block production and the team kept monitoring it closely. However, some members of the Shiba Inu community expressed concern about the spread of fear, uncertainty and doubt (FUD) that could harm the project. They showed their support and confidence in the network’s efforts to fix the transaction pause. Related: Shibarium executive issues strong warning about exploitation risks Some large holders and traders sold their Shiba Inu ( SHIB ), BONE and LEASH tokens, as the FUD triggered a significant sell-off of their main holdings. Despite this, the prices recovered after Shibarium was reactivated, even though the overall crypto market was in a downtrend. In the last 24 hours, SHIB’s price dropped by 11%, currently at $0.0000082. It ranged between a low of $0.0000076 and a high of $0.0000093 in the same period. Meanwhile, BONE’s price fell by 15%, reaching $1.18, while LEASH was at $430, marking a 5% decline in the same timeframe.

See also  Twitter updates its search feature with BTC and ETH market prices

Recent News

Recent Posts

Disclaimer: The information provided on this website is for informational purposes only. We strive to ensure the accuracy and reliability of the content, but we make no representations or warranties of any kind, express or implied, regarding the completeness, accuracy, reliability, suitability, or availability of the information. The use of this website is solely at your own risk.
We do not endorse or promote any specific cryptocurrencies, projects, exchanges, or investments mentioned on this website. The inclusion of any external links does not imply endorsement or recommendation.
Please note that the cryptocurrency market is highly volatile and involves substantial risks. You should carefully consider your own financial situation and risk tolerance before engaging in any cryptocurrency-related activities.

Related Post

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *