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Shibarium Resumes Block Production
Following a brief hiatus in transactions that lasted almost a day, Shibarium, Shiba Inu’s Layer-2 blockchain, has recommenced the process of block production. According to the Shibariumscan.io block explorer, the network, after an abrupt spike in traffic post-mainnet launch, initiated a fail-safe state, bringing operations to a halt to secure funds.
Efforts to Maintain Fund Security
Shytoshi Kusama, the lead developer, has confirmed that an extraordinary surge in blockchain traffic posed a few challenges. However, he emphasized that the safety of funds remained uncompromised. He affirmed seamless functioning of both the bridge and the chain, which are prepped for a swift recommencement of Shibarium.
Scaling Operations for Increased Traffic
Kaal Dhairya, a developer on the Shiba Inu team, discussed plans in an Aug. 18 blog post to boost operations accommodating high traffic on Shibarium. Updates on the network's status, which is a spin-off of Polygon, will be regularly given by the team.
Insurance Coverage for Potential Fund Retrieval Issues
In addition, the Shiba Inu project has decided to procure insurance liability of $2 million to tackle possible fund retrieval difficulties upon Shibarium's restart. Following this news, block generation has resumed with persistent vigilance from the team to oversee the network’s activities.
Community Support Amid Fear and Doubt
The ShibArmy community, on the other hand, is nervous about the spread of fear, uncertainty and doubt (FUD) casting a negative shadow over the project. However, community members remain hopeful and have shown support during the temporary transaction halt.
Impact on Token Holder and Prices
Notably, big stakeholders and traders divested their Shiba Inu (SHIB), BONE, and LEASH tokens influenced by FUD driving major divestment. Despite this, prices bounced back as Shibarium was reactivated, even amidst a broader cryptocurrency market downturn. SHIB’s value experienced an 11% drop over the day, currently valued at $0.0000082, while BONE's cost saw a 15% decrease, settling at $1.18. Concurrently, LEASH stands at the $430 mark, indicating a 5% decline over the same period.
