Shibarium Reopens Fund Withdrawals on Ethereum Bridge
Shibarium, a layer-2 blockchain developed by the Shiba Inu (SHIB) team, has announced the reopening of fund withdrawals on its bridge to Ethereum. This allows users to transfer their assets between the two networks. The withdrawal process is expected to take between 45 minutes to 4 hours for most assets, while withdrawals of BONE may take up to seven days. Shibarium aims to scale Shiba Inu from a meme coin into a comprehensive ecosystem with DeFi applications, metaverse apps, and blockchain games.
Key Points:
- Shibarium has reopened fund withdrawals on its bridge to Ethereum.
- Users can now withdraw assets including SHIB, LEASH, and WEth tokens.
- The withdrawal process is expected to take between 45 minutes to 4 hours.
- Withdrawals of BONE may take up to seven days.
- Shibarium aims to expand Shiba Inu into a comprehensive ecosystem.
The reopening of fund withdrawals comes after an incident during the initial launch of Shibarium, where approximately $1.7 million worth of Ethereum was reportedly stuck on the Ethereum bridge. The Shibarium team clarified that the issue was not due to a malfunctioning bridge, but rather an overwhelming surge in user activity. This surge caused the network’s servers to exceed their operational limits. To resolve the matter, the developers sought assistance from the Polygon team and forked the Polygon protocol. Decrypt has reached out to Shibarium and Polygon developers for additional comments.
Hot Take:
Shibarium’s reopening of fund withdrawals on its Ethereum bridge is a positive development for Shiba Inu users, as it allows for easy transfer of assets between the two networks. The team’s quick response to the incident during the initial launch and their collaboration with Polygon demonstrates their commitment to resolving issues and providing a seamless user experience. With its aim to become a comprehensive ecosystem, Shibarium has the potential to further enhance the functionality and utility of Shiba Inu.
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