Mastering Crypto
08/23 03:12
Second Update of Shibarium
Shytoshi Kusama, the lead developer behind Shiba Inu, recently shared a second update on the Shibarium network's status and scaling progress. Addressing the need to prepare the Layer-2 chain for extensive traffic, scaling, and decentralization after internal testing, Kusama highlighted the surge in Shiba Inu ecosystem token prices, including SHIB and LEASH.
In an official blog post on August 19, Kusama emphasized the significant headway made in scaling efforts for the Shibarium network. After experiencing substantial traffic upon its launch, the blockchain was temporarily restarted for internal testing. With this phase now completed, the team is focused on multi-faceted scaling efforts and public testing. The Shiba Inu development team, along with affiliates, is working towards a 1500% scale-up of Shibarium to manage and accommodate traffic. Collaborating with decentralized teams and validators, the aim is to also enhance server infrastructure by 1500%.
Kusama acknowledged the supportive ShibArmy community, which has countered fear, uncertainty, and doubt (FUD) as developers concentrated on scaling Shibarium and preventing potential issues. Simultaneously, the L2 chain is temporarily offline as developers undertake synchronization and scaling preparations.
After the initial scaling update by developer Kaal Dhairya, which saw Shibarium restarting, efforts are being taken to monitor the chain and ensure a $2 million insurance fund against potential issues.
In the realm of Shiba Inu ecosystem tokens, SHIB's price recorded a 6% increase from its 24-hour low of $0.0000082, currently trading at $0.0000084. However, trading volume declined by 37% over the same period due to broader negative sentiment in the crypto market. Meanwhile, LEASH's price surged by 3% in 24 hours, reaching $444, following the restart of Shibarium's block production. Conversely, BONE's price witnessed a 4% drop over the past 24 hours, now trading at $1.17. 
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