With permission from @GossipShib Twitter
KEY POINTS
- Shibarium paused its operation a few hours following its launch
- Fudders immediately spread negative and fake stories against Shibarium and Shiba Ecosystem
- As of 8:15 a.m. ET on Friday, SHIB was trading down at $0.000008595
Shibarium, the eagerly awaited layer-2 scalability solution of the Shiba Ecosystem, is now back online. Despite the massive streams of FUD (fear, uncertainty, doubt) peddled against the project and the community as a whole, the Shiba Inu development team, headed by its pseudonymous lead developer Shytoshi Kusama, fought these criticisms with solutions.
What happened to Shibarium following its official launch Wednesday is a testament to the power of the Shib Army, the ever-loyal and fierce members of the community, which, according to Kusama, is what separates Shiba Inu from the rest.
The Shibarium testnet has been up for months prior to its mainnet going live, but despite the preparation and measures the team had set in place to make sure it will function as designed, the “MASSIVE influx of transactions and users that happened at the same time when we announced that Shibarium is live,” hampered the normal flow of the operation, and compelled the development team to pause the network and provide a solution.
Before the team released an update, tweets and screenshots spreading FUD against Shibarium and the Shiba Ecosystem were already rife online.
This includes a screenshot of a supposed post from Kusama saying the team failed and could not recover the ETH bridge.
Interestingly though, the team did not wallow in these negative campaigns against Shibarium and Shiba Ecosystem, but spent their time fixing the issue and finding solutions.
After burning midnight candles on scaling solutions that would allow Shibarium to accommodate its growing base, the network is finally up and running.
Shiba Inu pseudonymous developer, who goes by the X handle @Kaal Dhairya, further detailed the issue in the most recent Shibarium update.
“Shibarium received millions of ‘compute units’ of traffic within moments ( as posted yesterday). In fact, as we slowly and carefully investigated where the problem exactly took place and found thousands upon thousands of contract creations and normal transactions IN ONE BLOCK. At this point the amazing system of Shibarium (proudly a fork of Polygon) went into fail-safe mode, and stopped to ensure funds are safu… and they are,” they said.
The team also secured $2 million in insurance to make sure that even if the restart of Shibarium faces another issue, customers’ funds remain intact.
Shiba Ecosystem and Shibarium Tech marketing specialist, who uses the X handle @LucieSHIB, downplayed the FUD.
“Looks like our Lead Developer couldn’t resist the siren call of debunking FUD while enjoying a plate of ‘FUD-free’ sushi,” she told International Business Times, before adding, “Don’t worry, Shibarium is here to stay strong and silent, just like our developer’s appetite for clearing the air!”
Despite Shibarium getting back online, SHIB, the native currency of the Shiba Ecosystem, failed to go against the current market trend.
As of 8:15 a.m. ET on Friday, SHIB was trading down at $0.000008595, with 24-hour trading volume up by 2.67% at $457.46 million, representing a 3.09% decline in the last 24 hours and a 14.38% loss over the past seven days.
Based on the latest data from CoinMarketCap, SHIB’s total circulating supply stands at 589.35 trillion SHIB, with its value down by 2.45% at a $5.06 billion market cap.
