The Shiba Inu development team has announced that Shibarium is now fully functional after recent challenges where funds became inaccessible in the bridge. Shiba Inu’s Shytoshi Kusama thanked Sandeep Nailwal, the co-founder of Polygon Labs, who stepped in with crucial resources to address the issue.

Shibarium Back Online After Resolving Bridge Glitch, Team Thanks Polygon Co-Founder

Two weeks prior, Shibarium had faced difficulties with over $2 million in cryptocurrency deposits trapped in its bridge. However, on August 28, an update was shared via a blog post confirming that Shibarium’s layer two (L2) was back in action.

It highlighted that Sandeep Nailwal and the Polygon team were instrumental in resolving the situation. “Quickly after the incident began, I called Sandeep from Polygon directly and without a second thought, he helped provide additional resources to ensure a perfect outcome to the situation,” remarked Shiba Inu’s Shytoshi Kusama.

The blog further specified that transfers involving SHIB, LEASH, and WETH would span 45 minutes to 3 hours, while a BONE withdrawal would take up to seven days. In recent weeks, SHIB dipped 14.9% against the U.S. dollar.

However, a glance at the last seven days reveals a rise of over 6% following the wider crypto market uptick after key updates from the Grayscale lawsuit against the U.S. Securities and Exchange Commission.

As of August 29, SHIB claims the title of the second-largest meme coin by market cap and ranks 16th in the global crypto market. The meme token’s market valuation stands at approximately $4.94 billion with $158.55 million in global trade volume.

Data from the Shibarium explorer as of 5:00 p.m. Eastern Time (ET) shows the existence of 157,685 wallets. With a block time set at every five seconds, 358,738 blocks have been mined to date. Moreover, the platform has logged more than 490,000 transactions, with over 132,000 taking place just on August 25, 2023.


Leave a Reply

Your email address will not be published.