Shiba Inu: 1.8 Million Lost with the launch of Shibarium

Discover the problems faced by Shiba Inu's Shibarium Layer-2 launch, including locked funds, technical issues, and the impact on SHIB's market performance.

Aug 17, 2023 - 15:58
Oct 18, 2023 - 18:08
 20
Shiba Inu: 1.8 Million Lost with the launch of Shibarium
Reading time - 2 min

Shiba Inu's Shibarium, a much-anticipated Layer-2 solution, was launched with great fanfare but quickly encountered significant problems. From locked funds exceeding $1.8 million to technical glitches that brought the mainnet RPC offline, the launch has been anything but smooth.

The launch of Shiba Inu's Shibarium was met with great anticipation. As a Layer-2 solution, it was designed to enable SHIB-powered DeFi and Web3 gaming. However, the excitement was short-lived, as major issues arose just hours after the launch.

One of the most alarming problems was the locking of a significant amount of funds on the Shibarium bridge. According to various sources, around 956 ETH worth approximately $1.8 million was stuck on the Shibarium bridge, along with $762,000 worth of Bone ShibaSwap (BONE) tokens.

Shytoshi Kusama, the Shiba Inu community lead, posted that a large chunk of Ethereum was stuck in the bridge contract.

Technical issues further compounded the problems. The Shib Mainnet RPC went offline, and transactions on Shibarium were stuck in a pending state. Additionally, issues with the RPC (remote procedure call) system were reported, with the blockchain stuck at specific blocks.

Community Reactions and Market Impact

The botched launch led to a flurry of reactions on social media. Crypto enthusiasts expressed skepticism, and some even declared the death of Shibarium mere hours after its launch. The lack of clarity and official statements added to the uncertainty.

The technical glitches had a direct impact on Shiba Inu's market performance. SHIB's price plummeted, marking a 6.7% drop and other related cryptocurrencies like BONE and LEASH also suffered significant losses. The Shibarium problems overshadowed the gains made in the lead-up to the launch.

The locking of funds on the Shibarium bridge is a grave concern. The exact reasons for this issue are still unclear, but it highlights the importance of thorough testing and security measures. The situation has led to warnings from security firms advising users to halt activities on Shibarium.

Shibarium's problems have broader implications for Shiba Inu's ecosystem. The Layer-2 solution was part of a plan to establish Shiba Inu as a serious blockchain project beyond just another memecoin. The launch's failure could hinder these ambitions and affect the perception of Shiba Inu in the market.

Philip Bohmer Philip is a seasoned journalist that brings clarity to the complex world of cryptocurrencies through his articulate and insightful articles. His passion for blockchain technology fuels his writing, making him a trusted voice in the rapidly evolving digital currency landscape.