Key Insights:
- Post-relaunch, Shibarium sees a 35,000 wallet spike in just 24 hours.
- Collaboration with Polygon Labs proved pivotal in Shibarium’s successful reboot.
- Shibarium enhances server capacity by 1500%, gearing up for future on-chain traffic.
The Layer-2 blockchain designed for Shiba Inu, Shibarium, is experiencing impressive growth. The surge is closely tied to its recent bridge relaunch, emphasizing the project’s resilience and adaptability.
Stellar Recovery: Shibarium’s Wallet Boom
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Following its strategic relaunch on Aug. 28, Shibarium’s adoption skyrocketed. Within 24 hours of this event, the platform registered 35,000 new wallets. Furthermore, as Shiariumscan.io data highlights, there was a 55.8% increase in wallet registrations and a 20.2% bump in transaction numbers post-relaunch.
Wallet addresses surged to 100,000 within 24 hours of Shibarium’s re-opening. (Source: Shiariumscan.io.)
Breaking it down means a cumulative 420,897 transactions spread across 344,614 blocks since the platform’s inception. Notably, these transactions demonstrate impressive efficiency, with an average block time of just 5 seconds. Such statistics provide a promising picture of the platform’s potential and user traction.
Behind the Scenes: The Journey to Relaunch
Shytoshi Kusama, the innovator steering the Shiba Inu project, began blogging on Aug. 28 to detail Shibarium’s revitalized operations. Within this disclosure, Kusama spotlighted the pivotal assistance from Sandeep Nailwal, co-founder of Polygon Labs. Kusama’s narrative revealed how Nailwal’s swift intervention and provision of critical resources played a decisive role during this challenging period.
Beyond the platform’s technical re-establishment, the market response post-relaunch was equally notable. CoinGecko data underscores a positive market reaction following the relaunch of Shibarium. SHIB’s price saw a 3.6% ascent within 24 hours of the event. However, juxtaposing this with historical figures, SHIB remains 14.3% beneath its valuation during the previous disruption.
At the time of writing, according to CoinGecko, the Shiba Inu (SHIB) token is priced at $0.00000813.
SHIB 1-day price chart (Source: CoinGecko)
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Probing the initial issues, Kusama attributed the hiccups to an unexpected flood of transactions. A unique event, where an overwhelming number of contracts and standard transactions merged into one block, led to unexpected platform behaviour. This caused the activation of the platform’s safety mechanisms, temporarily locking an estimated $2.5 million in funds on the bridge.
Shibarium’s team shifted their development strategy significantly to recognise the need for adaptability. They ramped up their server capabilities by a remarkable 1500%, prepping the platform for better on-chain traffic handling and future scalability.
For the uninitiated, Shibarium operates as an Ethereum layer-2 network. It uses SHIB tokens for gas fees, focusing on crafting gaming and metaverse applications on its foundation.
Shibarium’s evolution showcases the vibrant and adaptive spirit of the cryptocurrency sector. Through teamwork, agile solutions, and an unwavering commitment to user experience, platforms can weather challenges and solidify their market standing.
