Bitstamp highlights Shibarium’s relaunch, showcasing crypto’s resilience amid setbacks and evolution.
In a recent tweet, the renowned cryptocurrency exchange Bitstamp drew attention to the anticipated public relaunch of Shibarium, positioning it as one of the most significant trends in the crypto industry this week. This move by Bitstamp underscores the growing interest and importance surrounding the Shibarium project within the crypto community.
Shibarium, a blockchain project associated with the Shiba Inu token, has been making waves in the crypto space with its upcoming relaunch. The project’s initial launch encountered technical difficulties, prompting the team to temporarily put the network in fail-safe mode. Now, the Shiba Inu team is focused on rectifying these issues and ensuring a smooth public relaunch for Shibarium.
Bitstamp’s tweet shed light on the situation: “Shiba Inu announces plans for a public relaunch of Shibarium only days after a failed initial launch. [The team] aims to rectify the technical issues and provide access to its ecosystem.”
The significance of Shibarium’s relaunch cannot be overstated. The project had initially launched its Layer 2 (L2) blockchain on the mainnet on August 16. However, the network was quickly overwhelmed by a surge in users, causing it to enter fail-safe mode. During this influx, an astounding 160 million compute units were registered in under an hour, along with a multitude of normal and contract transactions in a single block.
The Shiba Inu team took immediate action, scaling the network to manage the unexpected demand. This effort has yielded positive results, and the team has also integrated new features to prevent future recurrences of such issues. Although currently in private mode to closely monitor network performance, Shibarium is on track for its public relaunch.
Huge Surge in Activity: Shibarium’s Private Mode Success
Notably, even during its private mode, Shibarium has demonstrated impressive activity. As per data from Shibariumscan, over 5,000 wallet addresses have interacted with the network within a span of 24 hours. This surge brings the total number of interacting wallet addresses to 54,101, a significant increase from the previous count of 48,868. Alongside this growth, the network has facilitated a total of 255,798 transactions, contributing to the production of approximately 296,054 blocks.
In addition to the Shibarium relaunch, Bitstamp’s weekly crypto trends update also highlighted two other notable developments. The first pertains to the dominance of ordinals in Bitcoin transactions, despite their lower fees. The second focuses on the introduction of a new feature for the Phantom Wallet.
The crypto community is closely watching the progress of Shibarium’s public relaunch, as it not only signifies the Shiba Inu team’s dedication to addressing challenges but also underscores the dynamic and ever-evolving nature of the cryptocurrency landscape.