Shiba Inu Developer Launches Live and Fully Operational Shibarium Layer-2 Protocol
Pseudonymous memecoin developer Shytoshi Kusama has stated that Shiba Inu’s (SHIB) scaling solution, Shibarium, is currently operational and performing efficiently.
In a recent blog post, Kusama conveyed that Shibarium has reached a state of readiness for widespread utilization, overcoming initial technical challenges attributed to a substantial surge in user activity following its official launch earlier this month.
Beosin, a blockchain security firm, reported that these technical challenges resulted in a significant amount of cryptocurrency, valued in the millions of dollars, becoming immobilized within its Ethereum (ETH) bridge.
Kusama further elaborated that SHIB, Wrapped Ethereum (WETH), and other tokens within the ecosystem, such as the loyalty token DogeKiller (LEASH) and the governance token Bone ShibaSwap (BONE), are now eligible for withdrawal. Regarding the timeframes for withdrawing each of these crypto assets, Kusama indicated,
“The SHIB, LEASH, and WETH withdrawals through the bridge are intentionally designed to span at least two checkpoints (approximately 45 minutes to 3 hours), while the BONE withdrawal process will extend up to 7 days.”
As per the developer’s report, the layer-2 network has experienced a substantial surge in the number of wallets and transactions following the deployment of the scaling solution.
“We have amassed over 65,000 wallets and processed 350,000 transactions. The Shibarium platform has hosted a diverse array of tokens, ranging from intriguing to unconventional and occasionally controversial. Within this extensive array of tokens, the most promising ones will naturally distinguish themselves.”
In the previous week, Kusama noted that the Shiba Inu scaling solution team had introduced an “enhanced monitoring system and supplementary fail-safe measures” to mitigate the recurrence of technical difficulties in the event of another sharp increase in network activity for the protocol.