Shiba Inu Team Completes Shibarium Bridge Security Upgrade

Highlights:

• During Shibarium Bridge’s temporary maintenance for the critical security upgrade, user funds remained secure.
• Shibarium Bridge’s burn contracts are enhancing and are scheduled to continue in the next week.
• Burn portal on Shibarium reducing SHIB supply is an active contribution to the ecosystem.

The Shiba Inu cryptocurrency ecosystem’s development team has completed the upgrade to the Shibarium Bridge following a successful emergency level upgrade. The bridge is now fully operational after undergoing temporary maintenance, lead developer Kaal Dhairya announced. With this critical upgrade to the security and reliability of transactions across the network, users can now stay confident bridging assets between platforms.

Emergency Maintenance on Shibarium Bridge

Earlier, the Shiba Inu community was notified by Kal Dhairya that Shibarium Bridge has a major security vulnerability. To quickly address their concern the team put the bridge into maintenance mode. This time, Dhairya assured users that all funds were safe and there was no risk of loss.  He also insisted on network maintenance for its integrity.

🎉 Maintenance complete and the Shibarium bridge is now fully functional—great job team!
🚀 We’re still working on upgrades for the burn contracts, which will continue over the weekend and into next week. Stay tuned for more exciting updates!

— Kaal (@kaaldhairya) November 30, 2024

The team temporarily halted the Shibarium burn mechanism as part of the maintenance process. This is an important tool to decrease circulating supply of tokens which will make them more valuable later on. In spite of this temporary pause, the tokens set aside for burning were accumulating. Dhairya stated that these tokens would be destroyed once the upgrade was done.

Eventually, the maintenance was completed within some hours. Dhairya praised the team’s responsiveness and efficiency regarding that security matter and the safety of the community. Although the bridge is functional now, he noted that they are still in the process of enhancing the burn contracts on the network. These changes will improve the level of performance and security and will be undertaken throughout the weekend and next week.

Continuous Advancements and Expansion of the Network

The Shibarium Bridge has seen massive changes within its evolution span since its inception. The launch of the bridge was slated for August 16, 2023, however, the bridge was not available for the time period due to some software bugs which locked millions of dollars for 2 weeks. This demonstrated the commitment of the developers to the changes that would be made until the project was successfully realized.

This relaunch enabled the fast bridging of the assets from the Ethereum network to Shibarium and back. Previously, LINK, LEASH, SHIB and even WETH token withdrawals took about 45 minutes to 3 hours. Additionally, this was accompanied by users complaining that withdrawing funds in BONE token took a week. But during the same year earlier, the team recognized the need for improvements and came up with a major update. After this update, the transfer period format BONE does not exceed 45 minutes, which is an improved user experience.

The 7-day delay was meant to stabilize token prices by encouraging longer stays on Layer 2.

But now, who needs to wait a week when it can be done in under an hour? We're all about efficiency and user-friendliness now!

— Shibarium Network (@ShibariumNet) May 29, 2024

Since the start of November, the activity of the Shibarium potential network has increased significantly. They claim that every day, more than 44 million transactions are carried out on the Shibarium. The number of transactions on the network surpassed the limit of 580 million yesterday, and the growth trend has not slowed down. There are 1.99 million wallet addresses that transact over the Shibarium network, which signifies and establishes its ever-growing customer base. Likewise, the network also shows stability as it has recorded over 8.15 million blocks.

Shibarium Burn Portal Burns 300M SHIB Tokens Amid Concerns

The Shiba Inu Team recently announced that the Shiba Inu burn portal on Shibarium is functioning. This was in response to the concerns of the Shiba Inu community over its functionality. Shib Torch, a burn portal, has burned over 300 million SHIB tokens since its launch in August 2024. 

Before you start spreading misinformation, maybe do some research. The semi/auto burns have been working for months, burning over 300M+ SHIB—in fact, I just burned 80M+ SHIB a few minutes ago and enjoyed the cool animation at the end. Soon, the burn will go into maintenance to… pic.twitter.com/qYF4cJfu1R

— Kaal (@kaaldhairya) November 29, 2024

However, tensions arose within the community when Emrys voiced concerns demanding why there has been no update regarding the promised auto-burn that was due in January 2023. Shiba Inu lead developer Shytoshi Kusama’s response aggravated the situation. Developer Kaal Dhairya cleared the air, confirming that Shib Torch is still functioning as intended and still hitting key milestones in terms of burns.