- Public test proves Shibarium Bridge can successfully convert Ethereum to Wrapped Ethereum (WETH).
- Surge in Shibarium mainnet metrics, including total transaction count and connected wallets, marks key progress.
Under the Lens: Decrypting Shibarium Bridge’s ETH to WETH Conversion
Blockchain virtuoso @CryptoLeadDev recently undertook a decisive test of Shibarium Bridge’s capabilities to validate its functionality, particularly its efficacy in converting Ethereum (ETH) to Wrapped Ethereum (WETH) within the Shibarium ecosystem. The exercise, transparently documented for the community, alleviates the need for followers to embark on their own exploratory ventures.
The Journey from Ethereum to Wrapped Ethereum: A Step-by-Step Chronicle
For those not well-versed in the intricacies of blockchain technology, Wrapped Ethereum (WETH) is essentially a token that represents Ethereum on the Ethereum blockchain. This is useful within ecosystems that operate smart contracts but may not directly support ETH. To provide a benchmark, @CryptoLeadDev initiated a transaction involving 0.01 ETH. The preliminary cost approximation stood at $1.95 but escalated to $2.65 upon interaction with the MetaMask wallet—a widely utilized gateway for blockchain-based applications.
7/ WETH is a new token on Shibarium my Metamask wallet may not recognize. Hence, I have to add it as "Custome Token" note that WETH is totally different on Shibarium and on the Ethereum blockchain, i.e., its a different smart contract. pic.twitter.com/VhTZ0HfxdM
— CryptoLeadDev (@CryptoLeadDev) August 29, 2023
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Once the transaction was set into motion, the Shibarium Bridge assumed custodial responsibilities, marking the funds as “en route.” They were subsequently sent to upgradeable proxy contracts, where the actual transformation from ETH to WETH took place. A total of eight minutes elapsed before the freshly minted WETH appeared in @CryptoLeadDev’s wallet.
The slight complexity arises here, as WETH within Shibarium isn’t an automatic addition to the wallet interface. Being a new token in this environment, it needed to be manually flagged as a “Custom Token.” This is crucial because, while WETH represents Ethereum, the underlying smart contracts that govern them are disparate on Shibarium and Ethereum. Once this final step was executed, the 0.01 WETH seamlessly took its designated place in the wallet.
A Metric Milestone for Shibarium Mainnet
Coinciding with this successful test, Shibarium’s mainnet has recorded some notable metrics. According to Shibariumscan, the total transaction count saw a substantial uptick, rocketing from 350,000 to 463,373. Equally impressive is the exponential growth in the number of connected wallets, which soared from 65,000 to 138,570 virtually overnight.
This twofold development—both the proof of concept offered by the Shibarium Bridge and the burgeoning activity on the mainnet—further solidifies Shibarium’s position in the blockchain world. In sum, these achievements delineate a promising trajectory, demonstrating robustness in both technological infrastructure and community engagement.
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