- Shibarium, the layer-2 scaling solution for Shiba Inu, is now live and operational, resolving the initial technical issues it faced.
- Shytoshi Kusama states that the platform now supports smooth withdrawals of SHIB, WETH, LEASH, and BONE tokens, albeit with specific time constraints for each.
In the frenetic world of cryptocurrency, scalability remains one of the most compelling challenges, and Shiba Inu has apparently met this challenge head-on. Shytoshi Kusama, the pseudonymous developer behind the meme-inspired Shiba Inu token (SHIB), has announced that Shibarium, the layer-2 scaling solution for the token, is now “live and operating well.” This comes after the platform faced a series of technical difficulties due to a “massive influx” of users shortly after its launch earlier this month.
Conquering Initial Hurdles
According to Beosin, a blockchain security firm, these glitches led to millions of dollars in crypto assets becoming temporarily immobilized on its Ethereum (ETH) bridge. Nonetheless, meticulous engineering has enabled Shibarium to overcome its teething troubles and proceed to “prime time,” as Kusama puts it.
This development is a cornerstone event, for it opens the floodgates for optimized transactions within the Shiba Inu ecosystem. Kusama states that not just SHIB but also Wrapped Ethereum (WETH), as well as other native tokens like the loyalty token DogeKiller (LEASH) and governance token Bone ShibaSwap (BONE), can now be withdrawn through Shibarium. However, it’s worth noting that the time required for these withdrawals varies based on the asset in question. According to Kusama,
“It is by design that the SHIB, LEASH, WETH withdrawals through the bridge take at least two checkpoints (45 Minutes to 3 hours), and BONE withdrawal will take up to 7 days.”
Shibarium isn’t just a technological tweak but an entire ecosystem scaling strategy. Since its launch, the layer-2 network has experienced exponential growth in both user wallets and transactions. Kusama reveals,
“We have accumulated over 65,000 wallets and 350,000 transactions.”
Moreover, the ecosystem has welcomed a panoply of
“fun, unusual, and sometimes offensive tokens”
launched on its layer-2 platform.
To mitigate the possibility of any future technical issues, particularly during high-traffic events, the team has implemented
“a new monitoring system and additional fail-safes.”
This is a proactive measure designed to ensure that Shibarium can handle surges in network traffic without a hitch.