Crypto News, mere hours after the highly anticipated launch of Shiba Inu’s Shibarium, a technical anomaly emerged. The network’s bridge contract, designed to facilitate funds between Ethereum and Shibarium, seemed to have an issue.
Shibarium Rocky Launch: A Deep Dive into Shiba Inu’s Layer-2 Network Issues
A whopping $1.7 million worth of Ethereum is currently ensnared between these two platforms. This was further validated by Beosin, a blockchain security team, which flagged the issue and advised a temporary halt in Shibarium’s use.
BONE’s Misdirection and RPC System Concerns
To add to the platform’s initial woes, $762,000 worth of BONE, Shibarium’s governance token, was erroneously sent to the contract. ZachXBT, a well-known blockchain detective, brought this mishap to light. Moreover, several users raised issues with the network’s RPC (remote procedure call) system, crucial for network communication, indicating it wasn’t functioning as intended.
Shiba Inu Developers Respond
The mounting challenges led Shytoshi Kusama, an anonymous developer for Shiba Inu, to address the situation. Contrary to popular belief, Kusama clarified that the bridge wasn’t the problem. The real issue was the overwhelming traffic Shibarium encountered shortly after its launch. Kusama assured the community that the team was working round the clock to resolve the challenges and emphasized the safety of all funds.
Market Reaction and The Way Forward
Following the technical complications, Shiba Inu’s native cryptocurrency, SHIB, took a hit, dropping to a weekly low. According to CoinGecko, SHIB recorded an 8% dip. Shibarium’s associated tokens, BONE and LEASH, also witnessed significant drops, plunging by 20% and 22%, respectively. Amid these setbacks, the Shiba Inu team remains hopeful, believing that with swift corrective actions, they can steer Shibarium back to its intended trajectory.
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