The recently launched Shibarium mainnet has found itself in the midst of a storm, surrounded by skepticism and purported bridge problems. However, the team behind the launch are adamant that these claims are based on falsehoods and misconstrued images circulated within the crypto circles. They attribute the technical snags experienced during launch to an unanticipated surge in transactions and user activity.
Shytoshi Kusama, a co-founder of the Shiba Inu ecosystem, emphasized that they expected a great deal of activity following the launch, but the sudden onrush of traffic exceeded their wildest estimations. Data from Alchemy discloses that while they had allocated 400 million compute units per month, their systems experienced 160 million compute units within half an hour after release.
Despite these initial setbacks, the Shibarium team has been putting in the hours, making attempts to scale, albeit the validators were already on autoscale during announcement. However, suspicions about the stability of Shibarium were aroused following images of an internal Telegram conversation among Shibarium’s developers, hinting at the possibility of asset losses within the Shibarium network.
Blockchain investigator, ZachXBT, while unable to confirm these reports, uncovered evidence indicating a possible compromise of the RPC, key blockchain client software, explaining the unavailability of the Shibarium RPC website at the time of writing.
Yet, Shibarium still stands firm, advocating for their proof-of-participation (PoP) consensus mechanism. PoP is designed for validators to be selected based on their cryptocurrency holdings, with the intent to provide more efficient and scalable transactions in connection with the Ethereum layer-1 blockchain. Post months of testing and 21 million created wallets, the results have been somewhat ruffled due to the chain’s launch.
Meanwhile, tether’s discontinuation of their BTC stablecoin due to lack of usage has been cited. Nevertheless, redemptions remain open for a significant time, raising questions about the fate of use cases after this period. The stagnated popularity of tether’s Omni Layer and the availability of USDT (Tether) on other blockchains led to the cessation of its issuances.
While Shibarium faces challenges on its launch trajectory, tether’s defunct Omni Layer may see a revival IF its utility surges. This emphasizes the volatile and unpredictable nature of the crypto markets sparking both excitement and unease within its community.
Source: Cointelegraph
