The Shibarium bridge, initially launched amidst high anticipation but chidedly stunted by software bugs, has indeed turned the tide, finally allowing for token withdrawals. In a recent update, developers confirmed that withdrawals for Shibarium’s ecosystem tokens SHIB, leash and wrapped ether could range between a 45-minute to 3-hour wait, with bone withdrawals projected to extend as long as 7 days.
Shibarium, an Ethereum layer-2 network that utilizes SHIB tokens as transaction fees, came under scrutiny after transactions abruptly halted for nearly half a day only hours after the platform went live, resulting in millions of dollars being stranded on the platform. Though this setback caused SHIB prices to tumble by 10%, the developers reassured users there had been no bridge issue, attributing the holdup to an onslaught of transactions that effectively overwhelmed the system.
The concept of Shibarium, a fork of Polygon, reflects an aspiration to elevate Shiba Inu beyond a meme, aspiring instead to be a reputable blockchain project. Its intent gravitates towards a focus on metaverse and gaming applications, also presenting itself as a cost-effective route for DeFi applications built atop its interface.
Though a bumpy start, the Shibarium network, had previously witnessed remarkable success during its testing period, drawing millions of wallets into participation that facilitated approximately 22 million transactions over a timespan of four months.
While the ignition of the network experienced technical hitches, the developers reiterated the contribution of an unexpected surge in transactions from users surpassing server capacity as a primary problem. On a more positive note, Shibarium’s team highlighted the introduction of a new monitoring system coupled with fail-safes designed to prevent traffic stoppage, even under a huge influx of activities.
However, despite the refresh of the network infrastructure, SHIB experienced a slight decrease of 2.2% in the last 24 hours, resonating with the overall bearish sentiment towards major cryptocurrencies such as bitcoin.
Source: Coindesk
