The Revitalized Return of Shiba Inu's L2 Network
The Shiba Inu (SHIB) development team is diligently progressing toward the relaunch of the Shibarium network. This comes after the initial launch, which was highly anticipated, faced challenges due to network complications and a malfunctioning bridge.
Earlier today, Shytoshi Kusama, the pseudonymous lead developer of the project, provided an update on the state of Shibarium. After two days of rigorous testing and adjustments, the network has been enhanced and optimized. Although it remains in a testing phase, it is actively producing blocks. To ensure the network’s stability, a new monitoring system has been established, along with additional fail-safes. These include rate limiting at the RPC level and an auto server reset to handle potential surges in traffic. Kusama indicates that the network is nearing readiness for a public relaunch.
Kusama took a moment to address the spread of FUD within the community. He emphasized that FUD is often propagated to manipulate market sentiment or promote alternative products. He highlighted how past criticisms, such as doubts about Shibarium’s launch or concerns over decentralization, have been proven unfounded. Kusama remains committed to disproving any future FUD through dedication to the project’s ethos and continuous development.
Kusama shared a poignant quote: “Winners focus on winning. Losers focus on the winners.” He expressed eagerness to collaborate with protocols, individuals, and projects ready to work on Shibarium. While there will be numerous platforms available on Shibarium, akin to Ethereum, Kusama stressed the importance of conducting one’s own research (DYOR) before engaging with any project or platform on Shibarium.
In the immediate future, more validators will be activated, offering the community increased options for staking their BONE tokens and earning rewards. As testing concludes, preparations are underway for the network’s public reintroduction. Additionally, the implementation of the ShibPaper will commence, aiming to establish a functioning system for governance and management by the end of the year. This step, he claims, is pivotal in realizing the vision of a decentralized digital nation state.
Shibarium, an Ethereum layer-2 network, utilizes SHIB tokens for transaction fees. This initiative is part of Shiba Inu’s strategic move to establish itself as a notable blockchain project. The network aims to cater to the metaverse and gaming sectors and offers an economical settlement solution for DeFi applications built on it.
During its testing phase, Shibarium witnessed impressive traction, with millions of wallets engaging and executing approximately 22 million transactions over four months. However, the official launch last week encountered issues. Transactions were halted for nearly eleven hours after the network went live, leading to millions of dollars trapped on a bridge. This incident resulted in a 10% drop in SHIB prices. The development team clarified that the disruption wasn’t due to a bridge malfunction. Instead, an overwhelming volume of user transactions, surpassing the servers’ capacity, was the culprit.
The network was temporarily closed to the public in response to these challenges. The team is gearing up for a relaunch with the identified issues now addressed.
At the time of writing, SHIB and BONE are trading at around $0.00000800 (-1.2%) and $1.17 (-3%), respectively.
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