Shibarium Layer-2 Protocol Goes Live: Shiba Inu Developer's Announcement
Shytoshi Kusama, the anonymous developer behind the popular memecoin Shiba Inu (SHIB), confirms that its scaling solution, Shibarium, is now live and functioning efficiently.
In a recent blog post, Kusama announced the readiness of Shibarium for mainstream use, following initial technical challenges attributed to a substantial user influx after its official launch earlier this month.
Beosin, a blockchain security firm, reported that these technical difficulties resulted in millions of dollars' worth of cryptocurrency becoming trapped in the Ethereum (ETH) bridge.
The developer has now confirmed the availability of withdrawals for SHIB, Wrapped Ethereum (WETH), and other ecosystem tokens like DogeKiller (LEASH) and Bone ShibaSwap (BONE). Kusama has provided withdrawal timelines for each crypto asset, stating,
"Our design stipulates a minimum of two checkpoints (45 minutes to 3 hours) for SHIB, LEASH, and WETH withdrawals through the bridge, while BONE withdrawals may take up to 7 days."
Kusama noted a significant surge in wallets and transactions on the layer-2 network since the activation of the scaling solution.
"Over 65,000 wallets and 350,000 transactions have been accumulated. Among the multitude of tokens deployed on Shibarium, some quirky, unconventional, and occasionally controversial ones have emerged. The future top performers among these numerous tokens will become evident."
Last week, Kusama highlighted the implementation of a "new monitoring system and additional fail-safes" by the Shibarium team to prevent potential technical challenges in the event of another surge in network activity.
Aug 29, 2023
