Shiba Inu’s Shibarium Network Faces Issues After Launch
Shiba Inu’s highly anticipated Shibarium layer-2 network has run into significant problems just one day after its launch. Here are the key points:
- The network’s bridge contract is causing approximately $1.7 million worth of Ethereum to be stuck between Ethereum and Shibarium.
- A blockchain security team, Beosin, has confirmed the funds are locked and advises users to temporarily stop using Shibarium.
- $762,000 worth of the Shibarium governance token, BONE, was sent to the contract.
- No new transactions have been confirmed on the Shibarium chain for over three hours.
- Users have reported issues with the RPC system, which allows communication with the blockchain.
The Shibarium team has not yet addressed the issues or commented on the situation. They have restricted access to certain channels in their Discord server to prevent the spread of misinformation.
As a result of these problems, the price of Shiba Inu (SHIB) has dropped to a weekly low of $0.00000902, with associated tokens BONE and LEASH also experiencing significant losses.
Hot Take:
The rocky start of Shiba Inu’s Shibarium network raises concerns about its reliability and security. The locked funds and technical issues have negatively impacted the prices of SHIB, BONE, and LEASH tokens. It remains to be seen how the Shibarium team will address and resolve these issues, and whether users will regain confidence in the network.
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