Shibarium, Shiba Inu Blockchain’s Layer-2 Scaling Solution, Resumes Asset Withdrawals

Shibarium, Shiba Inu Blockchain’s Layer-2 Scaling Solution, Resumes Asset Withdrawals

Crypto News – After encountering a tumultuous start earlier this month, Shibarium, a layer-2 scaling solution developed by the Shiba Inu (SHIB) team, has now officially gone live.

Shibarium, a layer-2 blockchain crafted by the creators of Shiba Inu, has reinstated the capability for users to withdraw funds via its bridge to the Ethereum network, facilitating the seamless movement of assets between these two platforms.

In a recent update provided on Monday, the enigmatic Shiba Inu developer known as Shytoshi Kusama revealed that users are now able to initiate withdrawals for a variety of assets, encompassing SHIB, LEASH, and wrapped Ether (WEth) tokens.

The withdrawal process is projected to be completed within a reasonable window of time, spanning from 45 minutes to 4 hours.

It’s worth noting that withdrawals for the platform’s native token, BONE, are also available; however, these transactions might require a longer processing period, potentially up to seven days, as stipulated by the network’s inherent design.

Shibarium serves as a layer-2 network innovated by the Shiba Inu community atop the Ethereum blockchain. Its principal objective is to function as a scaling solution for Shiba Inu, metamorphosing it from a meme-oriented cryptocurrency into a holistic ecosystem encompassing decentralized finance (DeFi) applications, metaverse utilities, and blockchain-based games.

This reopening follows the initial launch of Shibarium on August 16, a launch that encountered a setback involving approximately $1.7 million worth of Ethereum becoming reportedly trapped within the Ethereum bridge.

Addressing this incident, the Shibarium team elucidated that the predicament did not arise due to any malfunction in the bridge itself. Instead, they attributed the issue to an overwhelming surge in user activity, leading to an unprecedented surge in network traffic.

Developers expounded that this surge in transactional activity caused an excessive strain on the network’s servers, prompting them to surpass their initially intended operational thresholds.

Furthermore, the developers sought assistance from the Polygon team and opted to fork the Polygon protocol to rectify the situation.

“In the early stages of the incident, I contacted Sandeep from Polygon directly, and he readily provided supplementary resources to ensure a favorable resolution to the situation. This is why our decision to fork Polygon was the correct one,” stated Kusama in the present-day blog post.