Once widely anticipated, the Shibarium network appears to have faltered during its initiation. This comes as a disappointment to Shiba Inu token holders, as SHIB saw a dip of roughly 9% in the last day. Technical hitches seemingly plagued the launch, highlighted by a significant halt in network transactions for more than five-hour stretch. Alarmingly, the value of the asset transfers that saw a standstill amounted to a substantial 954 ether, valued at $1.7 million, and bone tokens, a Shibarium governance token, worth a total of $750,000.
The network’s susceptibility to malfunction was further showcased when users found themselves unable to successfully execute a Remote Procedure Call (RPC) with a common crypto wallet. This was a result of adding the Shibarium network, a fundamental operation that, needless to say, veered off course. The gravity of the situation was made palpable when user communication was barred in a community forum on Discord as the snags were reported.
Bridges, which are blockchain-based features designed to transfer tokens between various networks, unfortunately embody a key vulnerability within the crypto sector. The recent hiccups with Shibarium’s launch offer significant speed bumps to what was intended to be the pathway to a robust and cost-effective ecosystem. The network is part of the larger strategy to present Shiba Inu as a serious blockchain contender, a strategic move away from being branded as a “meme coin” since its August 2020 initiation.
It’s worth noting that Shibarium joins an already saturated blockchain arena. Approximately 50 other networks are vying for users, predominately through the allure of reduced fees, in an ecosystem primarily focused on the financial and gaming industries.
On the Shibarium network, BONE, SHIB and LEASH tokens are utilized for applications built on the blockchain. Allegedly, its focus is on metaverse and gaming applications. Unfortunately, the perceived optimism contrasts the reality of the last 24 hours where each of these tokens witnessed declining values. With BONE dropping by 13%, and LEASH taking a significant 25% fall, it’s fair to say community sentiment has experienced a sour turn.
Source: Coindesk
