Shibarium, the innovative layer-2 blockchain designed for Shiba Inu, has celebrated a significant milestone, surpassing 100,000 wallets registered on its platform.
Impressively, within a mere 24 hours following its re-launch on August 28, an impressive 35,000 new wallets joined the platform.
Shytoshi Kusama, the co-founder and lead developer of Shiba Inu, officially announced Shibarium’s restoration in an August 28 blog post.
Initially, Shibarium boasted 65,000 wallets and had processed 350,000 transactions.
These figures, however, have experienced a remarkable ascent.
A striking 55.8% increase in wallet count and a 20.2% surge in transactions have been documented since, as reported by Shibariumscan.io.
Presently, the Shibarium block explorer reveals a staggering 101,277 wallets that have facilitated an impressive 420,897 transactions across 344,614 blocks.
The network’s efficiency is evident through its average block time of just 5 seconds.
Kusama emphasized that the relaunch demonstrated the security of funds on the platform, reinforcing that they had always been safe.
He also extended gratitude to Sandeep Nailwal, co-founder of Polygon Labs, for lending a helping hand during the platform’s reboot.
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Kusama noted that Polygon’s support was instrumental in achieving a successful resolution and praised their strategic decision to pivot and integrate with Polygon.
In the aftermath of the re-launch, SHIB, the native token of Shiba Inu, experienced a positive price movement, climbing by 3.6% to reach $0.00000825, as per CoinGecko data.
However, it is pertinent to note that SHIB remains 14.3% below its pre-outage price of $0.00000963.
Kusama attributed the initial outage to an overwhelming influx of transactions and users that led the platform to enter fail-safe mode.
Subsequently, the Shibarium team took robust measures to enhance server infrastructure, scaling it by an astonishing 1500%.
These enhancements were strategically implemented to alleviate congestion on-chain and ensure smooth functionality.
Shibarium’s significance lies in its position as an Ethereum layer-2 network, leveraging SHIB for gas fees.
The platform’s primary focus is on fostering the development of gaming and metaverse applications, showcasing its commitment to innovation within the blockchain and cryptocurrency ecosystem.
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