Shibarium RPC Migration Underway
The Shiba Inu development team has initiated a significant security upgrade for Shibarium, their layer-2 blockchain network. This update focuses on strengthening decentralization by eliminating single points of failure that could potentially impact network stability. According to Shibizens, an account dedicated to Shibarium news, the Shibarium RPC Migration Network upgrade is currently in progress.
The migration involves retiring the old public RPC connection within the next two weeks, which means access through the previous URL will be discontinued. All users and developers need to update their settings to use the new access point. This change aims to create a more distributed network architecture that should improve long-term reliability.
Previous Security Incident Context
This security update comes after Shibarium experienced a critical security incident back in September that forced the network to pause operations to prevent data corruption. Interestingly, the issue didn’t stem from a flaw in the blockchain itself but rather from a compromised validator key. The attacker used short-lived stake amplification through a 4.6 million BONE delegation to cross thresholds and attempt malicious control of the network.
Following a thorough review process, the team implemented several security enhancements. The Plasma Bridge was eventually restored for BONE, allowing users to bridge BONE tokens between Ethereum and Shibarium once again. New protective measures were added, including blacklisting capabilities to block malicious addresses and a seven-day withdrawal delay that creates a finalization window for transactions.
Market Performance Context
While these technical improvements are happening, Shiba Inu’s market performance has been challenging. October marked the first monthly loss for SHIB since its launch, breaking what cryptocurrency traders had come to call “Uptober” – the pattern of October gains. SHIB ended the month down 15.9%, reflecting broader struggles in the crypto market amid investor caution and market volatility.
The month saw significant market turbulence, including what some are calling the largest crypto liquidation in history following trade tensions. SHIB dropped to a low of $0.0000085 during the October 10 flash crash. However, there are early signs of recovery as November begins, with SHIB currently up 2.29% in the last 24 hours to $0.00001013, mirroring positive movement across most crypto assets.
These security upgrades represent ongoing efforts to mature the Shibarium ecosystem while navigating the volatile cryptocurrency landscape. The team appears focused on building more resilient infrastructure, though market conditions continue to present external challenges.
