Meme cryptocurrency Shiba Inu (SHIB) has recaptured attention in the digital asset sector, particularly following the relaunch of Shibarium, a layer-2 scaling solution. Shibarium encountered initial challenges upon its launch due to high user and transaction volumes, leading to an outage.
In response to these challenges, Mihailo Bjelic, the co-founder of Polygon (MATIC), extended an invitation to the Shiba Inu community through an August 30 post on X (formerly Twitter). He suggested enhancing the blockchain ecosystem by leveraging Polygon zkEVM.
While confirming Shibarium’s restored functionality, Bjelic advised other projects on Layer 1 or sidechains to consider transitioning to Ethereum (ETH) Layer 2.
“Glad we were able to help; Shibarium is now running smoothly. Now I would advice the Shiba community (and every other L1 or sidechain) to turn their chain into an Ethereum L2 by leveraging Polygon zkEVM, the industry’s best zk tech. It’s a no brainer,” he said.
Role of Polygon team in Shibarium
Bjelic’s suggestion follows Polygon’s instrumental role in addressing challenges faced by Shibarium, stemming from a sudden surge in users that resulted in operational difficulties.
The transition of Shibarium’s Layer-2 to a Polygon fork was orchestrated by its developers, with the Polygon team stepping in to manage the surge in traffic and restore the Shibarium L2 mainnet. Notably, Shiba Inu’s lead developer, Shytoshi Kusama, expressed appreciation for overcoming these hurdles.
Indeed, Polygon zkEVM boasts numerous advantages, including scalability that handles a high volume of transactions per second, surpassing Ethereum and other networks. Its use of zero-knowledge proofs ensures transaction privacy and security.
Additionally, its compatibility with the Ethereum Virtual Machine (EVM) seamlessly appeals to developers.
SHIB’s value slightly corrects
Meanwhile, the value of SHIB has undergone a slight correction in the past 24 hours, decreasing by about 0.95% and trading slightly below $0.0000082 as of press time.
Moreover, the development of Shibarium has led to significant on-chain gains for the Shiba Inu network. According to a Finbold report, the news of the Shibarium relaunch resulted in a surge of 35,000 new wallets within a single day, pushing the total user count beyond 100,000.
As of August 30, the blockchain boasts 306,135 wallets, facilitating over 520,117 transactions across 367,739 blocks.