March 27, 2024
Altcoins News

Shiba Inu’s Shibarium Network Prepares for Relaunch After Initial Hiccups

The developers behind Shiba Inu are gradually progressing towards reopening the Shibarium network, as they closely monitor validator data and transactions. This comes after a highly anticipated network launch was marred by technical issues and a malfunctioning bridge.

In a recent post, the project’s primary developer, known as Shytoshi Kusama, expressed that the network is on the verge of reopening to the public. They have implemented measures to prevent a recurrence of the previous outage.

Kusama stated that after two days of testing and fine-tuning parameters to ensure readiness, Shibarium has been enhanced and optimized. Although it is still in the testing phase, it is already producing blocks.

Furthermore, additional fail-safe mechanisms, including rate limiting at the RPC level and automatic server resets in response to high traffic levels, have been implemented to enhance network stability.

Shibarium operates as an Ethereum layer-2 network and utilizes SHIB tokens as transaction fees. It is part of a broader strategy to establish Shiba Inu as a serious blockchain project, with a particular focus on metaverse and gaming applications, as well as serving as a cost-effective settlement solution for DeFi applications built on top of it.

During the testing phase, Shibarium achieved significant success, with millions of wallets participating and conducting approximately 22 million transactions over four months.

However, the network’s recent launch encountered difficulties. Transactions were stalled for more than eleven hours shortly after going live, leading to millions of dollars being stuck on a bridge—a tool for transferring tokens between different networks. This incident also caused a 10% drop in SHIB prices.

Developers clarified that the issue was not related to the bridge but was instead due to an unprecedented surge in user transactions that overwhelmed the servers, exceeding their processing capacity.

The network was subsequently closed to the public, with plans to reopen once these issues were resolved. Developers are currently permitting validators, entities that provide computing resources for processing network transactions, to take initial steps towards the reopening.

Kusama noted that tomorrow additional validators will go live, offering more opportunities for you to stake BONE for a share of the rewards. Testing will be completed, and they will soon prepare for public consumption once again.

Image by catalyststuff on Freepik

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