Shiba Inu's Layer 2 Network Shibarium Resumes Block Production - COINTURK NEWS
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Shiba Inu’s Layer 2 Network Shibarium Resumes Block Production

1:14 pm (45 days ago)
August 19, 2023

Shiba Inu‘s (SHIB) lead developer, Shytoshi Kusama, recently announced a second update regarding the launch of the Shibarium network, which addresses its issues and scalability. Kusama hinted that after internal testing, the focus was on preparing the Layer 2 network for heavy traffic, scalability, and decentralization, resulting in an increase in the price of the Shiba Inu ecosystem tokens SHIB, BONE, and LEASH.

Explanation of Shibarium’s 500% Scalability

Shytoshi Kusama, in a statement on an official blog page on August 19th, mentioned significant progress in the team’s scaling efforts for the Shibarium network following the intense transaction traffic it encountered after its release. Kusama stated, “Some of you may have noticed that we restarted the Blockchain today and that it is working well. This was only a temporary internal test. After completing this stage, we will scale, retest, and make it public in various ways.”

The Shiba Inu development team and its affiliates will scale Shibarium by 500% to ensure the network’s functionality and management in the face of high traffic. Additionally, a decentralized team and validators will collaborate to scale the server infrastructure by 500%. Following the initial scaling update by Shibarium’s creator, Kaal Dhairya, the network will be relaunched online, and it was announced that a $2 million fund is insured in case of any issues with the Blockchain.

Developers currently state that the Layer 2 network may occasionally go offline while ensuring Blockchain synchronization and continuing scalability improvements.

Resurgence of Shiba Inu Ecosystem Tokens

The price of SHIB is currently trading at $0.000008464, experiencing a 6% increase from its lowest level of $0.0000082 in the past 24 hours. Despite this rise, the overall bearish sentiment in the market has caused a nearly 40% decrease in SHIB’s trading volume.

Following the general resumption of block production by Shibarium, the price of another ecosystem token, LEASH, also increased. LEASH is currently trading at $443, representing a 3% increase in the past 24 hours. Similarly, the price of BONE responded positively to the developments in Shibarium and is trading at $1.17.

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