{"id":547946,"date":"2023-08-18T17:00:59","date_gmt":"2023-08-18T17:00:59","guid":{"rendered":"https:\/\/wncen.com\/?p=547946"},"modified":"2024-06-11T07:51:31","modified_gmt":"2024-06-11T07:51:31","slug":"shibarium-launch-stuck-eth","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/shiba-inu-coin\/shibarium-launch-stuck-eth\/","title":{"rendered":"Shibarium Launch Saga: Block Production Resumes Despite Stuck ETH"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The Shibarium didn\u2019t get off to a flying start following its <\/span><a href=\"https:\/\/bitcoinist.com\/shibarium-shiba-inu-price\/#:~:text=The%20launch%20of%20the%20Layer,undesirable%20impact%20on%20SHIB's%20price.\" rel=\"nofollow\"><span style=\"font-weight: 400\">launch<\/span><\/a><span style=\"font-weight: 400\"> on August 16. However, the network aims to move past these incidents as block production resumes.<\/span><\/p>\n<h2>Developers Restarts Network<\/h2>\n<p><span style=\"font-weight: 400\">Data from <\/span><a href=\"https:\/\/www.shibariumscan.io\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Shibariumscan.io<\/span><\/a><span style=\"font-weight: 400\"> shows that the layer-2 network is up and running again. Shibarium had on August 17 paused block production following the traffic surge, which overwhelmed the blockchain upon mainnet launch.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/shiba-inu\/shiba-inu-dao-advisory-firm\/\">Shiba Inu DAO Gets Serious With New Advisory And Investment Firm<\/a><\/div>\n<p><span style=\"font-weight: 400\">Close to $1.7 million in bridged funds had reportedly gotten stuck on the Shibarium bridge, with lead developer Shytoshi Kusama confirming that the funds were irrecoverable. However, in a blog <\/span><a href=\"https:\/\/blog.shib.io\/shibarium-insane-influx\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">post<\/span><\/a><span style=\"font-weight: 400\"> titled \u201cShibarium: ALL IS WELL,\u201d Kusama termed this FUD and stated that contrary to earlier reports, there was no bridge issue and all funds were \u201csafu.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400\">He stated that Shibarium experienced a \u201cmassive influx of transactions and users that happened at the same time\u201d upon the network going live. That led to the network going offline and not due to its functionalities as earlier thought.<\/span><\/p>\n<p><span style=\"font-weight: 400\">To highlight the magnitude of the traffic surge that the network experienced, Kusama referenced data from the Web3 development platform Alchemy. Shibraium was allotted 400 Million compute units monthly, but the network experienced 160+ million compute units in just under 30 minutes. At that rate, the network could experience billions of compute units daily, putting it on par with the most active layer-2 blockchains.\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.tradingview.com\/x\/7jKE4qlu\/\" alt=\"Shiba Inu (SHIB) price chart from Tradingview.com (Shibarium launch)\" width=\"2884\" height=\"1746\"><\/p>\n<pre style=\"text-align: center\">SHIB price drops to $0.0000856 | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">SHIBUSD on Tradingview.com<\/a><\/pre>\n<h2>Plans To Scale After Shibarium Launch<\/h2>\n<p><span style=\"font-weight: 400\">Lead developer Kusama admitted that the team did not expect that level of trading activity on the network. However, he noted that they were \u201cworking tirelessly\u201d to scale the chain and increase its computing power to handle and process more transactions. He further emphasized the team\u2019s commitment to position Shibarium as one of the major players in the DeFi world.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Shiba Inu developer Kaal Dhairya provided further updates in a subsequent blog <\/span><a href=\"https:\/\/blog.shib.io\/shibarium-update\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">post<\/span><\/a><span style=\"font-weight: 400\"> dated August 18. Following an investigation, the team discovered that one particular block had been loaded with several transactions, which caused it to go into \u201cfail safe mode\u201d to protect the funds.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/bitcoin\/the-latest-bitcoin-wipeout\/\">Here Are The Factors That Could Be Behind The Latest Bitcoin Wipeout<\/a><\/div>\n<p><span style=\"font-weight: 400\">He mentioned that the team had \u201cidentified multiple possible plans of action\u201d to scale the network and ensure it could handle any substantial traffic on the chain.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Dhairya also confirmed that the bridged funds were safe and that in a show of good faith, the team has chosen to obtain a $2 million insurance cover to protect against any potential challenges that could arise from retrieving the funds upon restart of the network.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">SHIB\u2019s price has recovered considerably since the launch saga. However, the token is still down about 1.78% in the last 24 hours, according to data from CoinMarketCap.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Featured image from Unsplash, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Shibarium didn\u2019t get off to a flying start following its launch on August 16. However, the network aims to move past these incidents as block production resumes. Developers Restarts Network Data from Shibariumscan.io shows that the layer-2 network is up and running again. Shibarium had on August 17 paused block production following the traffic surge, which overwhelmed the blockchain upon mainnet launch.\u00a0 Related Reading: Shiba Inu DAO Gets Serious With New Advisory And Investment Firm Close to $1.7 million in bridged funds had reportedly gotten stuck on the Shibarium bridge, with lead developer Shytoshi Kusama confirming that the funds were irrecoverable. However, in a blog post titled \u201cShibarium: ALL IS WELL,\u201d Kusama termed this FUD and stated that contrary to earlier reports, there was no bridge issue and all funds were \u201csafu.\u201d He stated that Shibarium experienced a \u201cmassive influx of transactions and users that happened at the same time\u201d upon the network going live. That led to the network going offline and not due to its functionalities as earlier thought. To highlight the magnitude of the traffic surge that the network experienced, Kusama referenced data from the Web3 development platform Alchemy. Shibraium was allotted 400 Million compute units monthly, but the network experienced 160+ million compute units in just under 30 minutes. At that rate, the network could experience billions of compute units daily, putting it on par with the most active layer-2 blockchains.\u00a0 SHIB price drops to $0.0000856 | Source: SHIBUSD on Tradingview.com Plans To Scale After Shibarium Launch Lead developer Kusama admitted that the team did not expect that level of trading activity on the network. However, he noted that they were \u201cworking tirelessly\u201d to scale the chain and increase its computing power to handle and process more transactions. He further emphasized the team\u2019s commitment to position Shibarium as one of the major players in the DeFi world. Shiba Inu developer Kaal Dhairya provided further updates in a subsequent blog post dated August 18. Following an investigation, the team discovered that one particular block had been loaded with several transactions, which caused it to go into \u201cfail safe mode\u201d to protect the funds. Related Reading: Here Are The Factors That Could Be Behind The Latest Bitcoin Wipeout He mentioned that the team had \u201cidentified multiple possible plans of action\u201d to scale the network and ensure it could handle any substantial traffic on the chain. Dhairya also confirmed that the bridged funds were safe and that in a show of good faith, the team has chosen to obtain a $2 million insurance cover to protect against any potential challenges that could arise from retrieving the funds upon restart of the network.\u00a0 SHIB\u2019s price has recovered considerably since the launch saga. However, the token is still down about 1.78% in the last 24 hours, according to data from CoinMarketCap. Featured image from Unsplash, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":547967,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[92559],"tags":[83668,83667,89157,86437,87680,89158,89156],"class_list":["post-547946","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-shiba-inu-coin","tag-shib","tag-shiba-inu","tag-shiba-inu-news","tag-shiba-inu-price","tag-shibarium","tag-shibarium-blockchain-launch","tag-shibarium-launch"],"acf":[],"yoast_head":"\n<title>Shibarium Launch Saga: Block Production Resumes Despite Stuck ETH<\/title>\n<meta name=\"description\" content=\"The Shibarium didn\u2019t get off to a flying start following its launch on August 16. 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