Shibarium Wallets Surpass 100K After Bridge Relaunch, Clockwork To Close Down

Here are some recent developments in the crypto world.
shiba inu
shiba inu

SHIB token co-founder Shytoshi Kusama revealed that Shiba Inu developers have fixed a bridge issue on the Shibarium layer-2 blockchain with the help of Polygon Labs.

Shibarium, a new layer-2 blockchain developed by Shiba Inu, has over 100,000 wallets on the platform, of which 35,000 were added on the first day of its launch on August 28.

In a blog post on August 28, Shiba Inu’s Shytoshi Kusama, also a lead developer, stated that Shibarium was once again operational.

Shibarium reported having 65,000 wallets and 350,000 transactions on the platform on the same day. Those numbers have since skyrocketed by 55.8 per cent, according to

It said that Shibarium's block explorer helped carry out 420,897 transactions, which was made possible by 101,277 wallets over 344,614 blocks, with an average block duration of 5 seconds.

US IRS Unveils New Crypto Tax Rules

The US Internal Revenue Service (IRS), in charge of collecting taxes in the country, has issued regulations on the sale and exchange of digital assets by brokers. Brokers will now have to use a new form aimed at streamlining tax filings and reducing tax fraud. The US Treasury claims that the laws align reporting on digital assets with reporting on other asset classes.

The proposed regulations would take effect in 2026. It has also sought public opinions in writing on the proposal rules by October 30; after that, it will conduct at least one public hearing.

The new crypto tax reporting regulations have drawn criticism from several well-known crypto commentators. The CEO of the Blockchain Association, Kristin Smith, emphasised the distinction between the cryptocurrency ecosystem and conventional finance.

Whitehouse-Levine, CEO of the DeFi Education Fund, referred to the restrictions as “confusing, self-refuting, and misguided.” President Joe Biden's re-election would spell no future for the country’s cryptocurrency business, said Messari CEO Ryan Selkis.

The chairman of the House Financial Services Committee, Patrick McHenry, referred to the idea as “another front in the Biden administration's ongoing attack on the digital asset ecosystem.”

Solana-based Clockwork To Close Down

Clockwork’s planned closure comes about a year after receiving $4 million in a seed round led by Multicoin Capital. Clockwork’s Solana-based smart contract automation project is poised to shut down crucial infrastructure at the end of October due to “limited commercial upside.”

Nick Garfield, the creator of Clockwork, said in a series of X (Twitter) tweets on August 27 that he and the team would stop actively developing the protocol and turn off all of its nodes on the devnet and mainnet on October 31.

Garfield cited “simple opportunity cost” for the team's decision to stop working on Clockwork, acknowledging that doing so would have had few economic rewards and that the team was becoming more interested in pursuing other possibilities. On the Solana network, the Clockwork protocol enables users to plan transactions and design automated smart contracts that launch programmes in response to events.

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