August 29, 2023 at 16:02 GMTModified date: August 29, 2023 at 16:02 GMT
August 29, 2023 at 16:02 GMT

Shibarium reopens its channels for fund withdrawals

After almost two weeks of temporary suspension, Shibarium team has announced the reopening of withdrawals on both its mainnet and bridge.

Shiba Inu (SHIB). Pic: Unsplash

After almost two weeks of temporary suspension, Shibarium team has announced the reopening of withdrawals on both its mainnet and bridge.

Users can now complete withdrawals for various assets, including $ETH, $SHIB, and $LEASH. This can be done within a timeframe of 45 minutes to four hours or even a week depending on the token.

The Monday update was heralded as the final update of Shibarium scaling. The mainnet of the Layer-2 (L2) blockchain initially went live on 16 August but was soon paused due to scalability issues. According to the team, this happened because of a “massive influx of transactions” following the launch.

As a result, Shibarium users were unable to withdraw their assets for several days. This resulted in widespread uncertainty within the community, with many doubting the attack of software bugs that could potentially put millions of dollars in limbo on the network.

However, the Shibarium team were quick in assuring users that they would regain full access to their funds once the mainnet was operational again. Developers also clarified that “there was no bridge issue” and that the outage happened as servers failed following the overload of users transactions on the network, which was much higher than the handling capacity of those servers.

Since then, the team has also claimed that the network has adopted a “new monitoring system and additional fail-safes” in order to prevent an outage if they are hit with a similar situation of a huge level of traffic again.

The Ethereum L2 network uses $SHIB tokens as fees in its greater plan to position the meme coin as a serious blockchain project. It also seeks to focus on metaverse and gaming applications while finding use as a cheap settlement for DeFi applications built atop it.

In a blog post published by Shiba Inu’s lead developer, Shytoshi Kusama, Shibarium had accumulated over 65,000 wallets and 350,000 transactions before the relaunch announcement. Users were also assured that the team has proven all funds to be secure asset funds. They were also reminded to be careful of any token that one sees on Shibarium, particularly on DYOR.

The recent relaunch has boosted the popularity of Shibarium once again. As per multiple reports, there has been a 55.8% increase in the number of wallets and a substantial 20.2% growth in transactions. The total wallet addresses on the network have now climbed to 101,401, with about 35,000 wallets being added just in a day following Shibarium’s relaunch.

Till now, the network has recorded 439,210 transactions, with an average block time of five seconds per transaction. Additionally, the number of blocks has reached 327,872. The news also worked in favour of the Shiba Inu token ($SHIB) too, which has risen by almost 3% in the last 24 hours. The memecoin was enjoying a trade in the green, changing hands for $0.00000831 at the time of press.

$SHIB holders also benefited from this development as the network removed a total of 2,139,000,405 SHIB tokens from circulation through 122 transactions. The week following the pause of the Shibarium mainnet experienced very little token burning. On top of this, the burn rate has now increased by 9.53% too. Many analysts viewed this modest growth as the start of a significant trend.