Shibarium, the scaling solution from the Shiba Inu team, has achieved new milestones after experiencing a significant wave of adoption and user engagement following its launch.
SHIB Community Euphoria Sparks Shibarium Meteoric Rise
According to a report on August 21, the Shiba Inu ecosystem recorded an astonishing number of new wallets, with over 10 million wallets registered following the launch of the Shibarium network. The layer-2 network also recorded over 160 million compute units and a large deposit of ETH and BONE tokens, 1,000 and 600,000 respectively.
Shibarium’s unexpected rise in user adoption has not been the only noteworthy change the layer 2 scaling solution has experienced. According to reports, Shibarium has experienced a staggering increase in BONE staking. Over 7,569,580 BONE Shibaswap tokens were staked on the Shibarium network.
The Shiba Inu community’s response to the Shibarium launch has left the SHIB team members dumbfounded. The enormous engagement from the community reportedly led to a temporary suspension of Shibarium for 30 minutes as the network’s capacity was overwhelmed by the unusual level of user activities.
Lucie, a marketer for the Shiba Inu ecosystem, was astonished by the overwhelming success Shibarium experienced. She revealed in a post on X that the Shiba Inu development team had miscalculated the amount of adoption and interest the Shibarium mainnet would garner.
Let’s be honest!
Was I unhappy with @ShytoshiKusama?
They kept their promises, but they made one mistake.
I’m glad they… pic.twitter.com/z6kUSpUKQx
— 𝐋𝐔𝐂𝐈𝐄 | Summer of Shibarium (@LucieSHIB) August 20, 2023
She also highlighted that the unexpected surge in adoption may have been fueled by the community’s desire to embrace the benefits of potential low-cost transactions and increased efficiency on the Shibarium mainnet.
SHIB falls below critical support level | Source: SHIBUSD on Tradingview.com
Shiba Inu Lead Developer Addresses Shibarium Network Issues
Following the temporary halt of the Shibarium network, Shiba Inu’s head developer, Shytoshi Kusama addressed investors’ concerns regarding the halt. He pointed out that the issues rose from an unexpected increase in users, while reports revealed that transactions on Shibarium were paused for over 10 hours as a result of a server failure and a faulty bridge.
Kusama has, however, reassured the SHIB community, stating that the Shibarium mainnet was proceeding smoothly. He explained that the Shibarium network was undergoing various tests and reconfigurations to ensure that the network can withstand a high influx of users in the future.
He further added that several features have been integrated into the network including a rate-limiting at RPC level and an auto server reset to prevent future outages. Following this, reports suggest that Shibarium’s testing processes have seen significant success and the network is poised to reopen soon.
Featured image from Unsplash, chart from Tradingview.com