Shiba Inu’s Layer 2 scaling solution Shibarium suffered a roadblock on its mainnet launch. Problems with the network left around 1,000 Ethereum and 60
and 600,000 BONE tokens locked, leaving users unable to access or recover their funds and pushing down Shiba Inu’s price.
Shytoshi Kusama, leading developer of the Shiba Inu project, attributed the technical problems to high demand and announced a $2 million insurance to cover the value of the tokens paused on the Shibarium bridge. Since then, Kusama has shared new updates on Shiba Inu’s progress in recovering the Layer 2 project and preparing it to go live once again.
In the update, Kusama says that a new monitoring system and additional fail safes have been introduced in the Layer 2 blockchain. In the event that Shibarium faces a high level of user traffic again, the team is equipped to handle the situation. Tomorrow [Wednesday] 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. Testing will wrap up, and we will prepare for public consumption once againback, Kusama announced the launch of new validators to increase opportunities for BONE token holders to stake their assets and earn rewards.
The update failed to provide impetus to SHIB, which traded at $0.00000797 at the time of writing, a 0.13% fall compared with the previous day.Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
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