Block production resumes
Shiba Inu's Layer-2 blockchain network, Shibarium, has restarted block production following a brief pause in transactions. The network encountered challenges due to high traffic levels after its mainnet launch, leading to a fail-safe mode activation.
Developer assures fund security
Lead developer Shytoshi Kusama confirmed that despite the challenges faced, the security of funds remains intact. He reassured users that both the bridge and the chain are functioning smoothly, and Shibarium is ready for a quick restart.
Scaling operations for increased traffic
Shiba Inu developer Kaal Dhairya outlined plans to scale operations to accommodate the growing traffic on Shibarium. In a blog post, he mentioned that the team is also committed to providing regular updates on the network's status. Shibarium is a fork of Polygon.
Insurance coverage for fund retrieval
To address potential challenges with fund retrieval, the Shiba Inu project has obtained insurance coverage worth $2 million. This move instilled confidence in the community, leading to the resumption of block production on the network.
Positive community response
The ShibArmy community has shown support for the network's efforts in resolving the transaction pause. While some spread Fear, Uncertainty, and Doubt (FUD) about the project, the majority remain positive and optimistic.
Price rebound despite market sell-off
Despite a broader crypto market sell-off, prices of SHIB, BONE, and LEASH tokens are rebounding following the reactivation of Shibarium. In the past 24 hours, SHIB's value dropped by 11% but is now recovering. BONE's price slid by 15%, and LEASH declined by 5% in the same timeframe.
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