Carlos Fernandes The development team behind Shiba Inu has confirmed that Shibarium has regained full functionality, subsequent to encountering issues that rendered assets unaccessible on its bridge. A word of appreciation was extended by Shytoshi Kusama of Shiba Inu to Sandeep Nailwal, the co-founder of Polygon Labs, for his invaluable assistance in resolving the matter.
Restored Functionality of Shibarium Attributed to Crucial Assistance from Polygon’s Co-Founder
Fourteen days ago, Shibarium was grappling with complications that resulted in the immobilization of over $2 million in cryptocurrency assets within its bridge. An official update was disseminated on August 28 through a blog post, which verified the reactivation of Shibarium’s second layer (L2).
The pivotal role played by Sandeep Nailwal and the team at Polygon was emphasized. “Shortly after the issue arose, I contacted Sandeep from Polygon directly. He unhesitatingly furnished supplementary resources to guarantee an ideal resolution of the situation,” commented Shytoshi Kusama of Shiba Inu.
Insights from Shibarium’s explorer, shibariumscan.io, were reported on August 29, 2023.
The blog additionally delineated that transfers involving the tokens SHIB, LEASH, and WETH could take between 45 minutes and three hours. Meanwhile, BONE withdrawals could necessitate up to a week. Over the recent period, SHIB’s value declined by 14.9% when compared to the U.S. dollar.
However, an examination of data from the past week demonstrates a 6% increment in value, in line with a general upswing in the cryptocurrency market subsequent to pivotal developments in the Grayscale lawsuit against the U.S. Securities and Exchange Commission.
As of the 29th of August, SHIB holds the position of the second-largest meme coin by market capitalization and is ranked 16th in the worldwide cryptocurrency market. The market valuation of the meme token is currently estimated at approximately $4.94 billion, with a global trade volume amounting to $158.55 million.
According to data retrieved from Shibarium’s explorer at 5:00 p.m. Eastern Time (ET), there are 157,685 wallets in existence. With block time set at intervals of five seconds, a total of 358,738 blocks have been successfully mined. Furthermore, the platform has registered in excess of 490,000 transactions, of which more than 132,000 were conducted on August 25, 2023 alone.
We invite you to share your expert analyses and viewpoints on Shibarium’s return to full operational status following its initial bridge difficulties in the comments section below.
Table Of Contents
Frequently Asked Questions (FAQs) about Shibarium Resumes Operations
What was the issue faced by Shibarium?
Shibarium, the second layer of the Shiba Inu project, faced a significant glitch in its bridge that resulted in the immobilization of over $2 million in cryptocurrency assets.
Who assisted in resolving Shibarium’s bridge issue?
Sandeep Nailwal, the co-founder of Polygon Labs, was instrumental in resolving the bridge issue. He provided supplementary resources to ensure a successful resolution of the problem.
What is the current operational status of Shibarium?
As of August 28, Shibarium is fully operational. The development team confirmed this through an official blog post.
How long will transfers involving SHIB, LEASH, and WETH take?
Transfers involving the tokens SHIB, LEASH, and WETH are expected to take between 45 minutes and three hours.
What is the current market position of SHIB?
As of August 29, SHIB is the second-largest meme coin by market capitalization and ranks 16th in the worldwide cryptocurrency market. Its market valuation is approximately $4.94 billion.
How many transactions have been logged on Shibarium to date?
More than 490,000 transactions have been logged on Shibarium’s platform, with over 132,000 taking place on August 25, 2023, alone.
What is the current block time on Shibarium?
The current block time on Shibarium is set at intervals of five seconds.
How many wallets exist on Shibarium?
As of 5:00 p.m. Eastern Time (ET) on August 29, 2023, there are 157,685 wallets in existence on Shibarium.
What has been the recent trend in SHIB’s value?
Over the recent weeks, SHIB’s value had dipped by 14.9% against the U.S. dollar. However, the token experienced a 6% rise over the last seven days, aligned with a general uptrend in the cryptocurrency market.
How long will it take to withdraw BONE from Shibarium?
A withdrawal of the BONE token from Shibarium is expected to take up to seven days.
More about Shibarium Resumes Operations
- Official Shibarium Blog Post
- Sandeep Nailwal’s LinkedIn Profile
- Polygon Labs’ Official Website
- Shiba Inu Project Overview
- Recent Grayscale Lawsuit Updates
- U.S. Securities and Exchange Commission Official Site
- Current Cryptocurrency Market Rankings
- Shibarium Explorer: shibariumscan.io
- Global Trade Volume Statistics for SHIB
10 comments
The market valuation and the rise after the glitch is surprising. Shib might actually be a stable investment.
Well, I’m still skeptical. Bridge issue today, what’s next? Not putting my money there anytime soon.
Impressed with how many transactions theyve managed. Shows there’s substance behind the meme.
SHIB to the moon, people! Even after a dip its ranking 16th, watch this space.
Shiba Inu’s ecosystem seems like its maturing. glitches happen, what matters is how they’re resolved. kudos to the team.
2 mil trapped and recovered. Hope they did a deep dive into the root cause. Don’t want a repeat.
5 second block time? not bad, not bad at all.
curious how regulators will react to these bridge issues. keeping an eye on the grayscale lawsuit as well.
Layer 2 solutions are tough to pull off. Kudos to Shibarium for navigating the storm.
Wow, didnt see that coming. Good on Sandeep for stepping in, real team work right there!