Image default

$0.001 SHIB Price In Sight As Shiba Inu Developers Plan Shibarium’s Public Reopening

Shiba Inu’s lead developer Shytoshi Kusama has announced that the Shibarium layer-2 network is almost ready to reopen to the public after tremendous engineering work. 

The protocol’s second attempt to relaunch comes only days after the first debut faced challenges as bridging issues resulted in millions of dollars worth of assets being stuck on-chain.

Shibarium Relaunch Tomorrow?

According to pseudonymous Shiba Inu developer Shytoshi Kusama, the Shibarium network is “almost ready to reopen to the public” and the team has put key mechanisms in place to prevent another outage.

“After two days of testing and tweaking parameters to achieve ‘ready’ state Shibarium is now enhanced and optimized,” Kusama announced in an Aug. 22 official blog post, suggesting substantial progress in fixing the issues that forced the network to shut down. He confirmed that, while still undergoing testing, the network is “producing blocks.”

To accommodate the unprecedented demand that supposedly caused the earlier stoppage, the team behind Shibarium has implemented cutting-edge safety components. Kusama stated: “We have enabled a new monitoring system and additional fail-safes, including rate limiting at the RPC level and auto server reset in case we get a huge level of traffic again.”

Last week, Shibarium entered a fail-safe mode and halted operations to safeguard assets due to unexpectedly high traffic after the mainnet roll-out. The SHIB price plummeted double digits as over $2 million got trapped between chains. Shytoshi, at the time, asserted that the bridge had no security-related issues and that Shibarium was poised for a swift restart.

At the moment, developers are already allowing validators to begin taking initial steps for the relaunch. “Tomorrow, additional validators will go live, giving even more options for you to stake your BONE for a share of the rewards earned for these two roles in our society,” Kusama revealed.

Shytoshi further cautioned the Shiba Inu community about FUD (fear, uncertainty, and doubt), pushing holders to dump their bags. He declared that the SHIB ecosystem is dedicated to decentralization.

“One piece of fud is that Shibarium was never going to come. Kek. Fud ded. Another was that I am not focused on decentralization. This fud is now also laughable as I’ve presented what is, arguably, the most comprehensive decentralization document the world has ever seen.”

SHIB is currently trading hands at $0.00000802, or down 2% on the day, according to CoinGecko data. SHIB’s associated tokens, BONE and LEASH, are down 3.7% and 4.2%, respectively. If Shibarium’s second reactivation succeeds, the protocol can truly fulfil its potential. This would prompt the SHIB price to gather upside traction and possibly explore a move toward the elusive $0.001 mark.

Related posts

XRP To Relist On Exchanges? Pro-Ripple Lawyer Sheds Light On Outcome Of SEC Lawsuit

Ondrej Simon

BitMEX Founder Arthur Hayes Calls U.S. Heavy-Handed Treatment Of Binance And CZ ‘Absurd’

Ondrej Simon

Bitcoin Shoots Up With $30,000 In Sight Following Fresh Wave Of Spot ETF Applications

Ondrej Simon