Following a nearly two-week pause, Shibarium has reinstated the option for withdrawing funds, with the project’s developers sharing news of the resumption of withdrawal services across both the mainnet and bridge platforms.

After a brief period of temporary suspension, the Shibarium team is excited to announce the reopening of withdrawal services on both its mainnet and bridge.

Users can now initiate withdrawals for a range of assets, including $ETH, $SHIB, and $LEASH. The withdrawal process may vary, taking anywhere from 45 minutes to four hours or even up to a week, depending on the specific token.

This recent update, released on Monday, is being hailed as the final step in the scaling process for Shibarium. The Layer-2 (L2) blockchain’s mainnet initially went live on August 16th, only to be temporarily halted due to scalability concerns. This interruption was attributed to an overwhelming surge in transactions following the network’s launch.

This pause caused Shibarium users to face a period of withdrawal restrictions, prompting uncertainty within the community. Concerns about potential software bugs or malicious attacks leading to potential financial losses ran rife.

However, the Shibarium team swiftly assured users that full access to their funds would be reinstated as soon as the mainnet became operational once again. Developers clarified that the pause wasn’t due to a bridge issue but rather a result of server failures brought on by the high volume of user transactions, which exceeded the servers’ capacity to manage them.

Since then, the team has implemented a “new monitoring system and additional fail-safes” to safeguard against future outages triggered by similar traffic surges.

In its overarching strategy to establish the meme coin as a serious blockchain endeavor, the Ethereum L2 network employs $SHIB tokens for fees. The project also focuses on applications within the metaverse and gaming realms, while serving as a cost-effective settlement option for DeFi applications built on top of it.

According to a blog post by Shiba Inu’s lead developer, Shytoshi Kusama, Shibarium had garnered over 65,000 wallets and processed 350,000 transactions prior to the relaunch announcement. Users were reassured that all funds were secure and were reminded to exercise caution when interacting with tokens on Shibarium.

This recent relaunch has revitalized Shibarium’s popularity. Reports indicate a 55.8% surge in the number of wallets and a substantial 20.2% growth in transactions. Total wallet addresses on the network now stand at 101,401, with approximately 35,000 new wallets added within a day following the relaunch.

As of now, the network has recorded 439,210 transactions, with an average block time of five seconds per transaction. Additionally, the number of blocks has reached 327,872. This news has also had a positive impact on the Shiba Inu token ($SHIB), which has seen a nearly 3% increase in the last 24 hours, trading at $0.00000831 at the time of writing.

The relaunch also facilitated benefits for $SHIB holders, as a total of 2,139,000,405 SHIB tokens were removed from circulation through 122 transactions. The week subsequent to the Shibarium mainnet pause witnessed limited token burning. Additionally, the burn rate has surged by 9.53%, signaling the start of a potentially significant trend, according to analysts.”