Shiba Inu's Layer-2 Shibarium Mainnet Launch Went Wrong
the Layer-2 Shibarium network has successfully reactivated its operations. Following an unexpected hiccup, the network halted its transactions for nearly a full day. Shibarium network’s block explorer, Shibariumscan.io, confirmed the network's revival.
The highly anticipated Shibarium layer-2 blockchain mainnet launch encountered a significant hurdle due to a critical technical issue involving its bridge contract. The problem resulted in approximately $1.7 million worth of Ethereum (ETH) becoming temporarily locked within the Shibarium cross-chain bridge for an extended period.
Users also reported concerns linked to the RPC (remote procedure call) system. This mechanism enables a network's server node to engage with the blockchain, and disruptions to it can impede smooth operations.
In an official communication released on August 18th, Kaal Dhairya, a Shiba Inu outlined plans to enhance scalability to manage the anticipated surge in network traffic on Shibarium. Furthermore, Kaal Dhairya accused several news outlets for spreading unwarranted "fear, uncertainty, and doubt" (FUD) using fabricated screenshots and suspicious bot activity. Dhairya highlighted that they have enlisted the support of influential allies to address these concerns.
"The team is working tirelessly to fix the issue and scale so that we can give the ShibArmy the experience they deserve. All funds are safe", the team assures.
According to the Shiba Inu developers, the root cause of the disruption lay in an unforeseen influx of early users onto the Layer 2 scaling solution. The sheer volume of "Compute Units" and subsequent clustering of thousands of transactions into a single block triggered a fail-safe mode. This safeguarding mechanism was activated to protect users' on-chain funds
In order to mitigate potential complications upon the Shibarium restart, the Shiba Inu project has procured insurance coverage amounting to $2 million.
SHIB experienced an 11% decline over the past 24 hours, currently trading at $0.0000082. The token's 24-hour range oscillated between $0.0000076 and $0.0000093. Similarly, BONE faced a 15% dip within the same timeframe, with a current trading value of $1.18. LEASH, trading at $430, also witnessed a 5% decrease over the past 24 hours.
