Shiba Inu’s Shibarium: evaluating initial challenges & potential future

August 18, 2023 11:46 PM AEST | By Invezz

Shiba Inu’s Shibarium: evaluating initial challenges & potential future — Image source: Invezz

Ether stuck on the Shib bridge

Shib finally launched the Shibarium blockchain.

Now $1.7M (954 ETH) is stuck in the Shib bridge. Probably lost forever.

Devs are still working on the issue, hopefully, they can retrieve the lost ETHs.$SHIB is down 8% since the news broke.#iweb3 #hive-176414 pic.twitter.com/5kZhsVHf7P
— Putra (@PutraAulia07) August 18, 2023

Furthermore, the platform’s rocky inception left around 1,000 Ether, worth $1,7M, stuck within the Shib bridge. These events met criticism from crypto players, with some suggesting that themed digital assets should avoid launching meme bridges.

Nevertheless, Shiba Inu developers promise to solve issues plaguing the newly launched network. Moreover, analysts have explored the contract’s upgradability, confirming a practicable way for the team to retrieve the stuck Ethereum and ensure appropriate distribution.

Beyond the bumpy start

Indeed, Shibarium met mixed reactions following its mainnet release. Nevertheless, the conversations confirm how crucial the layer2 platform is to the Shiba ecosystem. Shibarium can attract substantial investments and increase meme coins’ utility.

Besides scaling, Shibarium’s official release signified a significant transformation of the Shiba Inu platform. Introducing top-notch products such as the layer2 scaling solutions can shift Shiba Inu from a meme token to a legit competitor within the decentralized finance (DeFi) world.

Though the launch was bumpy, Shibarium remains a lucrative development within the Shiba network in the long term. Solving early-stage issues and continued improvements might welcome structural rallies for the themed crypto. A promising future will enhance SHIB’s reputation within the cryptocurrency industry.

Shiba Inu’s team stated that the stuck funds are safe. Moreover, they confirmed that ‘normal’ transactions and massive contract creation in one block welcomed the experienced issues. That forced Shibarium to enter a fail-safe mode.

Broad market developments and upcoming Shiba Inu news remain crucial for meme coin fans.

The post Shiba Inu’s Shibarium: evaluating initial challenges & potential future appeared first on Invezz.

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