Shibarium, the Layer 2 blockchain birthed by the minds behind the popular memecoin Shiba Inu, has finally reopened token withdrawals through its bridge – an integral component that enables token transfers across various networks. This update comes directly from Shytoshi Kusama, the enigmatic lead developer of the Shiba Inu project.
According to Kusama, withdrawals for the Shibarium ecosystem tokens, such as ETH, SHIB, LEASH, and Wrapped Ether (wETH), will require between 45 minutes to 3 hours to process. On the other hand, the network’s native token BONE will take up to 7 days for its withdrawal. Kusama alsoreassured users of the digital assets’ security, accentuating that “Shibarium has made it to the big leagues.”
This monumental move hopes to boost the image of the network within the blockchain world, no minor feat given the initial challenges Shibarium faced. The first hint of these improvements arrived on Aug. 22, sketching out a vision of a team hard at work to fix the previous launch glitches.
The network’s launch on the mainnet back in August was met with a severe bottleneck. Several assets found themselves caught in the bridge, sparking heated debates on crypto Twitter and inciting a noticeable dip in the market for the SHIB coin, a 10% decrement to be precise. Initial speculation blamed these issues on technical hiccups, but the developers offered a different explanation.
The team posited that the chaos was not a fault of the bridge, but rather stemmed from a massive rush of transactions. The sheer volume was beyond Shibarium’s capacity, causing server crashes. However, it’s crucial to remember the progress achieved pre-launch, during the testing phases – over four months, Shibarium attracted countless users, accommodating over 65,000 wallets, and processing more than 350,000 transactions.
Despite the rocky beginning, project leader Kusama lauded the collaboration of Polygon, Unification, and the decentralized Shibarium team for swiftly resolving the issue. He then concluded with a note of appreciation to those who vouched for the project amidst the turmoil and negative speculation. Shibarium’s journey is reflective of both the potential rewards and challenges that come with evolving technology in the blockchain space.
Source: Cryptonews
