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The Shiba Inu layer-2 Shibarium network has resumed block production after experiencing a transaction halt lasting nearly a full day.
According to the Shibariumscan.io block explorer, Shiba Inu’s layer-2 blockchain, Shibarium, has been reactivated and is now producing blocks. The Shibarium network entered a fail-safe mode and paused its operations to protect funds due to an unexpected surge in traffic following the mainnet launch.
Lead developer Shytoshi Kusama confirmed that the increased blockchain traffic resulted in certain difficulties, stating that the security of funds remains secure. He emphasized that both the bridge and the chain are operating effectively, and Shibarium is ready for a quick restart.
Screenshot of resumed block production. Source: Shibariumscan.io
In an official blog post dated Aug. 18, Shiba Inu developer Kaal Dhairya detailed plans for scaling operations to handle significant traffic on Shibarium. He mentioned that the team will also provide regular updates regarding the status of the Shibarium network, which is a fork of Polygon.
“In fact, as we slowly and carefully investigated where the problem exactly took place and found thousands upon thousands of contract creation and normal transactions IN ONE BLOCK.”
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Additionally, the Shiba Inu project has decided to secure insurance coverage of $2 million to tackle potential fund retrieval issues upon the restart of Shibarium. Following this announcement, block production resumed on the network as the team continues to exercise diligent oversight.
However, the ShibArmy community has expressed concerns about the dissemination of fear, uncertainty, and doubt (FUD) that adversely affects the project. Community members remain optimistic and have shown support for the network’s efforts to address the transaction pause.
Related: Shibarium executive issues strong warning about exploitation risks
Major holders and traders have sold off their Shiba Inu (SHIB), BONE, and LEASH tokens, with the spread of FUD leading to a significant reduction in their major holdings. Despite this, prices are recovering following the reactivation of Shibarium, even amid a broader crypto market downturn.
In the past day, SHIB’s value decreased by 11%, currently priced at $0.0000082. Its range over the last 24 hours has varied between a low of $0.0000076 and a high of $0.0000093. At the same time, BONE’s price has fallen by 15%, now at $1.18, while LEASH is currently valued at $430, reflecting a 5% decline in the same period.
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