Shibarium Resumes Token Withdrawals and Addresses Previous Setbacks
Shibarium, the Layer 2 blockchain developed by the creators of memecoin Shiba Inu, has announced the resumption of token withdrawals via the bridge. The lead developer, Shytoshi Kusama, reassured users that their assets are secure and that Shibarium is ready for prime time.
Key Points:
- Token withdrawals including ETH, SHIB, LEASH, and wETH take 45 minutes to 3 hours to be processed.
- BONE withdrawals will take up to 7 days.
- The network previously faced issues during its launch, resulting in trapped assets and a drop in SHIB coin prices.
- The disruptions were caused by an overwhelming influx of transactions that exceeded the network’s capacity.
- Shibarium saw success during the testing phase, attracting millions of wallets and facilitating over 22 million transactions.
Despite the setbacks, the developers expressed gratitude towards Polygon, Unification, and the decentralized Shibarium team for resolving the issues. With the resumption of token withdrawals, Shibarium aims to enhance its reputation within the blockchain landscape.
Hot Take:
Shibarium’s resumption of token withdrawals is a positive development for users, as it ensures the secure transfer of assets across different networks. While the previous setbacks were a cause for concern, the network’s ability to address and resolve the issues demonstrates its commitment to improving functionality. As Shibarium continues to refine its infrastructure, it has the potential to become a trusted platform within the crypto industry.
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