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Shibarium: The New Big Player In Decentralized Exchanges
Within 24 hours of Shibarium's revival on August 28, the layer-2 blockchain solution for Shiba Inu (SHIB) experienced a massive influx of users with over 35,000 new wallets. Today, the platform has attracted more than 100,000 wallet holders.
Affirmation of the Relaunch by Shiba Inu Co-founder
Shytoshi Kusama, the co-founder and primary developer of Shiba Inu, shared via a blog post on August 28 that Shibarium was online once more. In his post, Kusama revealed that at its inception, Shibarium had 65,000 wallets, which facilitated 350,000 transactions. However, most recent data from Shibariumscan.io now shows a significant 55.8% and 20.2% increase in these figures, respectively.
Key Performance Indicators of Shibarium
The Shibarium block explorer indicates that 101,277 users have now carried out a whopping 420,897 transactions across 344,614 blocks. The average block time is a speedy 5 seconds. In an official statement, Kusama re-emphasised the security and safety of users' funds on Shibarium.
The Impact of Shibarium Resurgence on Shiba Inu's Trading Price
Shibarium's successful relaunch has positively influenced the price of SHIB, which has increased by 3.6% over the past day, based on CoinGecko's report. However, the current price of SHIB still showcases a 14.3% drop from its value during the downtime.
Factors for Shibarium's Initial Struggle and Measures to Scale
During the period of downtime, Kusama attributed the temporary shutdown to a massive increase in user transitions and transactions following its launch. He explained that the platform had discovered blocks inundated with contract creations and normal transactions, pushing it into fail-safe mode. The allegation was that nearly $2.5 million worth of funds were left on the bridge during this time.
Shibarium's Vision and Application
In response to this challenge, Shibarium team promptly increased the server infrastructure by an impressive 1500% to better handle on-chain congestion. Shibarium operates as an Ethereum layer-2 network and uses SHIB for gas fees, and its primary concentration is to develop gaming and metaverse applications on its platform.
