The Shibarium Network Overcomes Initial Challenges
The Shibarium network faced difficulties upon its launch, but it is now back on track as developers resume block production.
Key Points:
- Shibariumscan.io data shows that the layer-2 network is up and running again after a pause in block production due to overwhelming traffic.
- Nearly $1.7 million in bridged funds were initially stuck on the Shibarium bridge, but lead developer Shytoshi Kusama confirmed that all funds are safe.
- The network went offline due to a massive influx of transactions and users, not due to any functional issues.
- The team is working to scale the network and increase its computing power to handle more transactions and position Shibarium as a major player in the DeFi world.
- The bridged funds are safe, and the team has obtained a $2 million insurance cover to protect against potential challenges upon the network’s restart.
Shibarium’s Future Plans
The team behind Shibarium did not anticipate the level of trading activity the network experienced, but they are determined to scale the chain and establish a strong position in the DeFi market.
Developer Kaal Dhairya revealed that the team has identified multiple plans to scale the network and handle high traffic. Additionally, a $2 million insurance cover has been obtained to protect the bridged funds.
Hot Take
Despite the initial challenges, the Shibarium network is making progress towards becoming a prominent player in the DeFi space. With a focus on scaling and ensuring the safety of funds, Shibarium is poised for future success.
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