The Shiba Inu team has launched a significant upgrade to Shibarium. This is aimed at boosting decentralization and eliminating single points of failure. The update arrives as the network continues to recover from past security challenges.
Shibarium Gets New Anti-Hack Update
In a fresh development, Shiba Inu launched a critical security upgrade for the Shibarium network as it recovers from its previous hack. The developers confirmed that Shibarium’s legacy public RPC endpoint will be down over the next two weeks.
An RPC serves as the communication bridge between wallets, decentralized apps, and the blockchain itself. Users cannot communicate with smart contracts, send transactions, or check balances without it.
According to John Doe, Shibarium’s engineering manager, this decision aims to prevent over-reliance on a small number of public nodes.
The update follows a critical security incident in September, when Shibarium was paused to prevent potential data corruption. The issue came from a compromised validator key. This enabled an attacker to use a short-term 4.6 million BONE delegation to attempt to take control of the network.
Developers were quick to clarify that the breach did not exploit any core protocol weakness. The team then introduced a series of new security measures.
This includes validator blacklisting and a seven-day withdrawal delay for the Plasma Bridge. Operations were fully restored, and BONE bridging resumed shortly thereafter.
Shibarium Activity Grows Despite Setbacks
Shibarium’s usage metrics remain strong in spite of recent security concerns. The network has over 30,000 smart contracts and 272 million wallet addresses. It has processed more than 1.54 billion transactions.
Over the last day, there were nearly 8,400 transactions from about 300,000 active users. The governance token, BONE, also shows solid on-chain activity, with over 4.69 million total transfers.
In a separate development, T. Rowe Price has filed for what could become the first U.S. spot Shiba Inu ETF. A recent S-1 filing with the SEC showed that the fund will also invest in top crypto like Bitcoin, Ethereum, and Solana.
Even amid rising interest from major investors, the Shiba Inu price posted its first monthly decline since its launch. By the end of October, it was down about 15%. The token briefly fell to $0.0000087 during a recent crypto market crash.
Source: https://coingape.com/shiba-inu-team-launches-network-upgrade-for-shibarium-amid-fresh-hack-concerns/
