The Debut of Shibarium: A Disappointing Start
The highly anticipated launch of Shibarium, a layer-2 solution for the Shiba Inu blockchain, has not lived up to expectations. Here are the key points:
- Transactions on Shibarium are stuck in a pending state, causing frustration among users.
- Issues with the remote procedure call system, known as the RPC, have been identified as a contributing factor.
- Blockchain security experts have advised users to temporarily stop using Shibarium due to $1.7 million in funds being locked.
- An internal conversation allegedly involving Shiba Inu’s lead developer indicates a failure to retrieve assets bridged to the Shibarium network.
- Prominent crypto sleuth ZachXBT describes the launch as “sloppy,” citing a subpar blockchain explorer and delayed block additions.
Shib Inu Tokens Experience Losses
The botched launch of Shibarium has had a negative impact on the price of associated tokens:
- The SHIB meme coin has lost almost 10% in the last 24 hours.
- BONE and LEASH, governance tokens of Shibarium, have suffered the most significant losses, with approximately 15% and 24% drawdowns, respectively.
- TREAT, another token in the ecosystem, has also experienced a decline of over 22%.
Hot Take: A Rocky Start for Shibarium
Shibarium’s debut has been far from successful, with technical issues and locked funds causing frustrations among users. The negative impact on associated tokens further highlights the disappointment surrounding the launch. It remains to be seen how Shibarium will address these issues and regain the trust of its community.
Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content.