Shibarium, the layer-2 blockchain for Shiba Inu, has exceeded 100,000 wallets on its platform, with 35,000 added within 24 hours of the relaunch on August 28. Co-founder Shytoshi Kusama, also the lead developer of Shiba Inu, expressed confirmation of Shibarium’s restoration in an August 28 blog post.
The number of wallet addresses increased from 65,000 to over 100,000 within 24 hours of Shibarium re-opening. Source: Shibarium Scan
Initial statistics shared by Kusama showed 65,000 wallets and 350,000 transactions on Shibarium. However, since then, these figures have surged by 55.8% and 20.2%, respectively, as per Shibariumscan.io. The block explorer reveals 101,277 wallets facilitating 420,897 transactions across 344,614 blocks, with an average block time of 5 seconds.
SHIB price over the last 24 hours. Source: CoinGecko
Kusama extended gratitude to Sandeep Nailwal, co-founder of Polygon Labs, for assisting Shibarium in its successful reboot. The co-founder emphasized that funds were and always have been secure throughout the process.
The relaunch positively impacted SHIB token’s price, experiencing a 3.6% rise to $0.00000825 over the last 24 hours, according to CoinGecko. However, the price remains 14.3% lower than its value of $0.00000963 during the outage.
Shibarium is like a new born baby who got overwhelmed by so many excited family members coming to greet meet them, this time around they're ready but please do handle it with love and care 😉 https://t.co/vbsMtILsBa
— Kaal (@kaaldhairya) August 28, 2023
During the initial disruption, Kusama attributed the issue to a “MASSIVE influx of transitions and users.” The situation was further complicated by thousands of contract creations and transactions within a single block, triggering a fail-safe mode. The incident left approximately $2.5 million in funds stuck on the bridge.
In response, the Shibarium team quickly scaled server infrastructure by 1500% to address congestion issues. Shibarium functions as an Ethereum layer-2 network that employs SHIB for gas fees and focuses on building gaming and metaverse applications.