The Shiba Inu project has confirmed that their Shibarium network is now labeled 'Ready', but the ongoing price struggles of SHIB continue to create uncertainty.

Shibarium is Shiba Inu's innovative Layer 2 solution, designed to improve efficiency and scalability. encountered A series of transactional complications arose, leading to around $1.7 million worth of ETH being locked up in the Shibarium cross-chain bridge as of August 17.

These problems sparked concerns regarding the network's technical integrity and its potential for centralization. The Shibarium ecosystem's operations faced significant uncertainty, further compounded by a lack of communication from the project's team, leaving users in a perplexing situation.

In light of these developments, a team of auditors was brought on board to scrutinize the vulnerabilities of the Shibarium network. After their assessment, the Ethereum Bridge suffered a collapse, which reignited discussions about the core challenges facing the platform.

But on August 22, Shytoshi Kusama The lead developer for the Shiba Inu project recently issued a statement. blog post The statement indicated that the Shibarium network is in a 'ready' state and has seen enhancements designed to provide a smoother transactional experience.

As per Kusama's insights, the blockchain is efficiently generating blocks while still under evaluation.

Additionally, he elaborated on new implementations into the platform, unveiling plans for an advanced monitoring system and enhanced security measures, which involve rate limiting at the RPC level and automatic server resets in the event of high traffic.

According to the announcement, the project team is optimistic and feels they are close to reintroducing the network to the general public.

This update also brings a host of enhancements, including the introduction of more validators, which are set to go live on August 23. This change is anticipated to offer users more opportunities to stake their ShibaSwap Bone (BONE) tokens.

Moreover, Shytoshi Kusama indicated that the project aims to kick off the implementation of ShibPaper soon.

In his blog post, Kusama also recognized the obstacles encountered during the launch of Shibarium, citing that the halt in its operations was largely due to excessive traffic that led to technical difficulties and asset lockups.
Simultaneously, the market performance of the Shiba Inu (SHIB) token continues to struggle. As of the recent update, it had decreased by 2.08% in the last 24 hours, mirroring a decline of 22.06% over the past week. declined On August 2, Shiba Inu marked its birthday with an announcement related to a new collectible card game.

Read more:

• The Shiba Inu project also unveiled its initiative titled ‘SHIB: the Metaverse’.
• For those interested, we summarize the essence, ecosystem, and history behind Shiba Inu coin, the SHIB cryptocurrency, in 2023.
• Is it possible that Shiba Inu is gearing up for a potential rally of 40% or greater?
• Please remember, the information on this page is not designed to serve as legal, tax, investment, financial advice, or any other form of guidance. It’s crucial to invest only what you can afford to lose and seek independent financial counsel if you have uncertainties. For further clarity, kindly refer to the terms and conditions along with the help and support resources from the issuer or advertiser. MetaversePost is dedicated to providing accurate and impartial reporting, but market situations may fluctuate without prior notice.