Following the failed launch of Shibarium, which resulted in a 10% drop in token value, a public relaunch of the network is planned.
The launch of the network failed last week, resulting in the network being placed in test mode. Transactions were halted for at least eleven hours as millions of dollars got stuck in the bridge that transfers tokens between networks. This led to a panicked 10% drop in the value of SHIB.
According to Coindesk, Shiba Inu developers are still working to rebuild the Shibarium network, monitor validator data and transactions after widespread network problems, and discover the bridge malfunction.
Shitoshi Kusama, the project's lead developer, said Tuesday that the network is almost ready to go live and has already received new mechanisms to prevent repeated outages.
"After two days of testing and tweaking parameters to achieve a "ready" state, Shibarium is now enhanced and optimized. As mentioned, it is still in testing but producing blocks. Moreover, 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," he explained.
Shibarium is Ethereum's second-tier network. It uses SHIB tokens as a fee, as the developers are positioning Shiba Inu as a serious blockchain project. They envision it working in the metaverse, for gaming applications, and as a simple and convenient solution for DeFi applications.
Shibarium's pre-testing period showed positive results, with millions of wallets able to make about 22 million transactions over a four-month period. However, its launch revealed unexpected gaps in the bridge's performance and became a challenge for developers.
The new Ethereum Layer-2 protocol ran into obstacles hours after launch, raising questions about network security and forcing developers to put the network into private mode.
SHIB holders are anxiously watching the downturn wipe out their capital due to the failed launch of Shibarium. Those who are able to withstand the losses are counting on the revival of the scaling protocol to eventually bring them profits. However, given the current market conditions, the expected rally to $0.00002 is unlikely.
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