Mazrael says Shibarium network remains operational despite K9 Finance exit

K9 Finance winds down, raises concerns

K9 Finance, a project that previously operated on Shibarium, has announced the conclusion of its activities and the migration of its asset KNINE from Shibarium to Base. The project’s developers referenced issues following a reported Shibarium hack in September 2025, claiming inconsistent performance and unreliable access to the Shibarium network and its blockchain explorer.

In their final statement, K9 Finance stated that both Shibarium and its explorer had not functioned consistently since the incident and described the network as currently unreliable.

Community counters reliability claims

Challenging these assertions, Mazrael emphasized that Shibarium remains active and supported by functioning infrastructure. He noted the continued presence of validators, archive nodes, and ongoing chain activity.

“There is infrastructure running, validators/archive infrastructure, and thousands of daily transactions and work on chain as well as environment migrations,” Mazrael said. “People are still building, CCIP lanes with all major chains are live and transactions are still happening, infrastructure is still being maintained and migrated, and the community is still operating around it.”

Mazrael distinguished between the sunset of K9 Finance and the overall status of Shibarium, underlining that the closure of an individual project does not equate to the layer 2 itself being wound down.

Since K9 Foundation’s dissolution, all related liquidity and the KNINE token have been moved to Base, a layer 2 network built on Ethereum and supported by Coinbase.

Mini dictionary: Base, an Ethereum layer 2 network developed in collaboration with Coinbase, offers scalability and reduced costs for decentralized applications through optimistic rollups.

Shibarium explorer outages and migrations

ShibariumScan, the official blockchain explorer for Shibarium, is in the process of a reset, with 49% of blocks currently indexed. This situation may impact users viewing up-to-date data directly from the explorer. Current transaction volumes amount to 1,530 daily transactions, marking a decrease from August 20’s reported count of 2,310.

Earlier, on August 11, ShibariumScan migrated behind Cloudflare, a change attributed to DNS adjustments during an infrastructure update. While this switch led to temporary interruptions, Mazrael reported that these migrations represent ongoing efforts to maintain and improve Shibarium’s operational stability.

Cloudflare, a major internet infrastructure provider, was originally utilized only for DNS in Shibarium’s architecture. After August 11, the DNS was fully proxied through Cloudflare, which aligned with the explorer relaunching under default settings. The branding and .shib configuration have yet to be restored, and historical data backfilling remains incomplete, but the explorer is currently accessible and online.