Key Points:
Layer 2 Shibarium announces that the network has entered unsafe mode and is down to ensure the safety of due funds.
The Shibarium developers and the Unity team are working on an extensive upgrade.
$1.7 million stuck in a cross-chain bridge is safe, and more info will be updated tomorrow.
Kaal Dhairya, a core member of the development team of Shibarium, the Layer 2 Ethereum network launched by Shiba Inu, posted that the network has gone into failsafe mode and shut down to ensure the safety of the due funds.
The problem was caused by traffic exceeding expectations after Shibarium went online. Currently, the Shibarium developers and the Unity team are working on an extensive upgrade.
“Knowing the issue, we called in the support of some powerful frens (who we will name later with their permission) to help, alongside our Shibarium devs and the Unification team who have spent tireless hours working to scale our beloved blockchain. We have identified multiple possible plans of action, and will keep you updated as we execute to bring up the blockchain.”
The project also claims that the “pause” funds in the bridge are safe and has therefore chosen to “insurance” the total $2 million in case of any problems after the Shibarium is relaunched. The specific announcement will be made tomorrow.
According to yesterdays news, block production was temporarily suspended after the Shibarium mainnet was launched. At this time, on-chain detective ZachXBT also said that more than 945 ETH or $1.7 million were stuck on the bridge.
Shibarium is being designed as a secondary blockchain network built on Ethereum, aiming to provide faster transactions and lower fees to users. This will play an essential role in the Shiba Inu ecosystem, providing the foundation for developing Shiba Inu products, such as decentralized exchanges, metaverse, games, and NFT.
The community expects the network as it will act as the main network for most of the transactions related to Shiba Inus ecosystem tokens, including SHIB, LEASH, and BONE.