The Shibarium didnโt get off to a flying start following its launch on August 16. However, the network aims to move past these incidents as block production resumes.
Developers Restarts Network
Data from Shibariumscan.io shows that the layer-2 network is up and running again. Shibarium had on August 17 paused block production following the traffic surge, which overwhelmed the blockchain upon mainnet launch.ย
Close to $1.7 million in bridged funds had reportedly gotten stuck on the Shibarium bridge, with lead developer Shytoshi Kusama confirming that the funds were irrecoverable. However, in a blog post titled โShibarium: ALL IS WELL,โ Kusama termed this FUD and stated that contrary to earlier reports, there was no bridge issue and all funds were โsafu.โ
He stated that Shibarium experienced a โmassive influx of transactions and users that happened at the same timeโ upon the network going live. That led to the network going offline and not due to its functionalities as earlier thought.
To highlight the magnitude of the traffic surge that the network experienced, Kusama referenced data from the Web3 development platform Alchemy. Shibraium was allotted 400 Million compute units monthly, but the network experienced 160+ million compute units in just under 30 minutes. At that rate, the network could experience billions of compute units daily, putting it on par with the most active layer-2 blockchains.ย
SHIB price drops to $0.0000856 | Source: SHIBUSD on Tradingview.com
Plans To Scale After Shibarium Launch
Lead developer Kusama admitted that the team did not expect that level of trading activity on the network. However, he noted that they were โworking tirelesslyโ to scale the chain and increase its computing power to handle and process more transactions. He further emphasized the teamโs commitment to position Shibarium as one of the major players in the DeFi world.
Shiba Inu developer Kaal Dhairya provided further updates in a subsequent blog post dated August 18. Following an investigation, the team discovered that one particular block had been loaded with several transactions, which caused it to go into โfail safe modeโ to protect the funds.
He mentioned that the team had โidentified multiple possible plans of actionโ to scale the network and ensure it could handle any substantial traffic on the chain.
Dhairya also confirmed that the bridged funds were safe and that in a show of good faith, the team has chosen to obtain a $2 million insurance cover to protect against any potential challenges that could arise from retrieving the funds upon restart of the network.ย
SHIBโs price has recovered considerably since the launch saga. However, the token is still down about 1.78% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Unsplash, chart from Tradingview.com
