Shiba Inu Team Completes Emergency Upgrade for Shibarium Bridge
Shibarium bridge upgrade enhances security as network hits nearly 2M wallet addresses and 600M transactions.
Shibarium’s burn mechanism paused during bridge upgrade, but accumulated burns will resume once the bridge is fully operational.
Shiba Inu’s Shibarium bridge security upgrade comes ahead of a major hard fork that aims to improve scalability and transaction speeds.
The Shiba Inu development team has successfully rolled out new enhanced security to the Shibarium bridge, the Layer-2 solution that facilitates transactions between Ethereal and Shiberium.
The bridge was temporarily put into maintenance to deal with other issues that may compromise the users’ assets.
Initially, users could not transfer their assets or utilize the platform during maintenance. However, the development team reassured the community all the funds were safe.
Further, the burn mechanism was suspended but started to maintain records of the burn amounts till the time the bridge started functioning.
The upgrade demonstrates the developers’ actions in enhancing the platform’s stability and readiness for additional changes. Being able to perform regular maintenance repairs makes a bridge fully functional, restoring users’ normal activities.
Upcoming Hard Fork
Shibarium is preparing for a major protocol upgrade via an upcoming hard fork, which is expected to be released early next week. This update will increase transaction speed, solve the problem of scalability, and improve the network’s general performance.
The hard fork is expected to introduce new features and resolve bottlenecks, ensuring Shibarium can handle increasing demand efficiently. As the network grows, these upgrades will support its long-term development.
Since its inception, Shibarium has processed around 600 million transactions and had 2 million interactions with blockchain addresses.
This adoption shows that the platform is gradually becoming more valuable and may offer support to a wide range of decentralized applications.
Shibarium’s Growth and Market Impact
The Shibarium bridge security increment and its intended improvements arise simultaneously with adoption.
The platform has recently reached 1.9+ million wallet addresses and is nearing proximity to the 2 million mark. These figures represent the activity seen within the Shiba Inu ecosystem.
However, the market has been active, and Shiba Inu (SHIB) has gained positive market activity. The token rose in price by 5.18% to $0.00002742, while trading increased to more than $1.56 billion.
These enhancements to the Shibarium, alongside market stability, imply promising developments for the platform’s future.
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