Layer-2 of the Shiba Inu Shibarium network has restarted block generation after a transaction stoppage of over a day right after the launch.
Lead developer Shytoshi Kusama confirmed that increased blockchain traffic caused certain difficulties while maintaining fund security. He claimed that the chain and the bridge are both operating properly, and Shibarium is prepared for an immediate restart.
Kusama said there was no bridge issue that was mentioned right after the Shibarium was launched.
Just for a reminder, after the launch, there were rumors among the crypto Twitter about the Shibarium cross-chain bridge that allegedly held 954 Ethereum (ETH) tokens with a market value of almost $1.7 million.
Kusama called all rumors a FUD and stated it was all due to “insane traffic”. He added the technical challenge was unrelated to Shibarium; instead, it stemmed from the substantial surge in transactions and user activity coinciding with the live launch of Shibarium.
According to him , the team has been exerting significant effort to scale up, even though validators were already set to autoscale upon the announcement. They were striving to restore the chain’s functionality to manage the influx of their decentralized nation state.
Kusama then gave an example of what actually happened. He showed the analytics offered by the service the platform has utilized to double-check everything – ALCHEMY – in order to provide an illustration of the ridiculous volume of traffic Shibarium has experienced.
He said :
“We are given 400 Million compute units a MONTH under the enterprise plan we have with Alchemy. We experienced 160+ million compute units at launch in a period of about 30 minutes.
“If we continue at that rate, we are expected to reach Billions of compute units in a day, on par with the most active L2 Blockchains that exist. Although we expected a very busy moment, we never expected THIS much traffic, instantly.”
“Other stats: 1000 Eth, 600,000 Bone deposited into our new chain in approximately 15 minutes! This just proves that the ShibArmy is STRONG.”
Shiba Inu’s layer-2 blockchain, Shibarium, has revived and is currently producing blocks, according to the Shibariumscan.io block explorer. After the mainnet launch, the Shibarium network saw unexpectedly high traffic; therefore it suspended operations to protect finances.
Shiba Inu creator Kaal Dhairya provided plans for scaling operations to handle high traffic on Shibarium in an official blog post dated Aug. 18. As a fork of Polygon. The Shibarium network will also receive frequent upgrades from the team, he said.
“In fact, as we slowly and carefully investigated where the problem exactly took place and found thousands upon thousands of contract creation and normal transactions IN ONE BLOCK.”
In addition, the Shiba Inu project decided to obtain insurance coverage worth $2 million to solve any problems with money retrieval if Shibarium is restarted. After this declaration, block production on the network resumed under the team’s strict supervision.
However, the ShibArmy community raises concern over the FUD (fear, uncertainty, and doubt) that could be circulated and harm the effort. The community has responded favorably and has shown support for the network’s efforts to address the transaction pause.
Due to the spread of FUD, large investors and traders have sold their Shiba Inu, BONE, and LEASH tokens, significantly liquidating their largest holdings. Despite this, prices have increased since Shibarium was reactivated, despite a general decline in the value of cryptocurrencies.
He commented it’s surprising that certain news outlets would consider a fraudulent post, seemingly fueled by bot activity, as a reliable source of information.
He added that efforts are underway to assess the impact of this activity, with the intention of identifying the responsible party with the assistance of the individual known as X, for subsequent legal actions.
Malicious attacks by bad actors against the system will not be tolerated, he stated and added that it is advisable to rely solely on information from official sources, and even prominent media outlets quoting social media content might not necessarily reflect accurate details.
SHIB’s value decreased 3.89% over the previous day and is now $0.0000086.