HomeNewsShibarium Launch Hit by Technical Glitch: $1.7M Ethereum Stuck in Network

Shibarium Launch Hit by Technical Glitch: $1.7M Ethereum Stuck in Network

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  • Shibarium layer-2 network faces a technical snag, freezing roughly $1.7 million in Ethereum.
  • Shiba Inu’s developer Shytoshi Kusama refutes bridge issues, attributing the problem to overwhelming traffic.

Technical Roadblocks in Shibarium’s Initial Journey

In the dynamic world of blockchain technology, the launch of Shiba Inu’s eagerly awaited layer-2 network, Shibarium, was highly anticipated. However, expectations met reality when a critical technical issue surfaced just a day post-launch, putting the network under scrutiny.

Bridge Contract Controversy

Diving into the specifics, the bridge contract of Shibarium—a mechanism designed to transfer funds from the Ethereum network to this layer-2 solution—revealed a troubling scenario. An alarming $1.7 million worth of Ethereum is now in a limbo state, seemingly stranded between the two platforms. To compound the issue, $762,000 of the network’s governance token, BONE, has been dispatched to this contract, as discerned by blockchain investigator, ZachXBT.

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Blockchain security specialists, Beosin, validated these concerns by confirming the locked state of these funds. Their immediate recommendation? A temporary halt in the utilization of Shibarium, a measure to protect user interests.

Additionally, the blockchain data at the moment of writing this piece points to a standstill in Shibarium’s operations, with no fresh transactions getting verified on its chain for a span exceeding three hours.

Echoing user concerns, some highlighted glitches within the RPC (remote procedure call) framework—a pivotal system that facilitates a network server node’s communication with the blockchain.

Decoding the Developer’s Defense

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Amid the rising skepticism, the anonymous Shiba Inu developer, Shytoshi Kusama, addressed the emerging narratives. Contrary to widespread speculation, Kusama dismissed the idea of a bridge malfunction. Instead, they attributed the hiccups to an overwhelming volume of traffic flooding Shibarium in mere moments after its debut. Emphasizing their commitment, Kusama assured,

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“The team is relentlessly addressing the situation to refine and scale, aiming to provide the ShibArmy the premium experience they’re entitled to. Rest assured, all funds remain secure.”

Reiterating this sentiment, a Shibarium Discord moderator elucidated on some proactive measures taken. They’ve opted for a temporary limitation on access to certain channels, primarily to counter the spread of false information and deceptive websites.

Furthermore, a recent project newsletter penned by Shytoshi echoed similar sentiments. The crux? The prevailing technical difficulty roots not from an intrinsic flaw in Shibarium, but from an unanticipated explosion in transactions and user engagement upon announcing Shibarium’s activation.

Unsurprisingly, these glitches have imparted a negative influence on the cryptocurrency’s market stance. Shiba Inu’s (SHIB) value plummeted to a weekly nadir of $0.00000902, presently oscillating around $0.00000911, reflecting an 8% decrement for the day, as per CoinGecko’s data. Concurrently, associated tokens BONE and LEASH recorded drops of 20% and 22% respectively.

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Jack Williams
Jack Williams
As a Blockchain Analyst, I specialize in analyzing the performance of decentralized systems and optimizing their efficiency. Through data analysis, I provide insights on blockchain technology, smart contracts, and cryptocurrencies to help businesses make informed decisions and improve their operations.
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